Binance Smart Chain Development Services

What is Binance Smart Chain?

Binance Smart Chain is an independent blockchain that runs in tandem with the Binance Chain. It is built on Ethereum Virtual Machine (EVM), integrated with a robust smart contract. Due to which it is highly adaptable on a blockchain network. Binance Smart Chain isn’t a layer two or off-chain scalability solution, as it was pretended. It’s an independent blockchain that could run even if Binance Chain went offline. Both the blockchains bear a strong resemblance from a design standpoint.

As Binance Smart Chain is adaptable with Ethereum Virtual Machine, it proved beneficial for the users and the developers. For developers, it becomes easy to integrate their projects over Ethereum. Also, it is easy for users to integrate MetaMask on the Binance Smart Chain with a few simple settings.

Difference between Binance Chain and Binance Smart Chain

Binance Chain: Binance Chain is built on distributed consensus. It has a highly performing matching engine that works on a fast and secured decentralized digital asset exchange.

Binance Chain

BEP and Mini-BEP2

BEP is a technical standard on which tokens are issued. The Binance Smart Chain uses BEP and Mini-BEP2 standards for transactions.

Peggy Coins

Peggy Coins like BTC, ETH, XRP, etc are used to peg the native assets.

Proof of Stake and BFT

Through POS consensus, users can stake more high market value tokens. With the help of BFT, the BSC system is able to operate even if any node fails.

Binance Chain Governance

Binance Chain has its own in-built governance chain that allows the BNB holders to offer proposals for addition of trading pairs.

Orderbook/ Match engine

The orderbook is a currently open buy and sell orders for an asset organized in price. A match engine executes the trading process only once in each block, while the execution price may vary from buyer to seller.

Cross-chain Transfer Mechanism

Binance Smart Chain transfer allows smooth asset transfer between blockchain through the cross-chain compatibility process.

Binance Smart Chain: Binance Smart Chain is a dual-chain architecture that empowers its users to build decentralized applications and digital assets on one blockchain and take advantage of fast trading to exchange on the other.

Binance Smart Chain

Binance Chain Governance

Binance Chain has its own in-built governance chain that allows the BNB holders to offer proposals for addition of trading pairs.

Proof of Stake Authority

Through POS consensus, users can stake more high market value tokens.

Cross-Chain Contact Event (Trade, transfer, and support)

Binance smart chain has lower transaction fees. For example, for a simple money transfer, it costs only 0.01 USD. The transaction fees are paid in BNB tokens.

EVM compatible

As Binance Smart Chain is built on Ethereum Virtual Machine, For developers, it was easy to integrate their projects over Ethereum and for users it was ebay to integrate Metamask on the Binance Smart Chain with a few simple settings.

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Binance Smart Chain platform allows Smart Contract and Shorter block time. It is interoperable with a Binance coin. It is also compatible with apps that are initially coded for Ethereum.

How does Binance Smart Chain operate?

Working of Binance Smart Chain is dependent on these two mechanisms

Consensus

In Binance smart Chain development, users utilize a proof-of-stake (POS) consensus algorithm to stake BNB for verification on the platform. For every valid positive block, they earn a reward from the network.

Cross-Chain compatibility

Binance Smart Chain was developed to work independently but as a complementary system to the existing Binance Chain. With the idea of dual-chain architecture, a smooth asset transfer was executed between blockchain through the cross-chain compatibility process.

How Decentralized Finance applications are being supported on Binance Smart Chain?

Binance has revealed that they support more than 13 different projects funded by the exchange of $100 million for blockchain developers that will enable them to deploy decentralized applications on Binance Smart Chain, a high performance Distributed Ledger Technology network. It has also announced that its second batch of DLT-focused initiatives will also grab funding from the digital asset firm.

Currently, around 40 DApps, infrastructure, and tools are running on Binance Smart Chain. Binance has specific plans to let the Binance ecosystem flourish. The company is energetically looking forward to more DApps in synthetics, derivatives, prediction marketing, aggregators, or other use cases.

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What are the different projects being operated on Binance Smart Chain?

