Binance Smart Chain (BSC) is a public blockchain platform developed by Binance and its community. It is based on the smart contract functionality of the Ethereum blockchain but also supports the use of decentralized applications (dApps) and a wide range of tokens.
The Binance Smart Chain mainnet was launched on September 1, 2020.
The native token of the Binance Smart Chain is BNB. BNB is an ERC-20 token that was created on the Ethereum blockchain. The total supply of BNB is 200 million and the circulating supply is 155 million.
Binance plans to use 20% of its profits each quarter to buy back and burn BNB tokens. This will continue until 50% of the total supply (100 million) is destroyed.
The Binance Smart Chain has a block time of 3 seconds and uses a Proof-of-Stake (PoS) consensus mechanism. The minimum stake required to become a validator on the Binance Smart Chain is 10,000 BNB.
There are currently 100 validators on the Binance Smart Chain.
NOTE: WARNING: Binance Smart Chain is a work in progress and is subject to change. As such, the number of nodes or validators that the network currently has may not be indicative of the number of nodes and validators that will be available in the future. Before making any decisions based on an understanding of how many nodes are currently present on Binance Smart Chain, please ensure that you are up to date with any changes that may have been made.
The transaction fee on the Binance Smart Chain is paid in BNB and is 0.0001 BNB per transaction.
There is no gas fee like on Ethereum.
The Binance Smart Chain Virtual Machine (BSCVM) is compatible with Ethereum smart contracts. This means that developers can easily port their Ethereum smart contracts over to the Binance Smart Chain.
So far, there are over 30 dApps built on the Binance Smart Chain including PancakeSwap (a decentralized exchange), SafePal Wallet (a cryptocurrency wallet), and Doki Doki Finance (a yield farming platform).
The Binance Smart Chain has gained a lot of traction in recent months as more developers look for alternatives to Ethereum. The main advantages of the Binance Smart Chain over Ethereum are its low transaction fees, high throughput, and compatibility with Ethereum smart contracts.
The number of nodes on the Binance Smart Chain has not been disclosed by Binance but according to Bitnodes, there are currently 509 nodes running on the network.
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Binance Smart Chain is a blockchain platform with a smart contract functionality that is developed by Binance and its community. It is compatible with Ethereum’s smart contract ecosystem and provides a high-performance, low-cost, and scalable blockchain for developers to build decentralized applications. Binance Smart Chain has a total of 10 projects.
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