Understanding the Binance Smart Chain: All you need to know about BSC 2022

Introduction & Initial History 

 Binance, the company behind the biggest Crypto-currency exchange by trade volume launched the Binance Chain in April 2019, with an emphasis on facilitating faster and decentralized trading on their Binance “DEX” platform.  

Smart-contract enabled Blockchains come with development hurdles… high gas fees, slow block times, or any heavy trading could congest and slowdown a Blockchain Network. Binance Smart Chain comes in to solve the challenge of scalability. 


What is BSC? 

Binance Smart Chain (BSC), runs simultaneously to the Binance Chain. Its distinction from the Binance Chain is the smart contract functionality and Ethereum Virtual Machine (EVM) compatibility.  

Since BSC is EVM Compatible, it supports the various dApps, and utility platforms available in the Ethereum Ecosystem, making it easier for developers to move their projects from Ethereum. 

It’s worth pointing out that BSC is not a layer two or off-chain scalability solution. It works independently off Binance Chain although they have the same design. 

 

BSC & iOWN Token? 

Due to current scalability hurdles with Ethereum, the iOWN team is looking to implement the “Binance Smart Chain” to improve transaction fees and efficiency. The BSC will ALSO allow us to achieve the best customer experience across our platforms such as DEXs and managing crowdfunding campaigns on the blockchain. 

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