BSC Layer BSC Price

What is BSC Layer (BSC)?

The Binance Smart Chain (BSC) is a blockchain network that operates in parallel with the Binance Chain. Launched in September 2020, BSC enables developers to build decentralized applications (dApps) and smart contracts. It utilizes an Ethereum-compatible environment, allowing for the seamless migration of applications from Ethereum to BSC. With a focus on high throughput and low transaction fees, BSC has rapidly gained popularity, boasting over 1,000 active projects and handling more than 1.5 million daily transactions as of early 2024.

Who are the Founders of BSC Layer?

Binance Smart Chain was developed by the Binance team, which was founded by Changpeng Zhao (commonly known as CZ) and Yi He in 2017. The Binance team includes numerous blockchain experts and developers who have contributed to the creation and maintenance of the BSC ecosystem. While Binance itself is a centralized exchange, BSC operates with a decentralized governance model where validators play a crucial role in the network's security and functionality.

How does BSC Layer Work?

BSC operates on a Proof of Staked Authority (PoSA) consensus mechanism, which combines elements of both Proof of Stake and Proof of Authority. This allows BSC to achieve faster block times, averaging around 3 seconds, while maintaining low transaction fees, typically less than $0.10 per transaction. BSC supports the Ethereum Virtual Machine (EVM), making it compatible with Ethereum-based applications. This compatibility allows developers to deploy smart contracts and dApps on BSC with minimal changes. Additionally, BSC has its native cryptocurrency, BNB (Binance Coin), which is used for transaction fees and as a staking token to support network security.

Top Use Cases of BSC Layer

BSC has a diverse range of use cases that cater to various sectors within the blockchain ecosystem:

• Decentralized Finance (DeFi): BSC is home to numerous DeFi projects, such as PancakeSwap and Venus, which provide services like lending, borrowing, and yield farming.
• Non-Fungible Tokens (NFTs): Many NFT platforms, including BakerySwap and Treasureland, utilize BSC for minting and trading digital collectibles, allowing for lower fees compared to Ethereum.
• Gaming: BSC hosts various blockchain games, such as CryptoBlades and My DeFi Pet, which incorporate play-to-earn mechanics and allow players to earn rewards in BSC's ecosystem.
• Cross-Chain Compatibility: BSC supports cross-chain transfers, enabling users to move assets between BSC and other blockchains easily.
• Token Launchpads: Platforms like Binance Launchpad leverage BSC for launching new tokens, providing a streamlined process for projects to raise capital.

How to Keep your BSC Layer Safe?

Securing your assets on Binance Smart Chain involves several best practices:

• Use Hardware Wallets: Store your BSC assets in hardware wallets such as Ledger or Trezor, which provide an extra layer of security against hacks.
• Enable Two-Factor Authentication (2FA): Always enable 2FA for your wallets and exchange accounts to prevent unauthorized access.
• Be Cautious of Phishing Attacks: Always double-check URLs and never click on suspicious links. Use official sources to access your wallets and exchanges.
• Regularly Update Software: Keep your wallet software and devices updated to protect against vulnerabilities.
• Limit Smart Contract Interactions: Only interact with reputable projects and smart contracts. Audited contracts reduce the risk of exploits.