Crypto on bsc
Regardless of how irrational Musk is sounding, there is a new conversation surrounding crypto. Energy Efficiency and the effect that crypto has on the environment, are major talking points. Many different teams are now broadcasting the energy efficiency of their own cryptocurrency. But what does this mean for the Binance Smart Chain? Where does BSC stand within this new conversation?
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- DONATIONS - 0x48F846b938A71C6E79b45AaFd77e505aa0599FdC
- Top 5 Yield Farms on Binance Smart Chain
- BSC researchers to apply supercomputing techniques to reduce blockchain energy consumption
- DeFi Protocol Tranchess Becomes Binance Smart Chain Validator Node, Launches Fund
- Binance Smart Chain (BSC) Jobs
- BSC MetaMask: How To Add Binance Smart Chain To MetaMask
DONATIONS - 0x48F846b938A71C6E79b45AaFd77e505aa0599FdC
The research is carried out in collaboration with the Ethereum Foundation and the European project Ontochain. The Kumo crawler, created by the researcher Leonardo Bautista and his team, monitors the blockchain network to measure the reliability of the new Ethereum 2.
The blockchain is considered a disruptive technology with great expectations and interesting applications in multiple fields: from financial transactions and smart contracts to cultural creation or voting systems. However, in recent times, warning voices have been raised about the high energy consumption of this technology, highlighting that only Bitcoin one of the best-known implementations of the blockchain consumes more energy than some Western countries, such as Sweden.
Another important problem that this technology faces is scalability, that is, its ability to multiply the number of transactions per second, without creating bottlenecks or losing reliability.
Leonardo Bautista , computational researcher at the Barcelona Supercomputing Center BSC is collaborating with the Ethereum foundation to launch, in , a new blockchain system that increases the scalability of this technology by increasing the number of transactions per second more than 1, times and that can reduce its energy consumption up to times.
Ethereum is a decentralized, open-source blockchain with smart contract functionality that was proposed in by Vitalik Buterin, former Bitcoin collaborator to create a technology that would overcome the limitations of this cryptocurrency.
To reduce energy consumption, Ethereum proposes to change the protocol implemented by Bitcoin, proof of work, since it requires a large number of operations per second and therefore large amounts of computational and energy resources to guarantee security.
Instead, a new system will be implemented, called proof of stake, in which security will emanate without requiring the computational load of the proof of work protocol. In addition, to increase scalability, a new technology, sharding, consisting of breaking the blockchain into many smaller and independent chains called shards, that interact with a larger chain, the beacon chain, will be deployed.
Bautista started his collaboration with Ethereum in with a project aimed at developing an open source simulator, to simulate blockchains with various scalability technologies, such as the sharding technique. Now Bautista is working with the Ethereum Foundation to monitor different aspects of the Ethereum 2. In the collaboration was expanded thanks to the financing of the European project Ontochain. This project aims to build the new generation of the internet NGI by increasing reliability on information, with the help of the blockchain.
This collaboration has made it possible to improve Kumo , a p2p network crawler created by Bautista and his team to collect information on the most diverse aspects related to the creation of blockchains: from the geographical distribution of the different nodes of the network, the latency of clients or the malicious behavior of users who try to perform actions seeking illegitimate economic benefits or leave the blockchain inoperative.
Moreover, Kumo also helps to understand the level of decentralization of the protocol, as can be seen in this example. BSC researchers are currently aggregating and analyzing information to ensure the availability, reliability and efficiency of the data stored on the blockchain.
To do this, they use the experience acquired in the development of scalability and reliability tools for supercomputers, since both technologies share similar challenges. In the same way, the entrepreneur pre-accelerator Barcelona Activa is promoting the development of the Kumo project and its potential ramifications as a product in the Blockchain ecosystem market.
Skip to main content. BSC researchers to apply supercomputing techniques to reduce blockchain energy consumption 25 May Ethereum and its commitment to a new block creation system Ethereum is a decentralized, open-source blockchain with smart contract functionality that was proposed in by Vitalik Buterin, former Bitcoin collaborator to create a technology that would overcome the limitations of this cryptocurrency.
Kumo, a network crawler to ensure its reliability Bautista started his collaboration with Ethereum in with a project aimed at developing an open source simulator, to simulate blockchains with various scalability technologies, such as the sharding technique.
