Binance Smart Chain: Get the Basics to Open a World of Play to Earn

Binance Smart Chain (BSC) is one of the most powerful tools to open the world of play to earn. The network is the second-biggest in terms of value locked, and after Ethereum, many new players to earn startups choose this blockchain. As of December 2021, BSC locks in about $17B in various decentralized apps or pools, of which funds are starting to flow into gaming projects.

How Did Binance Smart Chain Appear

Binance Smart Chain is one of the latest creations of Binance, Inc., the company behind one of the most influential cryptocurrency exchanges. Binance created its native asset, Binance Coin (BNB) in 2017, and for years used BNB as an Ethereum-based asset. 

As the blockchain space evolved, Binance noted the need for a faster, cheaper network. The first network to be created was Binance Chain, still in existence. Binance Chain is a base layer network used to transfer BNB. 

But for the purposes of play to earn, DeFi or other on-chain games and operations, Binance Smart Chain was an even faster solution with bigger smart contract capabilities. 

Make Sure to Choose the Right Network

BNB is a flexible asset that can be used on both the base layer Binance Chain, and on Binance Smart Chain. When using tools like Trust Wallet or Binance Wallet, there are options to choose BSC as the go-to network. 

The right network will also carry any NFTs for in-game items, and will be accessible through the go-to wallet for this network. Both Binance Chain and Binance Smart Chain are key elements for locking in gains and profits from play to earn. 

What Binance Chain Offers

Binance Chain offers cross-chain transfer of the BNB token. Additionally, the chain offers staking, wrapped coins, voting and governance, and an order matching engine for decentralized trading. 

BNB moving through Binance Chain can be sent to the Binance exchange, swapped or exchanged for a dollar-pegged stablecoin. 

Why Use Binance Smart Chain

Binance Smart Chain, or BSC, offers a three-second block time, compatible with high-transaction loads for real-time app performance. BSC is compatible with the Ethereum Virtual Machine, opening the door to projects that exist on both networks. 

BSC also offers cross-chain transfer, with bridges built to other decentralized networks. On BSC, there are versions of multiple tokens and entire play to earn games deployed. Those games can be played at much lower fees compared to using Ethereum. BSC is still a smaller ecosystem, but it hosts selected GameFi projects. 

Since December 2021, the US community of BSC users can also use the network to deposit and withdraw assets on the Binance.US exchange. Binance.US is an entity tailored to US regulations, offering a limited set of assets to trade, while excluding some pairs. 

What is the Fee for BSC Usage

Recently, Compound Finance revealed its typical fee for moving ETH and Ethereum-based tokens was around $100. 

For BSC transactions, the typical fee as of December 2021 is around $0.50. Specific amounts may be asked, however, when buying or minting NFTs. 

BSC is open to developers, offering testnet tokens and a hub to deploy distributed apps and smart contracts.

BSC Offers Curated Projects

BSC is not only a technological tool, but also a hub for community-building and an attraction point for play to earn startups. 

Binance Launchpad is the hub where new tokens are on offer. As of December 6, 2021, Launchpad shows the play to earn trend has reached the selection of curated projects. Binance Launchpad has created a total of 25 opportunities for hand-picked projects, which include Elrond (EGLD). 

The upcoming Voxies play to earn game will sell the VOXEL token and give early access to the game once it launches. 

Using BSC and owning BNB may thus be a tool to gain early access to some of the higher quality projects and completed games in the latest play to earn trend.

Projects built on BSC also get a boost from special programs and Binance’s donations to startups. Projects built on BSC are getting special grants after a recent competition, encouraging growth and development.

How to Access Binance Smart Chain

BSC is accessible through the most widely used browser extension wallets. MetaMask, Phantom Wallet and of course Binance Wallet all give access to both BNB and BEP-2 tokens, the native reward tokens of the exchange. 

Connecting a wallet by following the instructions of games, online NFT platforms or other distributed apps allows users to choose the chain to use and move their BNB or Binance USD (BUSD) or another token to the appropriate network. 

BNB has the advantage of easy availability, as it is available for limited Changelly swaps, Exodus wallet swaps or exchanging through Binance.US. Owning BNB may be the key to early access to play to earn token sales and special item packs.

Risk Warning for Decentralized Usage

BSC carries many tokens, and not all are vetted. With new projects and assets dropping almost daily, some personal research may be needed. 

Assets may appear on BSC that are not the real tokens, so always use the official channels of play to earn games to avoid confusion about the asset. 

BNB can be used as a decentralized asset and traded via PancakeSwap, the algorithmic exchange native to Binance Smart Chain. When swapping BNB or another play to earn reward token, make sure you are choosing the right pair. Faked pairs have been introduced to PancakeSwap, creating confusion and losses.

Leave a Reply

Your email address will not be published. Required fields are marked *

Previous Post

Tezos: What to Know about Ubisoft’s NFT Partner

Next Post

Decentraland (MANA) Platform Review: Get a Digital Land Plot

Related Posts