By the end of this lesson, you will able to:
The core component of BNB Chain that is designed to provide developers with the power of smart contract programmability to develop dApps. It provides several advantages like complete EVM compatibility, lower gas costs, fast block finality, accelerator funds, etc.
Throughout this course, the terms BNB Chain and BNB Smart Chain are used interchangeably when referring to dapp development.
BNB Smart Chain (BSC) is one of the core blockchain components of the BNB Chain ecosystem. It is the core componenet designed to provide developers with support for smart contract programability. It is designed to be highly compatible with the Ethereum Virtual Machine (EVM), making it easy for developers to migrate their Ethereum-based decentralized applications (dApps) to the BSC ecosystem. BSC is a high-performance blockchain that supports smart contract programmability and allows developers to create decentralized applications using a range of programming languages, including Solidity, Vyper, and more.
One of the key benefits of BNB Smart Chain is its low transaction fees, which are significantly lower than those of the Ethereum network. This is due to the use of a dual-chain architecture, which separates transaction processing from smart contract execution. By doing so, BSC can handle a higher volume of transactions per second, making it a more scalable and cost-effective option for developers.
In addition, BNB Smart Chain offers a range of features and tools for developers, including a comprehensive development toolkit, a user-friendly interface for creating and deploying smart contracts, and a robust ecosystem of community-driven projects and resources. BSC also supports a range of token standards, including BEP-20, which is similar to the widely used ERC-20 standard on Ethereum.
Some of the benefits of developing dApps on BSC as compared to other platforms are:
Some examples of successful dApps on BSC are:
PancakeSwap: A decentralized exchange (DEX) that allows users to swap, provide liquidity, farm, and stake tokens. It is the most popular dApp on BSC with over 100k users and over $30 million in volume.
DRIP: A high-yield certificate of deposit (HYCD) that pays 1% daily interest on deposits. It has over 24k users and over $800k in balance.
SecondLive: A virtual reality game that allows players to create and explore immersive worlds. It has over 14k users and over $200 in balance1.
MOBOX: NFT Farmer: A game that combines NFTs, farming, and gaming. Players can earn tokens and NFTs by playing games and staking assets. It has over 8k users and over $28k in balance1.
X World Games: A cross-chain gaming platform that integrates NFTs, DeFi, and DAO. Players can create, trade, and play with NFTs across different blockchains. It has over 7k users and over $84k in balance1.
Venus: A decentralized money market that allows users to borrow, lend, and mint stablecoins. It is the largest DeFi dApp on BSC with over $100 million in balance and over $38 million in volume.
Overall, BNB Smart Chain offers a powerful and flexible platform for building decentralized applications and smart contracts, with lower fees and higher scalability than many other blockchain platforms. As a result, it has become increasingly popular among developers looking to create new and innovative projects in the rapidly growing world of decentralized finance (DeFi) and other blockchain-based applications.