Binance Smart Chain – Introduction
One of the most important news that appeared in the last month is the launch of the Binance Smart Chain. Same as Ethereum, Binance Smart Chain offers a lot of benefits for its users, such as:
- Cheap Transactions – According to Binance, the transactions can cost as low as 1 cent. After testing, you’ll see that most of the transactions cost a fraction of a cent – 0.003 on average at the time of writing.
- A high performance network – which can produce a block each 3 seconds.
- Cross Chain DeFi Mechanisms – Increasing DeFi interoperability and allowing you to switch from a cryptocurrency to another in no time
- Binance ecosystem – Binance Smart Chain – also known as BSC – is part of the Binance ecosystem. Therefore, many projects working on it may receive additional benefits, depending on what they want to create on BSC.
- Availability to millions of users – Binance ecosystem has more than 3 million of users since 2019. The Binance Smart Chain opened access to this users to the DeFi world as well as cross chain interoperability and cheap transfers.
The Binance Smart Chain was launched after 5 months of testing. BSC had a testnet going from May on a Proof of Staked Authority consensus. In July – Ankr and Chainlink were announced as the first set of collaborators on BSC. After the upgrade from late August 2020, Binance Smart Chain was officially launched. In less than a month, PancakeSwap achieved a major milestone on BSC – $100M in Total Locked Value. However, one of the most important things to go out and test the BSC is setting up a Binance Smart Chain Wallet.
There are a lot of wallets supporting the Binance Smart Chain Mainnet, as you can see in this list. However, some of them require a certain level of knowledge that a beginner doesn’t have. That’s why, we’re going to create a guide into making Metamask available with BSC.
How to configure Metamask for Binance Smart Chain
One of the key features of Metamask is the fact that you can add a custom Network RPC. Using this feature, you can make BSC available on Metamask and send and receive BEP-20 tokens from you ETH address, but with a BSC fee – which is usually less than $0.01, no matter the amount.
Step 1: Open Metamask and click the network drop down menu from the top of MetaMask ( Usually, this one is set to Main Ethereum Network).
Step 2: Click on Custom RPC.
Step 3: Enter the following details
Step 4: Click Save and then select the custom option from the list.
The process is simple and it shouldn’t take more than a few minutes. I recommend to try with a small transaction first of 0.1 BNB or so to make sure everything works correctly. After this easy configuration, you can use your ETH address from MetaMask on BSC – allowing you to send an receive transactions with a cost less than $0.01.
How to configure Trust Wallet for Binance Smart Chain
Another great wallet that you can use to trade on BSC is Binance’s Trust Wallet. Trust Wallet is one of the most use cryptocurrency wallets worldwide, recognized by the crypto community as Binance’s official wallet. Using Trust Wallet, you can store BNB or thousands of other cryptocurrencies, connect with Binance DEX and even with the Binance Smart Chain. To use the Binance Smart Chain with Trust Wallet, you’d need an account – which comes with a seed phrase of 12 words that you need to store safely, as that’s your only way to recover the crypto asset in case you lose the wallet. The process to create a Trust wallet account is explained here properly, we’re only going to focus on connecting it with BSC.
Step 1: Enter on your Trust Wallet app
Step 2: Click on the right top button
Step 3: Search for “Smart Chain”
Step 4: Toggle the button and activate “Smart Chain” functionality for BSC
Simple as that. Now you’re good to go and buy some $CAKE or any other interesting project on Binance Smart Chain.
Also, there’s a 3rd option and that’s called Binance Chain Wallet. Binance Chain Wallet is a browser extension wallet that you can use with Binance Chain, Binance Smart Chain and even Ethereum. You can also do cross-chain transfers between Binance’s blockchains. The wallet is one of the safest one our there and has only 2.76 MB in size. However, this wallet is more for cryptocurrency enthusiasts and people that are already used with BSC. If you’re a newbye, Trust Wallet is the best choice out there to start on Binance Smart Chain.
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