Contest Alert | The Tech Quiz - Season 34
Hello steemians! It would be really interesting for us to participate in this contest as it deals with the fundamental functionality upon which smart transactions could be carried out, as well the digital assets that could be used as a means of transaction referred to as tokens.
Just as the host of this contest @malikusman1 captured it, technology is is indeed, facilitating the ease at which business transactions are conducted.
In the digital asset ecosystem, which involves the key players like the blockchain developers, centralized and decentralized exchanges, institutional and retail investors, transactions are made possible through the establishment of a digital infrastructure called Smart Chains. An example of such chains is the Binance Smart Chain (BSC). Before looking into the native token of the BSC, let us share some little knowledge about the BSC.
Binance Smart Chain is a blockchain network infrastructure developed for the facilitation of smart contact operations, services or applications. The blockchain was developed in September 2020 to fit into the Ethrium Virtual Machine (EVM) as well as backing up smart contracts.
The BSC is been created on a system which is known as POS(Proof Of Stake) consensus using a bi-chain design acceptable to the Ethrium network and also facilitating faster or speed transaction at lower cost.
Let's now look into the native token of the Binance Smart Chain.
The native token of the Binance Smart Chain is known as BNB. The BNB first operated on the ERC–20 Ethrium blockchain along side Binance initial coin offering on 17 July 2017. The creation of BNB token was to aid traders using the Binance exchange as they got discounts when they use the token to initiate trading fees. This they used to make the token to gain massive acceptance and wide circulation.
In furtherance to have an independent blockchain, Binance introduced their own blockchain network known as the Binance Chain, (BC) in April 2019. This shift also necessitated moving the BNB token from the Ethrium blockchain network to the Binance Chain, BC.
Among the decentralized exchanges listed on BSC, the top is VENUS (XVL). It pools about $1.73 billion and transacting 1,602.05 Bitcoin on BSC as at the time of my presentation.
Venus is a computative money Market aligned with a protocol of artificial stablecoin on BSC. The Venus protocol facilitates crypto lending and borrowing with ease on a decentralized finance system.
Binance has grown to be a top key player in the crypto exchange industry having its presence in many countries. This could be credited to its delivery of exceptional decentralized finance blockchain networks.
In the first quarter of 2021, BNB price soared as a result of the believe that institutional investors are having on their projects.
The Binance Smart Chain has proven to be competitive and reliable and this has led to increase in the demand of the BNB token. This token has widely gained acceptability and as a result, increasing the value of the BNB.
Finally, the technical developments, the massive acceptance and reliance of the binance blockchain, and the launch of new projects, would further enhance the utility of the BSC and then increasing the value of the BNB token.
Nice contest. I appreciate you to participate.