The Binance Smart Chain empowered with dual-chain architecture helps the participants of the Binance ecosystem to deploy Smart contract based Decentralized Applications. Because of this reason, the Binance Smart Chain is now suited to serve as a new stage for Decentralized Finance protocols.
We, Pulsehyip one of the Top DeFi development Company have extended our services to create BNB Smart Chain based token like BEP-20. Before hand lets get into the details of Binance smart Chain and BEP-20 Token.
Functionality
Binance Smart Chain takes up the functionality of Binance Chain with added support of high performance Decentralized Applications. It also enables the Staking mechanism for BNB, thus any individual or organizations can surely gather the BNB Stakes to rise as a validator of the BNB Blockchain.
In essence, the BNB Smart Chain supports smart contract functionality and is also highly compatible with Ethereum Virtual Machine or also called as Ethereum Network.
Since its compatible with EVM, it ultimately stands as a stage to support the Ethereum tools and DApps. Factually, this makes it easy for the developers to port their projects from Ethereum. Users can use the applications like metamask in the Binance Smart Chain (BSC) when its configured to work in such manner.
Working Rule
Binance Smart Chain achieve rapid block times with the Proof of Stake Consensus Algorithm, which utilizes a process known as Proof of Staked Authority (PoSA), that enables the participants who stake BNB to become validators. The users who propose a block will be able to earn a transaction fees from the transactions included in that block.
Unlike other Blockchain protocols there won’t be any subsidy for newly created BNB, as BNB is not used as a inflationary digital currency.
Cross Chain Compatibility
In Cross chain compatibility that is supported by the Dual-Chain Architecture, not only the individuals get to transfer assets from one blockchain to other, but also they will be exposed interoperability that can cater to myriad of use cases.
This also allows the swapping of BEP-2 and BEP-8 tokens for BEP-20 tokens, the new standard introduced for BSC. This format completely similar to ERC-20 Tokens. This uses the same functions as the Ethereum counterpart. The user can transfer the tokens from either chains by using the Binance chain wallet
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