An in-depth analysis of the BscScan chain: understand its characteristics and functions

php editor Banana will introduce to you the BscScan chain today. BscScan is a blockchain browser based on Binance Smart Chain (BSC), similar to Etherscan for Ethereum. Through BscScan, users can view transaction records, address balances, contract information, etc. on BSC. In addition, BscScan also provides some other functions, such as verifying contract code, viewing the NFT market, etc. Through this article, we will learn more about the BscScan chain and help everyone better understand and utilize this blockchain browser.

What chain is BscScan?

BscScan is a blockchain browser for Binance Smart Chain. Binance Smart Chain (BSC) can be regarded as a blockchain running in parallel with Binance Chain, but with smart contract functionality and virtualization with Ethereum machine (EVM) compatible. Its design goal is to maintain high throughput while introducing smart contracts.

Essentially, BSC runs parallel to another blockchain. It is important to note that BSC is not a so-called second layer or off-chain scalability solution. It is an independent blockchain and even if Binance Chain ceases operations, BSC can still continue to operate. Therefore, from a design perspective, the two chains are very similar.

Because BSC is EVM compatible, it will support a rich set of Ethereum tools and DApps at launch.

Theoretically, this allows developers to easily port their projects from Ethereum to BSC. For users, this means applications such as MetaMask can be easily configured to work with BSC. In fact, the process only requires fine-tuning a few settings.

Comprehensive introduction to BscScan chain

BSC’s goal is to become the most inclusive blockchain and provide everyone with the opportunity to join. BSC’s default transaction cost is less than $0.10 and transaction duration is only 3 seconds, making it one of the cheapest and fastest blockchains. This allows BSC to execute an average of approximately 3.5 million transactions per day, far exceeding Ethereum’s 1.1 million transactions.

BSC is a platform with over 1 million registered wallets and is growing rapidly in the crypto space. It offers ambitious entrepreneurs huge potential for community growth. Although BSC was launched in August 2020, it has already ranked among the top three in terms of total transaction volume, surpassing other leading blockchain platforms. This gives the program many unique benefits and opportunities not found elsewhere.

The Parallel benefits greatly from its large and popular global BSC community, which provides easy access to new customers and community members. It also simplifies user access, payment, and connectivity to The Parallel metaverse. Several well-known wallets with good security records, such as Trust Wallet, MetaMask, Math Wallet, SafePal, and their own Binance Extension Wallet, already support the BEP-20 standard.

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