Binance Smart Chain launched in September 2020 intending to be an alternative source to the most popular blockchain network Ethereum. However, it came with a lot more exciting perks, such as lower transaction costs and fast processing time.
In a short period, BSC became a popular choice for decentralized finance (DeFi) developers and nonfungible token projects because of its ease of operations, interoperability, and low cost. It is a part of the next phase of the journey that will combine DeFi with virtual reality in the metaverse.
In this end-to-end guide, you’ll learn to build a Binance smart chain-based dApp (decentralized application). After reading this write-up, you will be able to integrate the features, interact with the smart contracts to send transactions, and sell and buy banking services in a secured and decentralized way.
So let us get started!
An Overview of Binance Smart Chain
Binance Chain integrated with the Binance smart chain is a considerable opportunity for users looking to speed up their trading process. However, the Binance chain is not EVM-compatible, which doesn’t support smart contracts.
To develop smart contracts, the Binance team introduced the Binance smart chain (BSC), a network that uses a Proof of Staked Authority (PoSA) consensus algorithm that is EVM-compatible, enabling the development of smart contracts that are natively integrated with the Binance Chain. It also helps in developing coins on Binance smart chain.
It is a dual chain exciting opportunity to speed up the trading process of crypto. Internet native financial market is known as Defi. It is a decentralized autonomous blockchain-based app to buy or sell banking services Online. It follows blockchain protocols to provide a dependable, fast, secure, and user-friendly experience.
Defi Dapp Development
DeFi app development is known as the digital financial market to perform the services of banks in a decentralized and quick way with no central or regulatory authority. The market has various blockchain networks to develop DeFi apps. A Binance smart chain developer is best known for providing decentralized financing services.
Why Binance Smart Chain for DeFi App Development?
In August 2020, Binance held a “Stake Wars” promo highlighting the potential of the Binance Smart Chain for DeFi.
Here are several benefits that the Binance Smart Chain developer provides to DeFi protocols and the BEP-20 token on BSC speed.
– Transaction Speed
The major perk of BSC is the fastest transaction speed, which contributes to the fastest growth of smart contract platforms. This is at least four times faster than Ethereum because blocks are generated every three seconds instead of every 13 seconds.
– Low Gas Fees
Besides, the transaction cost of Binance smart chains is minimal. Thus, running an app on BSC is very cost-effective.
– Cross-Chain Compatibility
In addition to compatibility with the Ethereum virtual machine (EVM), BSC also supports pegged coins from several other blockchains, allowing users to create multiple tokens to use on the network. It boosts token liquidity, utility, and value.
– EVM-Compatibility
With EVM compatibility, smart contract development becomes possible, which gives the Binance network easy access to develop tokens for cryptocurrency.
– Credible Platform
Binance is a growing and most popular exchange, and its credibility is shared across all its platforms, including the BSC. As a vetting agency for all validators on the PoSA network, the exchange plays an important role in ensuring that the blockchain is safe and secure.
– No Central Authority
With a decentralized approach, BSC-based apps eliminate the role of the third party in performing transactions. It has no regulatory authority which also cuts short the cost of the transaction fee. Its trustless smart contracts perform the automated processes.
– Open-Source
The code that underpins BSC-based dApps is usually open-source, which is easy to make changes, and the codebase is open for scrutiny and ongoing improvement.
– No Downtime
The decentralized nature of dApps eliminates every single point of failure, such as a hosting server that can bring down the entire network.
– Censorship Resistance
The absence of a single point of failure and the lack of control by a central authority makes it exceedingly difficult to control or censor dApp networks.
Summing Up
Binance smart chain blockchains offer a reliable and well-oiled platform for Dapp development to store and trade crypto assets. The prime objective of BSC is to make these experiences more convenient and accessible for users.
If you want to jump into this stream, the most important factor is finding the best Binance smart chain developer. Hashlogics is providing cutting-edge Binance Smart Chain development solutions with a series of other integrated solutions such as DeFi app development, token, and coin development. Drop a call to connect with the leading hub of blockchain experts right away.
