Binance Smart Chain

Binance Smart Chain or BSC is an alternative to Ethereum and other leading DeFi platforms. BSC gained popularity after Ethereum failed to prove viable to those who couldn't afford the fees. Binance, a leading cryptocurrency trading exchange, announced BSC in September 2020. BSC is similar to Ethereum, but both aren’t the same. Ethereum uses proof-of-work consensus, while BSC uses delegated proof of stake, allowing it to process more transactions per second and at a lower cost.

Binance Smart Chain (BSC) is a blockchain network built for running smart contract-based applications. BSC runs in parallel with Binance’s native Binance Chain (BC), which allows users to get the best of both worlds: the high transaction capacity of BC and the smart contract functionality of BSC. Furthermore, Binance Smart Chain also implements the Ethereum Virtual Machine (EVM), which allows it to run Ethereum-based applications like MetaMask.The aim of the platform is to enable developers to build decentralized applications (DApps) and help users manage their digital assets cross-chain with low latency and large capacity.