Getting Started with BNB Smart Chain Development

BNB Smart Chain

Binance Chain is the name of the first blockchain that Binance created. But there were certain limitations on its programmability. Then, the firm created Binance Smart Chain (BSC) to solve these problems. BSC blockchain network enables businesses to use applications based on smart contracts. 

BSC parallelly operates with Binance's native Binance Chain, which offers significant transaction capability, giving users the best of both worlds. Furthermore, BSC integrated the Ethereum Virtual Machine (EVM), allowing it to run applications based on the Ethereum platform. 

The platform lets users manage their cross-chain digital assets in a high-capacity, low-latency manner. Additionally, it enables developers to build decentralized apps (dApps). 

BNB smart chain is a blockchain element of the BNB Chain that aims to provide the fundamental infrastructure required for future widespread adoption. Simultaneously, it focuses on being a community-first, open-source ecosystem with a permissionless ad decentralized environment. 

Along with the BNB smart chain, the BNB beacon chain (BC) is a part of the BNB Chain. BC is the blockchain element in charge of the BNB Chain's governance and staking and voting on the BNB Chain.

Suggested Read | Why Develop DeFi dApps and Protocols with Binance Smart Chain

Why Choose BNB Smart Chain Development

One of the most significant advancements in the cryptocurrency world is the BNB smart chain, which contributes to bridging the disconnect between various blockchains and assists to expand the features of the Binance chain. 

Individuals can transfer tokens from a Binance exchange account to a cryptocurrency wallet or link assets straight from different blockchains to BNB Smart Chain. Due to features like super-fast trading, EVM compatibility, smart contract capabilities, etc., BNB Smart Chain development has seen significant growth and adoption. 

Proof of Staked Authority: Faster Block Times, Lower Costs

BNB Chain utilizes proof-of-staked authority (PoSA) to validate transactions and govern its network. This consensus mechanism comprises delegated proof-of-stake (DPoS) and proof-of-authority (PoA). 

In this consensus mechanism, a fixed number of nodes validate blocks and secure the blockchain depending on the BNB token amount they have staked on the Beacon Chain. PoSA is more centralized than other layer-1s. But, it efficiently offers lower gas fees and faster blockchain times. 

Compatibility and Composability 

As we know, BNB smart contract supports EVM-compatible smart contracts, tooling, and protocols. All these aspects facilitate project teams to switch their decentralized applications (dApps) from other blockchains to the BNB chain. 

Businesses can use Binance bridges for cross-bridging. It provides a seamless continuation of on-chain enterprise operations and easy inter-blockchain composability by letting users bring their USDT, ETH, and BUSD to BSC. 

The blockchain supports popular programming languages (Solidity, Viper, Python, etc.) and flexible tools. 

Interoperability

BNB smart chain has a dual chain framework that gives users the flexibility to trade assets from one blockchain to another. The benefit of interoperability is BNB smart chain provides users access to a diverse ecosystem with multiple use cases. 

Also, Check | Secure and Efficient Crypto Exchange Development like Binance

BNB Smart Chain for dApp Development

Development of the Binance trading app, DEX, and CEX, yield farming, tokens, NFT, and wallets are just a few examples of the DeFi dApps that can be made possible by the BNB Smart Chain. The dApps are permitted to use the following features thanks to BNB Chain and BSC:

• new token issuing;

• token sending, receiving, burning/minting, freezing/unfreezing;

BNB Smart Chain Ecosystem

The BNB smart chain ecosystem is adopting innovations and applications from the Ethereum community. Here, we have listed the four most crucial components of this ecosystem:

Native Token (Binance Coin – BNB)

Binance created a Binance coin to use as a utility token on the Binance exchange. It incentivized the crypto community to engage in the Binance ICO (initial coin offering). The exchange assured to reduce the price of trades if participants use the coin as a payment method. 

It created 200 million BNB tokens at the launch date. It sold half of them to the public during the crowdfunding. The founding team and angel investors shared the rest among themselves. 

Also, Visit | Exploring BEP-20 Token Standard on Binance Smart Chain

Binance Chain Wallet

Users can securely store their assets away from exchange platforms using blockchain wallets. In the case of the BSC network, wallets enable individuals to interact with native dApps. BSC has a wide variety of dApps. Users can use Binance chain wallet, a browser extension by Binance Exchange.  

Related Post | Binance Smart Chain (BSC) for Smart Contracts Development

Conclusion

With fast and cheap transactions, BNB Smart Chain is becoming a popular platform among enterprises and developers to build blockchain solutions. Further, Binance is actively promoting this platform for new DeFi app development. 

At Oodles, we offer a wide range of services for BNB Smart Chain development. Select the BNB Smart Chain application that best serves your company's objectives. Contact our skilled developers to launch your project.