These are the six projects that were selected in this year's inaugural class of winners from our $100M accelerator fund:

AnySwap
Arkane Network
BakerySwap

Bitqurey
Proxima
PancakeSwap

They were selected on the following criteria:

Overall vision

Team viability

Product viability

Execution ability

Contribution to the overall blockchain ecosystem

Features That Can Be Integrated In A Blockchain With Binance Smart Chain

Create/ Unlock Wallet

Binance Chain browser extension can be used to send and receive funds on Binance Chain, Binance Smart Chain, and Ethereum. This extension can be integrated with other Binance Chain products, which can be useful for authentication and transaction without access to users, private keys. A code needs to be added to handle the communication between the web apps and extensions automatically.

Synthetix

Synthetix is a synthetic asset protocol. It enables users to lend or lock up Synthetix Network Token (SNX). Synthetix allows users to use a variety of asset types as their preferred lending method on the DeFi platform.

Explorer

Explorer acts as a search engine and browser, where users can find information about individual blocks, public addresses, and transactions associated with cryptocurrency. It consists of-

Mainnet (original and functional blockchain) where the actual transactions of cryptocurrency takes place in real economic value.

Testnet- It is used for testing before deployment of the project on a blockchain.

Testnet Faucet

Get free testnet BNB tokens from the faucet. Faucet is deployed on Twitter. Users can share a tweet (which will be available on the activity launch date) and upon completion, receive 100 testnet BNB. Each Twitter account can only claim Testnet BNB via sharing once every 24 hours.

Docs

BSC relies on a system of 21 validators with POS consensus that brace up short block time and lower fees. Most bonded validator candidate for staking will be the validator that will produce blocks. The BSC will offer:

A Self-Sovereign blockchain that will offer security to elected validators, EVM compatibility that will support all Ethereum tools and DApps at faster rates, Interoperability with native dual chain network, POS authority decentralized and community participation.

Governance

Binance Chain has its own in-built governance chain that allows the BNB holders to offer proposals for addition of trading pairs.

Staking- Staking is of two types-

Locked Staking- when users lock their BNB tokens for a fixed period of time and cannot unlock it until the due time. They earn interest on it.

Flexible Staking- When users lock their BNB tokens and have the liberty to unlock and grab it any time they want. They earn interest on the stored token.

Token Management

Token management consists of issuance of tokens. An Issuance is a transaction used to create new assets. An issuance transaction consists of Symbol, Token URI, Token Type, Total supply, Owner, and Mintable.

Dapps development offered by us on the Binance Smart Chain Network

We offer a plethora of Dapps development services that are supported on the Binance Smart Chain network. These Dapps provide streamlined solutions for lending, borrowing, mining, gambling, asset tokenization and many more. Some of the Dapps solutions include

BLINK

Blink is the result of an exciting partnership between WINK and Binance. It is a top platform for gaming, mining, and gambling. It has been growing dramatically since its launch.

Venus

Venus is a decentralized algorithm money market and stablecoin protocol that enables borrowers and suppliers to access liquidity and earnings-on-demand.

Jetfuel.Finance

Jetfuel is a yield farming and yield aggregator platform that combines features of the most successful DeFi projects such as Compound, Fry.World, Yearn, and Harvest on the Binance Smart Chain.

Pancake Bunny

The Pancake Bunny protocol bunny empowers farmers to leverage their yield-seeking tendencies to optimize yield compounding strategy. It is a new and rapidly growing DeFi yield aggregator that is used for PancakeSwap.

Cream

The DeFi movement has provided solutions in lending, exchanges, derivatives, payments, marketing, and asset tokenization. All of these solutions can be accessed by anyone. So, C.R.E.A.M finance pushes these new financial systems' boundaries to include maximum users and assets safely.

Pyra

PYRA is a brand new DApp built on the Binance Smart Chain that generates BNB just by holding tokens.

StreetSwap

StreetSwap is the AMM arm of the Thugs.fi project. It extends its help for any trading needs with lightning-fast speed and gets rewards.

Why choose Blockchain App Factory ?

Blockchain App Factory is one of the leading cryptocurrency exchange development companies. We have a record of serving our clients with cutting-edge solutions through our knowledge and expertise in the latest innovative technologies. It holds expertise in developing various DApps and DeFi projects using Binance Smart Chain.