![]() ![]() In this model, there are elected validators who take turns in confirming transactions on the network and are tasked to produce the blocks in a PoA manner, which puts the amount of their stake and their reputation in the community into consideration. This combines both delegated PoS and proof-of-authority (PoA) to achieve network consensus and maintain blockchain security. The platform runs on a proof-of-staked-authority consensus model. Through this feature, developers can build or migrate DApps, tools and other ecosystem components on the BSC network without much friction. Smart contracts, which are Ethereum-compatible, are supported by BSC. Binance cross-chain transfer (Image credit: BSC Whitepaper) Ethereum-Compatible The transfer-in blockchain will unlock the amount from the system-controlled address/contracts and send it to target addresses. Essentially the logic is that the transfer-out blockchain will lock the amount from source owner addresses into a system-controlled address/contracts. The cross-chain transfer is the key communication between the two blockchains. To move tokens from one chain to another, the simplest method is perhaps to use the Binance Chain Wallet, available on Chrome and Firefox. The same goes for ETH, XRP, DOGE, and many more. BTCB (BEP20) tokens can then be deployed in DeFi protocols to earn yield on bitcoin. For example, you could use Binance Bridge to swap bitcoin (BTC) for BTCB (BEP20) tokens backed by BTC. ![]() What’s more, leading digital assets on other chains can be ported onto Binance Smart Chain in the form of pegged BEP20 tokens. BEP20 is a developer-friendly token standard that allows anyone to deploy fungible digital currencies or tokens on Binance Smart Chain. In this way, rapid trading can be enjoyed on Binance Chain, while powerful decentralized apps can be built on BSC.īinance Smart Chain supports the BEP-20 token standard, which uses the same functions as its Ethereum counterpart ERC-20, while Binance Chain, supports the BEP-2 token standard. Binance Smart Chain vs Binance Chain: Differences?īinance Chain vs Binance Smart Chain (Image credit: Binance Smart Chain) How does Binance Smart Chain work? Cross-chain Compatibilityīinance Smart Chain was envisioned as an independent but complementary system to the existing Binance Chain with the idea being that users can seamlessly transfer assets from one blockchain to another. For users, it means that applications like MetaMask can be easily configured to work with BSC with just tweaking a couple of settings. Because BSC is EVM-compatible, it makes it easy for developers to port their projects over from Ethereum. It’s an independent blockchain that could run even if Binance Chain went offline. The design goal here was to leave the high throughput of Binance Chain intact while introducing smart contracts into its ecosystem.īSC is not a layer two or off-chain scalability solution for the existing Binance Chain. However, unlike Binance Chain, BSC boasts smart contract functionality and compatibility with the Ethereum Virtual Machine (EVM). How to use the Binance Chain Wallet Extensionīinance Smart Chain (BSC) is best described as a blockchain that runs in parallel to the Binance Chain.Withdrawing from Binance Exchange to a BSC wallet.How to deposit cryptocurrencies on Binance Smart Chain using MetaMask.Connecting MetaMask to Binance Smart Chain.Binance Smart Chain vs Binance Chain: Differences?.When making transactions, always confirm you are on the correct chain so that the transactions may process properly. Step 4: You have now successfully added BNB to your Metamask wallet click Switch to BNB Smart Chain, and return to the Metamask pop-up. ![]() Network Name: BNB Smart Chain (previously Binance Smart Chain Mainnet)īlock Explorer URL: (may need to click View Details to expand and see this parameter) Step 3: Confirm that the following information matches that in the next pop-up: When you find it, click Add on the right side of the listing: Because the BNB Chain has become so much more popular in recent years, it should visible on that initial list. Step 2: This will open the following page in your browser. Navigate to the top left of Metamask and click the 'Network' button (highlighted below). Step 1: Open the Metamask browser extension, and if needed, enter your password to unlock your wallet. But, various tokens and some other assets can be bridged to other chains, such as BSC and ETH. ![]() Splinterlands operates on the Hive Blockchain, which is not related to BNB Smart Chain or any sort of Ethereum fork. To move forward, you will need to have already installed the MetaMask browser extension. This article will guide you on how to setup a BNB Smart Chain wallet in Metamask. ![]()
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