![]() ![]() Because these EVM chains may give you the possibility to use the same address on different chains, they are still different blockchains. No, you have to send it through a chain bridge. To send tokens from any smart chain to the BSC, you can not just send them from one address to another. The 21 validators with the most votes/stake to them thus get elected to be one of the 21 that process the transactions and earn the reward for doing so. These validators of course can also buy a lot of tokens and stake them themselves. A stake to any validator on-chain can thus be seen as a vote to that validator. Because the chain at all times only has 21 validators. With these mechanisms holders of the BNB token can stake their tokens to a validator on-chain. But instead, it uses a Proof of Staked Authority (P.O.S.A) algorithm. So who will get the transaction fees and/or the block reward? Well, unlike Bitcoin, the Binance Smart chain does not use the Proof Of Work algorithm (P.O.W.). Blockchains use this consensus algorithm to decide who gets to process the next block of transactions. Like every blockchain, BSC has a consensus algorithm. Because a lot of people check their or other people’s transactions on-chain using a BSC explorer But also Binance Smart Chain explorers have seen a good run with the popularity of the blockchain. Projects like SushiSwap, 1inch, and many more have captured some extra market share with this technique. This is mostly to reach more users and make use of the cheap transactions on BSC. ![]() But there exist also many Dapps that have decided to launch on both Ethereum and Binance Smart Chain. Native Binance Smart Chian Dapps like PancakeSwap and BurgerSwap have performed very well running only on top of BSC. One of the well-known Dapps, PancakeSwap has already soared to the top of DEX’s and has a higher transaction volume than its Ethereum competitor Uniswap on some days. The Dapps range from Defi, NFT’s, games, and everything in between (plus, maybe more in the future). Because of the huge ecosystem on the chain. And users often can connect to both blockchains from within the same wallet.Īs Binance Smart Chain is already one of the biggest blockchains out there. This makes it super simple to go from one chain to the other. This works because it functions as an EVM blockchain. Not only that but it can also bridge to ETH in a simple way. ![]() Because of the high fees of Ethereum (1.0), the popularity of BSC has risen a lot and currently processes multiple millions of transactions every day. This mostly functions alongside Ethereum as it currently experiences a lot of network congestion. The BSC has as its purpose to support the current Defi, NFT, and gaming Dapps on the blockchain. However, Binance does show its support for the blockchain. ![]() But note that the Binance exchange does currently not control the network and that the community runs the chain completely. The Binance BNB Chain was launched as an initiative of the Binance centralized exchange. You can go down this page and start reading “Getting BSC on MetaMask”. If you do not want to read about that and directly want to see how to add Binance Smart Chain to MetaMask. First, we talk a bit about what BSC is and what it does, etc. In this blog, we show you how to add Binance Smart Chain to MetaMask wallet. ![]()
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