What Is Binance Smart Chain and How to Access It – Bitcoin and Crypto Guide

What Is A Smart Binance Chain And How To Get It

The Binance Smart Chain (BSC) mainnet was launched on September 1, 2020. The Binance Smart Chain aims to improve the functionality and interoperability of the Binance Chain. The BSC will enable the creation of smart contracts and the staking facility for BNB. It relies on a system of 21 validators with Staked Authority Test (PoSA) consensus. With about ~ 5 seconds of block time, the BSC offers fast transactions and reduced fees.

The most bonded verifier candidates on Binance Smart Chain become verifiers and produce blocks. The double sign detection and other reverse logic guarantee the safety, stability and fineness of a chain.

BSC supports smart contracts and protocols that are compatible with EVM. It supports cross-chain transfers and allows for the creation of “pegged coins” (pegged tickets to the BSC chain), including BTC, ETH, TRX, and more. Pegged coins function as BEP-20 tokens on Smart Binance Chain, similar to Ethereum ERC-20 tokens.

PancakeSwap, BakerySwap, etc. are the first DeFi protocols launched on the BSC. These protocols received fairly good user acceptance in the weeks following launch.

Benefits of Smart Binance Chain
  • Devolved
  • Cheap transaction fees
  • EVM-compatible
  • High performance, able to produce block every 3 seconds
  • Supports DeFi cross-chain transfer
  • The added benefit of being complemented by the Binance ecosystem
  • Improved security
How to Access a Smart Binance Chain

When BSC’s main net was launched, the Trust wallet add network support. Users can send and receive BNB using the Smart Chain address in Trust wallet.

Altcoin Buzz has already published a detailed user guide on installing and using Trust Wallet. Refer to them and install the wallet if you do not have it. If the wallet program is installed, make sure you update the application with the latest version.

Users can receive the BNB token at the Smart Chain address by using the following methods:

  • Receive a BNB from another user of the Trust Wallet
  • Withdrawal in BSC direction from Binance

In this article, we will see how you can withdraw in the direction of BSC from Binance.

Buy BNB from Binance Exchange

To buy BNB, go to Market and place a purchase order. We have some ETH that we use to buy BNB.

BSC

Confirm the transaction. Once the transaction is successful, you can see the ticket in your wallet.

Smart Binance Chain

So we now have a little BNB in ​​our Binance Exchange. We will see how we can transfer the ticket to Smart Binance Chain.

Secure the Smart Chain Deposit Address

Go to your Trust Wallet application. You can see Smart Chain; click on it.

BSC

Now click on Accept. The wallet application will show the deposit address and QR code you can use to deposit funds.

BSC

You can use this address to send tickets to BSC.

Withdrawal of BNB to Binance Smart Chain

You can deposit BEP-20 assets into your wallet. To deposit, withdraw a BEP-20 ticket from your Binance account at the address of the Trust’s Smart Binlet Chain.

Enter the Smart Chain Deposit Address in the receiver field and mention how many tickets you want to transfer. Also, don’t forget to select the transmission network as Smart Binance Chain (BEP20).

BSC

Submit the transaction, and once it’s confirmed, you should see the tickets in your wallet.

However, we have noticed that the withdrawn ticket does not appear at the request of the Trust Wallet. We tried with another ticket and have experienced the same issue.

BSC

We get the ticket deposit confirmation message. See the screenshot below.

BSC

But the symbolic balance does not reflect in the wallet.Smart Binance Chain

You can check the transaction details from the More details button. Click on it, and it will redirect you to the bscscan website.

Smart Binance Chain

As we cannot receive a ticket at our Smart ticket address, we are unable to capture the steps to follow for withdrawing a ticket from Binance Smart Chain.

Resources: Binance

Read more: How to Get WazirX From Binance Exchange – Part VII

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