Let's talk about BNB Smart Chain

Hello Friends,

This week we heard the bad news about BNB Smart Chain that it was hacked but the team has done a very good job. They tried all possible ways to safeguard the funds. I'm not sure if the correct figure is shared on the open platforms that how much money is stolen by the hackers. The good thing is that now it is back to normal and started running whereas the founder has also mentioned that they were able to control the hack on time by stopping all the validators. This also shows that the team is better In Sync with all the validators and whenever required they can keep a connection with them anytime. Now let's try to find out more about BNB Smart Chain.

What is BNB Smart Chain

this is a different chain of BNB by the Binance exchange. It's not built on the BnB chain instead it's a different one where the transaction cost is very low, and it works on a proof of stake mechanism. There are validators an all these validators need to stake bnb coins to become part of the chain. Earlier bnb token price was not very high but after the launch of this chain, we have seen a great price appreciation in the BnB coin. The exchange is also very much confident about the future of the BnB coin because they believe that the use case is quite big and considering this, we can expect nice growth in the future.

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BNB Smart Chain supports BNB, BNB Beacon Chain's native cryptocurrency of BNB Beacon Chain, as well as BEP20 tokens. The blockchain relies on a proof-of-stake (PoS) consensus. More specifically, users can stake BNB to become validators.

Defi In BNB Smart Chain

Ethereum was the first chain in decentralized finance where he started but later on, BNB Smart Chain took the lead because of the high transaction fee. Decentralized finance is a way where we can deposit our coins in various pools and this way we can earn a decent income through the holding. Earlier there was no way to earn rewards on the holding but now things have changed, and we have the options to choose where we can earn different percentages of returns on the investment. While the coin price will continue to rise depending on the market's scenario. Even if the price remains stable then also, we can earn a passive income in this way, and This is why I will leave it as a nice way where we can earn way better than other options.

This is getting more attention from the people in cryptocurrency because there is no need to go through a complicated process and all these can be done with just a crypto wallet and having friends in the same. This can also be done anytime and there is no requirement to get approval from any intermediary. This provides complete flexibility and the ownership of the funds, so I believe this is the reason why a lot of people are interested to invest in this method where earning ratio is also high.

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Low transaction Fee

I think their transaction fee is also one of the parts of the cryptocurrency market you had a lot of people do not find it good if it is high. This should not be so much that we need to ignore the transaction instead it should be that much low so that anyone can perform multiple transactions in a day without worrying about the transaction phase. The reason why BNB Smart Chain is popular is that here we can do multiple transactions for just $1 so this is very low. It's not like Ethereum where the fee was a bigger challenge.

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I think polygon is also a similar chain but it's more Ethereum-compatible Dapps. Binance is a big international exchange and BNB coin has a good number of holders worldwide so we can expect that BNB Smart Chain will also get more adoption and this will help it to grow more. The future seems to be bright and in the long term, we can expect some great returns.

Thanks a lot

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