What is Binance Chain? Everything from the AZ about the Binance blockchain

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2021-03-24 02:39:15

Hi guys! Surely everyone knows blockchain technology is a trend of the future, right? If not, find out What is blockchain Please! Binance also has its own blockchain called Binance Chain.

So what is Binance Chain? What’s HOT? Let’s find out with CHK!

What is Binance Chain?

Binance Chain is a blockchain developed by Binance and his community. This is the premise for decentralized floors Binance DEX.

Instead of choosing to build as a Bitcoin fork or as a smart contract on the Ethereum platform. But they choose to build on Tendermint’s and forks Cosmos SDK.

Basically, Binance’s chain is quite similar to Ethereum’s blockchain. But they do not support smart contracts to improve performance. Binance Chain is designed to be treated on par with Binance.com centralized exchange.

If you have a must-have feature then you can contribute to the Binance community. It will be deployed separately instead of using smart contracts.

Binance Chain uses Tendermint Core’s BFT-based consensus mechanism and the upcoming PoS. Similar to some blockchain platforms like NEO or EOS.

This means you will be able to staking BNB. But currently there is no official information from Binance.

What can Binance Chain be used for?

  • You can issue tokens
  • BNB is an original token of the chain, so it is natural to send and receive BNB
  • Send, receive, burn, cast (print), pile up the tapes and release tokens
  • Performing trading through on-chain coin pairs
  • Explore transactions and on-chain blocks through Binance Chain Explore, API, node RPC interface.
  • Full node run
  • Extract other data via chains, full nodes or APIs
  • Apply to run the validator node
  • Development of tools and applications

The projects have been released on Binance Chain

At the time of writing there are about 86 projects released on Binance’s chain. Several projects released on Ethereum’s platform have moved to Binance Chain in 2019.

People see that the ecosystem of this chain is expanding. In the future it is expected that there will be more projects participating in this ecosystem.

Use Binance Chain

What is BEP2?

BEP2 is a standard form on Binance Chain. Similar to Ethereum’s ERC20 standard or Tron Network’s TRC20.

Who can issue tokens on Binance Chain?

Anyone can issue it but pay the equivalent of 500 BNB. Furthermore to be listed on the DEX you have to spend 1000 more BNB.

Mist also costs more than 1500 BNB. Issuing is very simple, only money is okay.

Token listing process

Those who intend to start a blockchain startup can refer to the documents they will link to the bottom. Here I will just give some basic steps for you to refer to.

To get the list of DEX floors, you must perform the following 3 steps:

  • Released
  • Send require
  • Submit List Transaction

Token issuance process on Binance Chain

At the Submit Request step your request will be considered. If you satisfy the conditions then you can move on to the next step. You will be refunded if you do not have enough votes.

Submit a token listing request

On-chain fees

Fees can be changed from time to time based on voting and recommendation. You can find the current premium version here:

What is Binance Chain Explorer?

Binance Chain Explorer is a tool that allows you to view additional blocks and transactions on the chain. Each thread will have its own Explorer tool. For example Etherscan or Tronscan, Blockchain Explorer.

With this tool you can check the history of coin transfer or burn, order order, … through the Explore interface.

Introducing Binance’s Explorer interface

(first) You can search for addresses, transactions (place orders, transfer coins, burn) or assets on the chain.

(2) The place to display the latest information updated every 2 seconds such as: price, capitalization, 24-hour transaction volume, total address, total transaction, block height.

(3) Where shows 10 new spawned blocks on the chain. You want to review the old blocks that can be attached View All >>.

(4) Transactions display place such as order order, order cancellation, transfer … You can view details by clicking on TX #.

Binance Chain Explorer interface

Find information about other properties on the chain

In the Explorer interface, click Assets on the left corner of the screen. Find the token you want to find

Binance on-chain assets

Here I will choose TROY to find out. You will see information about name, total supply, price, address, transaction. If the transaction requires a lot, it proves that this coin is being bought and sold more.

And Holders of address numbers hold this token. If this number is larger, it means more people are storing this token.

Also, you can see details of which addresses hold the most by clicking on the word Holders below.

Select assets to find information

References

Documentation about Binance Chain: https://docs.binance.org/

Epilogue

Hope this article gives you useful insights. If you have any questions or find something missing, please feel free to comment below.

CHK will try to attach the answer as quickly as possible to you. Wished everyone success.

#Binance #Chain #Binance #blockchain

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