Binance Smart Chain (BSC) is a blockchain network built for running smart contract-based applications. BSC runs in parallel with Binance’s native Binance Chain (BC), which allows users to get the best of both worlds: the high transaction capacity of BC and the smart contract functionality of BSC.
Binance Smart Chain also implements the Ethereum Virtual Machine (EVM), which allows it to run Ethereum-based applications.
Binance Smart Chain uses a consensus algorithm known as Proof of Staked Authority (PoSA) where 21 validators stake BNB, the native token for the Binance ecosystem, to secure the network.
Binance Chain Explorer - The explorer is a graphic user interface designed to allow users to interact with the blockchain. Through this interface, a user can browse information about blocks that have been added to the blockchain, transactions that have occurred on the blockchain, wallet balances and information about BNB.
Here is example of one of our smart contract transactions.
Proof of existence: - a proof that some data existed prior to a certain point in time.
Hashing the documents: - hashing will help documents to be cryptographically stored into blockchain with a timestamp.
Recording data into the blockchain - recording data into the blockchain after hashing will specially create a particular space for the hashed document and stored into blockchain with a timestamp.
Trusting Timestamps - once the event happened in blockchain, it is immutable and can be verified from anywhere.
Document verification on blockchain technology eliminates the third party.
Documents/Certificates are placed on a distributed ledger so that people can have access to information anytime, anywhere.
Blockchain technology stores data in a form that cannot be altered (immutable).
We will achieve proof of ownership by storing the hash of the file and the owner's name as pairs in our smart contract on Ethereum Block Chain from Binance Smart Chain.
We will achieve proof of existence by storing the hash of the file and the owner's name in the blockchain transaction with timestamp.
Storing the hash itself proves the file integrity; that is, if the file was modified, then its hash will change and the contract won't be able to find any such file, therefore proving that the file was modified.
A testnet has fewer nodes than a mainnet.
Transaction frequency is low for a testnet.
In the testnet, the tokens do not hold any value. The cost of operations in the mainnet is higher. Every operation performed on the blockchain requires a fee in the form of tokens that hold a certain value.