Binance Smart Chain Integration Now Here on YouHodler
For anyone that’s followed our social media channels the past few months, then you’ve seen the numerous requests for Binance Smart Chain integration. Well, we just want to let you know we heard each and every one of those requests and now we are happy to say these requests are a reality.
“At YouHodler, we always prioritize client requests. Being open-minded to client suggestions is a part of our identity. That is why we decided to include Binance Smart Chain in our platform. Thank you to all who have so passionately supported BSC integration on our platform. It’s finally here and we hope you enjoy it.” -- YouHodler CEO Ilya Volkov.
What is Binance Smart Chain (BSC)?
In 2019, Binance took its exchange to a whole new level by building a decentralized exchange (DEX) complete with its very own blockchain. The Binance Chain immediately had an impact on the efficiency of the DEX but once smart contracts and increased demand for quick trading came to the forefront, Binance realized an upgrade was necessary. That’s where BSC comes in.
In September of 2020, Binance released BSC, a new, high-speed environment for high-performance dapps and cross-chain compatibility with Binance Chain. In addition, BSC includes full smart contract functionality with Ethereum Virtual Machine (EVM), a trait that Binance believes will help users in the next generation of blockchain technology. With DeFi taking center stage as of late, BSC is a terrific platform in which to build this new fast-paced digital economy.
BSC dual-chain communication: behind the scenes
BSC’s dual-chain communication is so unique that it deserves special attention. To break it down simply, there are two channels to focus on. BC-BSC and BSC-BC. BC-BSC uses an on-chain Light Client. That’s a program from the Binance Chain that lets users connect to a full node of the blockchain. Light Clients are then provided by the BSC smart contracts.
In addition, the BSC-BC communication channel uses an Oracle-based blockchain. All communication requests from BSC are executed and then introduced into the BSC network as transactions. From there, these transactions are both viewed and stored on the Oracle and shipped to the Binance Chain. The Oracle keeps any and all essential information of the transaction such as the receiver, the sender, and the value of the funds transferred.
Lastly, BSC usel Proof-of-Stake Authority protocol which needs more block confirmations than Binance Chain. Hence, in order to verify data on the BSC, there needs to be several blocks since the data can not rely on just one validator. After every transaction from the BSC (or package) is sent to the BC, it is reviewed by an Oracle Relayer that votes and submits cross-chain communication to the binance chain.
Ultimately, BSC offers you a great opportunity to cross several blockchains within a dynamic ecosystem and we hope to enjoy it. To further please Binance fans, we have another bit of exciting news to share with you.
Bonus: New stablecoin interest account coming soon (10% APR)
Coinciding with this great Binace Smart Chain news is an extra piece of bonus content. Coming soon , YouHodler clients crypto earn 10% per year (plus compounding interest) on a new stablecoin to be named later. We cannot give too much information away right now but we’re sure the community will enjoy this new passive income stream. Please follow us on all social media channels and keep an eye on our blog so you don’t miss the exciting news coming soon.
In the mean time, CLICK HERE to test out BSC on YouHodler today!