An introduction to Binance Smart Chain and how to use it

Binance Smart Chain

Before the advent of Binance smart chain technology, we knew that it is blockchain technology that is used for mining if cryptocurrency and most of us are still unaware of what Binance smart chain. So, if you are also someone who doesn’t know what it is and how it works, then this article has got you covered. Well, one should note that the Binance Chain and Binance smart chain are completely two different things. When we compare the two, the first one is used for trading with crypto at an exceptionally high speed by making the trade-offs. This means the Binance chain does not offer you a flexible trading solution.

Therefore, to compensate for that, new blockchain technology was introduced in the financial market, Binance smart chain which is quite flexible and gives high-performance in partnership with Binance Chain. This smart technology is developed for the purpose of ensuring cross-chain compatibility so that its users can have a seamless trading experience.

What is the Binance smart chain?

If you know what Binance Chain is, then understanding Binance smart chain would be easier for you. Although they both run parallel to each other, the latter one uses smart functionality. It is also compatible with EVM which is also known as Ethereum Virtual Machine. However, it does not depend on Binance Chain for its working as it could run individually as well. So, if you are interested to work with it, therefore you can use a platform such as MetaMask and get started with it.

How to get started with Binance Smart Chain on MetaMask?

In case you are new to Binance Smart chain technology, then you need an external wallet for it that supports BSC. Here is how you can get into using BSC:

Step 1- First of all, you should create an account on MetaMask

  1. Go to the official page of MetaMask
  2. Then, click on the “Create a wallet” option
  3. Now, you will need to create a password for your account
  4. It should be of at least 8 characters or more
  5. Next up, select the “Create” option
  6. Then, you shall be asked to enter your backup phrase
  7. Now, keep on selecting each phrase
  8. After verifying its correctness, click “Confirm”

Your MetaMask account is created now and you can proceed with the next step.

Step 2- Connect your account with Binance Smart Chain

  1. Log in to your MetaMask account
  2. Go to the “Settings” menu
  3. Then add a new network by using these details
  4. For Testnet, enter these:
  • ChainID- 0x61, 97 in decimal or 0x61
  • Symbol- BNB
  • Block Explorer- https://testnet.bscscan.com
  1. And, for Mainnet, enter these
  • ChainID- 0x38, 56 in decimal or write 0x38 instead of 56
  • Symbol- BNB
  • Block Explorer- https://bscscan.com
  1. Now, you have to claim some tokens to your account
  2. Then, copy your address by clicking on it
  3. Go to https://testnet.binance.org/faucet-smart and paste your address here
  4. Choose “Give me BNB” to end the process
  5. You will now witness an increase in your balance

Closing lines:

Here we have seen how Binance smart Chain works to make a visible increase in your balance. This might seem complicated to you at first. But, as you continue to make use of this blockchain technology, you will realize that it is an easy process to go through. All you need to do is create an account on a platform such as MetaMask and get started with it. This smart technology is helping investors by bridging the gap between different prevalent blockchain technologies.

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