Launched by the cryptocurrency exchange Binance, BNB Smart Chain (BSC), previously Binance Smart Chain, is a blockchain network. It supports smart contracts and decentralized applications (DApps). BSC runs alongside the BNB Chain, previously Binance Chain. The first one supports smart contracts while the second one enables high transaction volume with 3 seconds block time. Both blockchains together form Binance Chain.
BNB Smart Chain supports BNB, BNB Beacon Chain's native cryptocurrency of BNB Beacon Chain, as well as BEP20 tokens. The blockchain relies on a proof-of-stake (PoS) consensus. More specifically, users can stake BNB to become validators. Validators will get transaction fees as a reward for each block validated.
Besides, BSC is compatible with Ethereum smart contracts and allows users to easily create DApps or even migrate them from Ethereum. This is why BSC features a wide range of DApps and DeFi (decentralized finance) products. Indeed, the blockchain supports several decentralized exchanges (DEX) platforms such as PancakeSwap or BurgerSwap. DEXs allow users to trade or exchange their tokens. But, users can also engage in decentralized lending, gaming, or yield farming for example.
BNB Smart Chain supports"Peggy Coins". These tokens are tokenized versions of other crypto-assets such as Bitcoin or Litecoin for instance. Because these tokens are pegged to the original crypto-asset, it means the value should remain close to the native crypto-asset. This allows users to use these tokens in DeFi applications.
Because of all this, BSC and BNB attracted a lot of attention from the crypto community. Today Scorechain supports BSC and BEP20 tokens within its blockchain analytics solution to help companies onboard it safely.
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About Scorechain
Scorechain is a Risk-AML software provider for cryptocurrencies and digital assets. As a leader in crypto compliance, the Luxembourgish company has helped over 200 customers in 40 countries since 2015, ranging from cryptocurrency businesses to financial institutions with crypto trading, custody branch, digital assets, customers onboarding, audit and law firms, and some LEAs.
Scorechain solution supports Bitcoin analytics with Lightning Network detection, Ethereum analytics with all ERC20 tokens and stablecoins, Litecoin, Bitcoin Cash, Dash, XRP Ledger, Tezos, and Tron with TRC10 and TRC20 tokens. The software can de-anonymize the Blockchain data and connect with sanction lists to provide risk scoring on digital assets, transactions, addresses, and entities. The risk assessment methodology applied by Scorechain has been verified and can be fully customizable to fit all jurisdictions. 300+ risk-AML scenarios are provided to its customers with a wide range of risk indicators so businesses under the scope of the crypto regulation can report suspicious activity to authorities with enhanced due diligence.
BNB Smart Chain supports BNB, BNB Beacon Chain's native cryptocurrency of BNB Beacon Chain, as well as BEP20 tokens. The blockchain relies on a proof-of-stake (PoS) consensus. More specifically, users can stake BNB to become validators. Validators will get transaction fees as a reward for each block validated.
Due to the network's high transaction speed, low transaction cost, and EVM compatibility, BSC quickly gained traction as the DeFi movement took off and Ethereum suffered from chronic congestion and high fees. In February 2022, Binance Smart Chain was rebranded as BNB Smart Chain.
The live price of BNB is $ 495.87 per (BNB / USD) with a current market cap of $ 72.36B USD. 24-hour trading volume is $ 1.33B USD. BNB to USD price is updated in real-time. BNB is +0.04% in the last 24 hours with a circulating supply of 145.93M.
The BNB Smart Chain is a layer-1 blockchain network, compatible with Ethereum Virtual Machine (EVM), so its addresses look similar to EVM addresses, as hexadecimal numbers. These are personal identifiers of an entity in the chain, be it a wallet, a token, or a transaction.
A BEP20 Wallet is a digital tool for managing assets on the BNB Chain, supporting various cryptocurrencies and integrating with blockchains for versatile use. A BEP20 wallet is an essential tool for navigating the BNB ecosystem, designed to securely manage digital assets.
As you'll remember, Binance has two blockchains: the Binance Chain and Binance Smart Chain/BSC. Since BSC is specifically designed to be EVM-compatible and support dapps and their smart contracts, its token standard mirrors ERC-20 (the dominant token type on Ethereum).
BNB Chain accounts for 0.9% vulnerabilities of the entire ecosystem based on the TVL in Q1 2023. The BNB Chain, despite its significant economic activity, exhibited remarkable security during Q1 of 2023.
Inversely, $1.00 USD would allow you to trade for 0.0019 BNB while $50.00 USD would convert to 0.0974 BNB, not including platform or gas fees. In the last 7 days, the exchange rate has increased by 3.04%.
every quarter, Binance uses 20% of its profits to buy back and burn Binance Coins, destroying them completely. The practice ensures that the supply of Binance Coin remains finite, making it scarce and more valuable.
Binance is owned by the Chinese-Canadian businessman and investor Changpeng Zhao, also known as CZ. He is the founder and CEO of Binance, which was launched in 2017.
According to Binance, the BNB token has continuously evolved since its debut. It was initially created as an ERC-20 token on the Ethereum network in 2017. By 2019, it switched over to the Binance Chain and fueled the establishment of the BSC network, which was officially launched in September 2020.
BNB Smart Chain (BEP20) Network deposit and withdrawal will be suspended on 18 April 2024, about 12:30 PM - 5:00 PM (GMT+7), due to network upgrade & hard fork. Note: Trading of existing tokens on the BNB Smart Chain (BEP20) network will not be affected during this time.
BNB Smart Chain supports"Peggy Coins".These tokens are tokenized versions of other crypto-assets such as Bitcoin or Litecoin for instance. Because these tokens are pegged to the original crypto-asset, it means the value should remain close to the native crypto-asset.
Binance Chain and Binance Smart Chain are two distinct but interconnected blockchains offered by Binance. Binance Chain provides a decentralized marketplace for exchanging crypto assets, while Binance Smart Chain enhances functionality by enabling smart contracts.
BNB Beacon Chain vs. BNB Smart Chain (BSC) Unlike BNB Beacon Chain, BSC boasts smart contract functionality and compatibility with the Ethereum Virtual Machine (EVM). The design goal was to introduce smart contracts to the BNB ecosystem without interfering with the BNB Beacon Chain operations.
Once your BNB is transferred to your Trust Wallet account, there's an option when you're looking at your BNB to convert it into smart chain. All you have to do is click this button and specify the conversion amount, and you're done. Additionally, the conversion costs are not very exorbitant.
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