Binance BLOG

Binance smart chain advantage & Uses how to connect trust and metamask wallet with Binance smart chain

By Dipendra | DIPENDRA | 3 Oct 2020


Hello Guys :-D

Binance is a top most exchange of the world in crypto industry and it is becoming more easy to use, accessible, and offer best product to his customer

In defi season many trader, and investor got to much profit but one thing which is not going well is gas fees. Maximum Defi Token are based on Ethereum network means a ERC-20 token. and second thing maximum available on decentralized exchanges, for buy these token is very expensive. ( talking about gas fees) due to high Gas fees, so many not got chill with it and by this reason many guys lose chance to get FREE 400 UNI ( UNISWAP TOKEN), and everyone wondering for solutions for gas fees, and here they get solutions from giant in form of Binance smart chain

LET'S START

Binance smart chain

it was first unveiled in April 2020 since the Binance Chain community has activated on the Binance smart chain. And running Binance smart chain to parallel to binance chain. Binance smart chain creates an ecosystem where validators, token holders, developers, and users all will take benefits from a rewarding blockchain that offers high performance and bring space for innovations.

Now Defi season going on and catching eyes of many new and old investors and they are showing interest in this Defi (decentralized financial) revolution, The Binance Chain community launched Binance smart chain at right time for the DeFi (decentralized finance) revolution, and attracting all DApp developers, and Defi projects to try this  smart chain blockchain with smart contact creation for their DApp and projects,

Binance smart chain will work in parallel with Binance Chain to enable the creation of smart contracts for tokens/Coins on Binance blockchain and to introduce an innovating new staking mechanism Proof of stake Authority (PoSA) for BNB. This new consensus staking Authority enables validators, token holders, DApp developers, and Binance smart chain users to benefit from a rewarding blockchain

 

Proof of Staked Authority (PoSA)   is a combination of the Proof of Authority (PoA) and the Proof of stake (PoS)

 

BNB is the center of Binance smart chain therefore BNB is used for delegated staking on the authority validator, leading to staking rewards for users and validators. "

Advantages of Binance smart chain

  • Developers Build their decentralized apps (DApps) on Binance smart chain which retain the high-performance matching of Binance DEX and crypto-assets on one blockchain
  • Binance smart chain enables the creation of smart contracts for tokens on the Binance-branded blockchain.
  • increase the utility of both Binance Chain and BNB. With the introduction of the Proof of Staked Authority (PoSA) consensus mechanism, 
  • Cheap transaction fees that reach as low as 1 cent
  • High performance with a network capable of producing a block every 3 seconds
  • Cross-chain DeFi mechanisms that increase DeFi interoperability
  • A supportive Binance ecosystem that funds and bootstraps many DeFi projects
  • A growing ecosystem of millions of users across Binance.com and Binance DEX

 

How to connect wallet to Binance smart chain

Users can choose mainstream wallets compatible with Binance Smart Chain, like Trustwallet and metamask wallet and transfer your cryptocurrency to your smart chain wallet address by creating a wallet address.

1. How to Connect Trust wallet

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  • Download
    Trust wallet
     
  • Create account ( Do not forget to save your phrase offline)
  • Open wallet and click on  *Receive*
  • Select *Smart chain*
  • Find your * BEP-20* Address and  Copy your address to the withdrawal area of ​​your Binance account.
  • Now Open the Binance App, under the withdraw button of your account, please select the BEP20 mainnet to confirm the withdrawal.
  • You can receive the corresponding BNB in ​​your Trust Wallet.

 

2. How to connect Metamask wallet

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  • Download MetaMask wallet

  • Complete basic setup. (Do not forget to save your backup phrases anywhere offline)

  • Now Click *Main Ethereum Network* at the top.

  • Click “Custom RPC” 

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  • Copy and paste each line into each box as shown below.

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  •  It should look like this:

    1. Network Name -> Binance smart chain

  • 3. ChainID -> 56
  • 4. Symbol -> BNB
  • 6. Click * save *
  • Follow carefully all 1 to 6 steps
  • HERE YOU DONE NOW YOU HAVE BINANCE SMART CHAIN WALLET

 


Thank you 


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Resources & Images

https://www.binance.com/en/blog/421499824684901055/Get-Started-on-Binance-Smart-Chain-

 

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Dipendra
Dipendra

I am learning everything what make me good in health & wealth


DIPENDRA
DIPENDRA

CRYPTO = Your Dedication + Your Research + Ability of Risk Taking - Emotions

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