What is Binance Smart Chain Wallet (BSC)?
To start with, let’s start with Binance.
Binance is one of the largest cryptocurrency exchanges in the world in terms of daily cryptocurrency exchange volume.
It was founded in 2017 and is registered in the Cayman Islands. In this post, we will explain what Binance Smart Chain Wallet (BSC) is and how to use it.
Click here to know how to buy NFT on the Binance NFT marketplace; because Binance also has a marketplace where you can buy, sell, and trade Non-fungible tokens.
What Is Binance Chain Wallet?
To begin with, you should know what the Binance Chain Wallet is:
Binance Chain Wallet is Binance’s official cryptocurrency wallet, which allows access to BSC, Binance Chain, and Ethereum; hence, it can be used to store cryptocurrencies and access projects from different blockchains.
Additionally, Binance’s Chain Wallet is currently compatible with Chrome, Firefox, and Brave browser.
How Is Binance Chain Wallet Different From Other Wallets
While Binance’s Chain Wallet is similar to other extension-based wallets, there are some features that set it apart from others; for example, you can easily link it to your wallet via Wallet Direct (a feature that avoids having to copy and paste addresses when transferring digital assets from one to another).
Also, you can use your Gmail account to register a new wallet via tKey, so if you lose access to your wallet, it can be recovered with a Gmail login, and also, a Gmail account can be used to register a new wallet.
What Is Binance Smart Chain?
Now, Binance Smart Chain (BSC) is a smart contract-enabled parallel blockchain for Binance Chain that provides a permissionless platform for decentralized applications (DApps).
For many, while Binance Chain offers high performance aimed at active cryptocurrency trading, it is lacking in the programming department.
This is where BSC comes in, as Binance launched Smart Chain to provide a high-speed, low-cost alternative for the decentralized finance (Defi) market, which has suffered from Ethereum’s high transaction fees.
Also, BSC was launched in September 2020 and features a 5-second block time, cross-chain activity transfers, EVM support, and a proof-of-stake authority consensus protocol to ensure scalability.
How To Access The Binance Smart Chain
The easiest way to access the BSC ecosystem is to use the Trust Wallet DApp browser; a market-leading mobile DApp browser that allows anyone with a smartphone to securely access DApps and Defi protocols on the Binance Smart Chain.
How To Use Binance Smart Chain
To understand how to use the Binance Smart Chain, you need to know the following:
- BSC is a blockchain created from the need to improve the services already provided by the Binance Chain blockchain.
- It is a parallel, but independent service from Binance Chain, which provides smart contracts. Compared to Ethereum, Bitcoin, or even Binance Chains, its main product is the integration of these smart contracts.
- BSC supports the BEP-20 token standard, which uses the same functions as Ethereum (ERC-20), while Binance Chain supports the BEP-2 token standard. BEP20 is a developer-friendly token standard that allows anyone to implement fungible digital coins or tokens on BSC.
- Its strongest competitor is Ethereum, with options similar to the Binance Smart Chain.
- The cryptocurrency used in these blockchains is Binance’s official currency: BNB. However, existing coins can also be transferred through its decentralized portal.
- BSC is a Blockchain that acts completely independently from other Blockchains.
So, I hope you understand what BSC is and how it is used.