Top 5 Yield Farms on Binance Smart Chain
Join us on Twitter or Telegram. Customize Settings Accept. It explains what BSC is, how it differs from BC and Ethereum, its technology, some of its uses, and its advantages and drawbacks. It was launched almost one and a half years after the latter with the explicit purpose of introducing smart contract programmability that was not supported in BC.
BSC researchers to apply supercomputing techniques to reduce blockchain energy consumption
The Binance Smart Chain BSC is a blockchain protocol built by one of the largest centralized exchanges in crypto, Binance , that operates in parallel with the Binance Chain. Instead, it is an entirely independent blockchain that operates side-by-side with the Binance Chain and supports smart contract functionalities and compatibility with the Ethereum Virtual Machine EVM. To further exacerbate things, most of these nodes on BSC are operated by Binance itself. Binance launched the Binance Smart Chain in September and the ecosystem has already seen impressive growth. The Binance Smart Chain is growing quickly due to two reasons: fees and speed. For the uninitiated, yield farming is the process of lending and staking cryptocurrencies in Automated Market Maker or AMM-based decentralized exchanges to generate high returns in the form of fees and additional cryptocurrency tokens. Some users have seen three or even four-figure annual percentage yields APY for staking on some of the yield farming protocols built on BSC. Binance smart chain on pancake swap. Here, you have two options:. Step 1: Open your MetaMask browser extension.
DeFi Protocol Tranchess Becomes Binance Smart Chain Validator Node, Launches Fund
Here's the full report:. Binance, the largest cryptocurrency exchange at the moment, confirmed on Tuesday, Oct. Binance targets to expand the digital adoption of crypto assets in the blockchain. In a press release, Changpeng Zhao, the CEO of the biggest digital exchange, said that the billion-dollar contribution would help in acceleration of digital asset adoption. In line with its objective, Binance also aims to hit one billion users with this contribution.
Binance Smart Chain (BSC) Jobs
Making Web3 more accessible, one article at a time. We'll send you the latest tech and tutorials via our weekly Web3 Vibes newsletter. Ethereum nodes are computers participating in Ethereum blockchain network, these nodes are actual computers running software that verifies, stores, and sometimes creates blocks. The actual software is called a "client" and it allows us to interact with the blockchain Ethereum, the most popular blockchain, has seen scaling issues for quite a long time now.
BSC MetaMask: How To Add Binance Smart Chain To MetaMask
Bnb to bsc binance. It has a very high transaction capacity and it is quite fast at the same time. Using this strategy will allow you to earn on your initially deposited funds with a very nice, variable APY. Binance Coin is Chosen validators will be rewarded based on their share of the gas fees collected from transactions in the platform. US exchange. Availability to millions of users — Binance ecosystem has more than 3 million of users since Binance Bridge steps.
There are various blockchain protocols in crypto, such as Ethereum, Binance Smart Chain, Fantom, and Avalanche, to name a few. In other words, if you hold Ether tokens on Binance Smart Chain, you have to bridge them over to the Ethereum mainnet in order to use those tokens on Ethereum-based dApps. Binance Bridge is probably the easiest way to transfer crypto between other blockchains and Binance Smart Chain.
Defi ecosystem that works on top of the Ethereum network is one it the biggest success story from crypto last year and it has continued its boom in as well, but Ethereum seems to be losing its market to Binance Chain. If you want more users for your Dapp, you need to be on BSC now. The popularity of BSC can be understood from the fact that the on-chain trading activity has led to several market clippings over the past 24 hours where BNB made its way into the top 3 cryptocurrencies only behind Bitcoin and Ethereum. In the Defi ecosystem which seems to be worst affected by the rising gas, the fee has also seen several flipping where BSC-based PancakeSwap replaced Uniswap for the second spot in terms of the trading volume.
Binance Smart Chain is a smart contract -enabled public blockchain designed to run parallel to Binance Chain, the native blockchain of major crypto exchange Binance. The cross-chain compatibility with Binance Chain allows users to benefit from the advantageous features witnessed in the latter while simultaneously supporting the programmatic flexibility inherent to smart contract blockchains. This feature provides the growing DeFi space with another alternative to the Ethereum ETH blockchain with two differences:. It is an independent blockchain that can function without Binance Chain. The community-led initiative explained the relationship between the two, stating:. The Binance DEX will remain a liquid exchange venue of assets on both chains.
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