What is Binance Smart Chain (BSC)?
History of Binance blockchain
In April 2019, Binance launched its own blockchain project, Binance Chain. One of the first use cases of Binance Chain is Binance Dex, which is also the biggest decentralized application on the blockchain. It aims to leverage the benefits and security of decentralized exchanges and combine it with the best features from Binance exchange.
However there were limitations to Binance Chain, it did not have much functionality and flexibility. Therefore plans for a separate blockchain, Binance Smart Chain (BSC), was unveiled in April 2020. BSC was officially launched 5 months later in September of 2020, it runs in parallel to the Binance Chain rather than replacing it. The goal is to continue having high throughput on Binance Chain while introducing smart contract capabilities on BSC.
Binance Smart Chain
One of the key functions of BSC is having smart contracts. It allows developers to build their own decentralized apps using smart contracts. BSC is compatible with Ethereum Virtual Machine, which is the runtime environment that executes Ethereum smart contract codes. This allows developers to take their smart contracts in Ethereum and easily deploy it on BSC, making porting over projects from Ethereum simple. It also gives users the convenience of using the same applications such as MetaMask which can be easily configured in the settings to work with BSC.
Consensus mechanism
Unlike Bitcoin or Ethereum which uses Proof of Work (PoW) as their consensus mechanism, BSC uses a hybrid of Proof of Stake and Proof of Authority which it calls Proof of Staked Authority (PoSA). In comparison, PoSA is more environmentally friendly compared to Pow which uses a huge amount of electricity to function. In PoSA users are able to stake a certain amount of BNB to become validators. Validators on the network will receive transaction fees when they propose a valid block.
Cross chain compatibility
As previously mentioned, BSC does not replace Binance Chain but rather it is complementary to it. It has an interoperable architecture with assets being able to seamlessly move from one blockchain to the other. This enables the combination of fast transfers on Binance Chain with smart contract capabilities of BSC, opening up a vast ecosystem that can cater to a wide range of use cases.
Advantages of BSC
Cheap Transaction fees
One of the major advantages of BSC is it boasts cheap transactions. While basic transactions will cost a couple of dollars minimum on Ethereum, it will be less than a dollar on BSC. During periods of high congestion on Ethereum network, the same transaction could be a thousand times cheaper on BSC compared to Ethereum. Another point to note is that the gas prices on BSC are relatively constant. Without the wild fluctuations in gas prices as seen on Ethereum, users are able to confidently go about with their transactions without worrying about the current state of the network.
Fast and growing adoption rates
Being the cheaper alternative to the rising costs in Ethereum and being EVM compatible, BSC has definitely attracted many projects from Ethereum. Network usage wise, BSC has seen a sharp rise in the number of unique addresses on BSC as well as the number of transactions done on the network.
Funding/support
Binance has a BSC Accelerator Fund which helps provide liquidity support for wallets, explorers, and infrastructure projects launching on BSC. This boosts the growth of projects on BSC and builds up its network effect. Other than funding Binance may also provide technical support to projects.
Mars Panda built on BSC
For the reasons above, Mars Panda has decided to build our project on BSC! Mars Panda is an all-in-one aggregation platform, seamlessly incorporating NFT, games, lifestyle, and e-commerce. Learn more about us here!
Being on BSC, users will benefit from the low network fees when participating in DeFi activities on Mars Panda Platform. You can put all your focus on the activities and experience and not stress with the network fees which are just a small fraction of the value you are getting out of the platform.
Why wait, come join us now in this brave new world of the future.
The future is now, and the future is Mars Panda.
About Mars Panda
Mars Panda is a complete eco-system which consists of:
• Games, Social Media and Ecommerce Aggregation
• Yield farming DeFi
• Mars Panda game with NFT game elements
• NFT Marketplace
We aim to fuse mainstream eCommerce and Gaming to the crypto world of NFTs and DeFi, on one seamless, unified platform.
Find us at:
Legatus Global Pte Ltd is an entity that has obtained a regulatory exemption under the Payment Services Act (“PSA”) for digital payments token services. Legatus Global is commissioned to handle the issuance of Mars Panda Token (MPT) as well as the KYC/AML during the private sales and distribution of tokens to private investors. Legatus Global is also handling the process for private sales and distribution.
