The same goes for ETH, XRP, DOGE, and many more. BTCB (BEP20) tokens can then be deployed in DeFi protocols to earn yield on bitcoin. For example, you could use Binance Bridge to swap bitcoin (BTC) for BTCB (BEP20) tokens backed by BTC. What’s more, leading digital assets on other chains can be ported onto Binance Smart Chain in the form of pegged BEP20 tokens. BEP20 is a developer-friendly token standard that allows anyone to deploy fungible digital currencies or tokens on Binance Smart Chain. In this way, rapid trading can be enjoyed on Binance Chain, while powerful decentralized apps can be built on BSC.īinance Smart Chain supports the BEP-20 token standard, which uses the same functions as its Ethereum counterpart ERC-20, while Binance Chain, supports the BEP-2 token standard. Binance Smart Chain vs Binance Chain: Differences?īinance Chain vs Binance Smart Chain (Image credit: Binance Smart Chain) How does Binance Smart Chain work? Cross-chain Compatibilityīinance Smart Chain was envisioned as an independent but complementary system to the existing Binance Chain with the idea being that users can seamlessly transfer assets from one blockchain to another. For users, it means that applications like MetaMask can be easily configured to work with BSC with just tweaking a couple of settings. Because BSC is EVM-compatible, it makes it easy for developers to port their projects over from Ethereum.
It’s an independent blockchain that could run even if Binance Chain went offline. The design goal here was to leave the high throughput of Binance Chain intact while introducing smart contracts into its ecosystem.īSC is not a layer two or off-chain scalability solution for the existing Binance Chain. However, unlike Binance Chain, BSC boasts smart contract functionality and compatibility with the Ethereum Virtual Machine (EVM).
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Connecting MetaMask to Binance Smart Chain.Binance Smart Chain vs Binance Chain: Differences?.
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