Exordium

Today we are witnessing the rapid evolution of Binance blockchains. The company makes every possible effort to maintain not only the trust of its users, but also its dominant position in the crypto market. But the success of Binance is not limited to this, because in parallel the company is expanding its zone of influence, capturing more and more new crypto markets.

The rapid increase in popularity is now experiencing another attribute of the World Wide Web – this is the API programming interface. As an IT product, the purpose of which is to serve clients of various servers and applications, the API fits perfectly into the functioning of various blockchains, including the Binance Smart Chain ecosystem. By making friends with the bnb chain api,  any user will greatly facilitate and speed up the functioning of his project.

Binance as the leader of the crypto market

As already mentioned, Binance has now earned itself the status of the largest cryptocurrency exchange that is currently operating in the cryptocurrency market, and there is a strong impression that it is not going to give up its positions, despite serious competition in this area. Indeed, in fact, Binance is not just an exchange, among many similar exchanges, Binance is the leader of smart contracts and, of course, it is the leader of blockchain.

In retrospect, the era of rapid development of the company began immediately after Binance made the decision to create their own blockchain. And then on the basis of the usual crypto-exchange Binance appeared Binance Chain, the main task of which was ensuring the functioning of the process of exchange of cryptocurrencies within the Binance. But then the Ethereum company broke into the crypto industry, crowding out even such an experienced market player as Bitcoin with its popularity. Watching the rapid rise of Ethereum, the creators of Binance Chain came to the conclusion that the new feature of the crypto market and Ethereum – smart contracts, is exactly what users need today. It was then that Binance’s new project – Binance Smart Chain (BSC), was seen by the world.

Basis of Binance Prosperity

What is the strength of smart contracts and why have they gained a leading position in the crypto industry? The answer is that smart contracts allow developers to create their own blockchain applications, and today all decentralized applications (DApps) run on smart contracts. In addition to applications, developers using smart contracts can create a lot of interesting things, such as well-known NFT.

Strictly speaking, the creators of the BSC did not write the code from scratch, they took the Ethereum code as a basis. Of course, this brings certain inconveniences for the participants of the BSC ecosystem, however, these inconveniences are more than offset by the relatively cheap implementation of the project itself, as well as the possibility of transferring various applications between the BSC and Ethereum ecosystems. In addition, if we compare these two ecosystems, it becomes obvious that despite some conditional dependence of the BSC on Ethereum, there is still a significant advantage of the BSC – transactions in it are carried out much faster and cheaper. According to the latest data from analysts, BSC is a much cheaper blockchain platform than Ethereum. And this is a pretty weighty argument in its favor, given how many DApps there are currently and how large volumes of transactions are carried out in these applications.

Binance cooperation models

We would like to add a few words about the BSC consensus algorithm. Here, not the usual “proof of work” in Binance is used, but one of the varieties of “proof of stake”, a revolutionary know-how already proposed by Ethereum. The model for this consensus means that a delegated confirmation of accepted transactions or rejected transactions. Such confirmation is carried out by consensus of 21 delegated participants, who are called validators. It should be noted that for an ordinary user, the chance to become a validator is almost negligible, however, any user can delegate their funds to validators and receive income as a percentage of each created block. Obviously, the disadvantage of such a model is its partial centralization, which somewhat contradicts the concept of decentralized smart contracts. However, such a minus is more than offset by a big plus, which is the high speed of transactions and significantly low costs.

And the last. It was no coincidence that we connected BSC and API. The reason is that like the BSC is popular in the crypto industry, the API is widely used in user service. This means that our service gives you access to the BSC API quickly, securely and seamlessly, regardless of your location.