DeFi 10109 September 2021

What is Binance Smart Chain (BSC)?

Binance Smart Chain Explained

Summary

  • BSC provides a space to create DeFi products like dApps
  • BSC aims to lower transactions fees
  • BSC runs parallel with BC

Binance Smart Chain or BSC is a blockchain network built for running applications based on smart contracts. It runs parallel with Binance Chain, giving users access to smart contract functionality on BSC and high transaction numbers on Binance Chain.

Binance Smart chain aims to give developers a platform to create decentralized applications and other DeFi products. The platform also implements EVM (Ethereum Virtual Machine) that enables it to support applications based on the Ethereum blockchain, such as MetaMask.

So far, BSC has gained a lot of traction, partly because of the congestion on Ethereum and the gas fees issues that have forced investors to look elsewhere for solutions.

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