Binance Smart Chain – All You Need to Know

Want to know more about Binance Smart Chain, its projects, smart contracts, and extension?

Then here’s a review that covers the major aspects of this blockchain.

We’ll also be shedding light on the Binance Smart Chain gas fees, transactions per second, number of nodes and even upcoming projects.

So, let’s jump right in!

What is Binance Smart Chain?

Binance Smart Chain (BSC) is a blockchain that is used in developing decentralized applications (DApps).

Binance, one of the world’s top cryptocurrency exchanges launched this blockchain in April 2019.

And since its launch, BSC has supported the advent of several high performance DApps.

Now you may have already heard of these DApps given how viral they are in the crypto community,

Nonetheless, we’ll go ahead and point them out: PancakeSwap and BakerySwap are two examples, but more about that later.

On the other hand, BSC runs parallel with the Binance Chain even though it can still operate on its own when the Binance Chain goes offline.

But what exactly is the Binance Chain? You may be wondering.

It’s the blockchain that supports the Binance Coin (BNB) cryptocurrency and therefore, aids its use for trading/transfers.

The Chain also supports the Binance DEX, a decentralized cryptocurrency exchange from the Malta-based exchange.

How Does Binance Smart Chain Work?

Binance Smart Chain takes advantage of a Proof-of-Stake consensus algorithm.

What this means is that validators on the BSC blockchain stake their BNB and for each valid block they propose, they are rewarded with transaction fees.

But that’s not all!

Binance Smart Chain differs from the Chain since it offers smart contract functionality.

And unlike the Chain, BSC is compatible with the Ethereum Virtual Machine (EVM).

Another notable difference is that BSC supports the BEP-20 token standard whereas the Chain works with the BEP-2 token standard.

Binance Smart Chain Projects

Some Binance Smart Chain projects include PancakeSwap, BakerySwap, and Battle Pets.

PancakeSwap, for instance, is notably known as a marketplace for buying new coins that are yet to be listed on major exchanges like Coinbase, Kraken, FTX, Hotbit, Gate.io, etc.

You can swap BEP-20 tokens on PancakeSwap and also provide liquidity to pools in return for income.

Over and above that, a wide range of tokens have been listed on BSC.

Some BSC tokens include:

  • BNB
  • BUSD
  • CAKE
  • Mdex (MDX)
  • The Graph (GRT)
  • Bakery Token (BAKE)
  • Ontology (ONT)
  • 1inch (INCH)
  • Reef (REEF)
  • Venus (XVG)

It all boils down to this, there are a wide range of NFT and DeFi projects on the BSC.

Binance Smart Chain Extension

Interestingly, there is a Binance smart chain extension for Firefox, Chrome, and Brave.

This means you can access your Binance chain wallet using the extension on any of these web browsers.

Read Also: Best Cryptocurrency to Invest in and Why

Binance Chain Wallet is another option that you have for certain apps on BSC.

You can get it as a browser extension for Chrome, Firefox, and Brave. It’s easy to use and has a slick UI.

How to Add Binance Smart Chain to Metamask

It is entirely possible to access Binance Smart Chain DApps from Metamask even though this is an ethereum wallet.

Accordingly, here’s how to add Binance Smart Chain to Metamask:

1. Download Metamask on Your Device or Web Browser:

The metamask wallet can be installed on an Android or iOS device, as well as, a Chrome or Firefox web browser.

That being said, choose a platform of your choice which you’ll like to run the wallet on and then download it here.

2. Install Metamask and Copy Seedphrase:

You can now proceed to install metamask on the device you downloaded it on.

In this example, we’ll be installing the wallet extension on Google Chrome.

After installation, you can either enter your seedphrase to access your wallet if you have a metamask account or create a new wallet.

  • If it’s the latter, click on ‘Create a Wallet’
  • Enter a password of your choice

It’s important that you copy the wallet’s seedphrase to ensure you still have access to your funds in future if you want to access the wallet on another device.

  • Select ‘Click here to reveal secret words’
  • Copy the secret words and then enter them in the order they were shown.

3. Add Binance Smart Chain to Metamask:

You can now connect Binance Smart Chain to Metamask by doing the following:

  • Click on your account logo on the top-right corner of the screen
  • Select ‘Settings’
  • Click on ‘Networks’ on the mid-left corner of the screen
  • Click on ‘Add Network’ to input the details that will help you connect the wallet to BSC.
  • Enter the following Mainnet information in the required fields:

Network Name: Smart Chain

New RPC URL: https://bsc-dataseed.binance.org
Chain ID: 56
Currency Symbol: BNB
Block Explorer URL: https://bscscan.com

  • Then save.
  • Once you’ve saved it, you’ll notice that Smart chain has been added to the list of networks in the drop-down menu on the homepage.

Optionally, you can also add the Testnet information to Metamask and the information that will help you add it are:


Network Name: Smart Chain – Testnet
New RPC URL: https://data-seed-prebsc-1-s1.binance.org:8545
ChainID: 97
Currency Symbol: BNB
Block Explorer URL: https://testnet.bscscan.com

How to Fund Metamask with BNB

So, how do you fund your Metamask account with BNB at this point to enable you swap tokens?

It’s quite easy!

Simply copy your BNB wallet address (BEP20 address) that is displayed below account.

Thereafter, send BNB from Binance, Trustwallet, or any other platform you want to transfer the token from.

The Binance Testnet page will also help you get funded, however, the funds will be in your Smart Testnet wallet.

To use this page,

  • Enter the BNB address you copied from Metamask.
  • Paste the address in the required field
  • Select ‘Give me BNB’

And that’s all!

Conclusion

The Binance Smart Chain offers fast, decentralized trading, which is why it has been adopted by a wide range of projects.

We’ve highlighted on some of these projects and the differences between BSC & Binance Chain to keep you informed.

Over and above that, the review above will enable you to add Binance Smart Chain to Metamask.

Once that is in place, you too can start swapping BSC-based tokens from an Ethereum wallet.

6 thoughts on “Binance Smart Chain – All You Need to Know”

  1. Nnorom Emmanuel

    Thanks a lot for this write-up 👌
    I learnt something new and also a lot of my misunderstandings were cleared

  2. Wow, this is very educative, i learnt something new today (especially the BSC extension)

    Thanks alot Admin…
    God bless 🙏

  3. Honestly I always find it difficult to connect my bsc to metamask, but right now am good to go. I can’t wait for another bull run cos with all this information have gathered, no more faliour!

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