5 Reasons To Get Excited To See STARS On Binance Smart Chain
Mogul and the STARS token are officially accessible on Binance Smart Chain (BSC), and that’s major news! We’re here to show you the reasons why and to walk you through the benefits of interoperability through Binance Smart Chain.
What is Binance Smart Chain?
To understand what Binance Smart Chain is, it’s probably helpful to give you some context as to what Binance and Binance Chain are. And yes, Binance, Binance Chain, and Binance Smart chain are all different things.
Binance is a private company that originates from China but now runs its business out of Malta. The CEO of Binance is Changpeng Zhao - better known as CZ in online circles- one of the youngest and most influential billionaires in cryptocurrency.
The Binance brand includes a centralized cryptocurrency exchange by the same name, an incubator, a venture capital fund, project launchpads, Binance DEX, a charity, and the Binance Coin.
Binance Chain is the very first blockchain network ever created under the Binance umbrella. Since Binance Chain does not support smart contracts (self-executing contracts that don’t need third-party involvement), Binance Chain wasn’t ideal for most of the projects that now live on Binance Smart Chain. Binance Chain supports many non-Ethereum based projects.
Binance Smart Chain
Binance Chain didn't gain the mass adoption that Binance was hoping for (and still isn’t). Nowadays, Binance Smart Chain is the most trendy and popular property that the company owns.
The difference between Binance Chain and BSC is that the latter supports smart contracts. From a coding standpoint, the BSC blockchain is fairly similar to Ethereum, and Binance is using the product to seemingly compete with Ethereum..
One key difference between BSC and Ethereum is that BSC uses a consensus algorithm called Proof of Staked Authority. We won’t explain that here. All you need to know is that it allows for faster transaction speeds and lower fees than most other methods for reaching consensus on the blockchain. For small users, that can be a huge benefit!
Since Mogul launched in February 2021, Binance Smart Chain has experienced exponential growth in its on-chain usage and daily address growth - nearly 250k addresses per day!
Compared to Ethereum, which has been the gold standard as a smart contract platform for many years, this is incredibly impressive. Although Ethereum has experienced growth within the same time period, their average is closer to 150k wallets per day.
Now, Mogul (and STARS) have access to both.
Mogul and Binance Smart Chain: A Match Made for STARS
Now that you understand what Binance Smart Chain is, and the explosive growth that it has had since Mogul’s launch, consider the key benefits the move offers to Mogul.
Speed and Efficiency
It takes no more than three seconds to validate a block on the BSC blockchain. That’s because of the proof-of-stake consensus algorithm mentioned in the sections above. By comparison, it takes up to 13 seconds to validate one block on the Ethereum blockchain.
If you don’t understand the significance of block time, just keep in mind that BSC can process close to 50 transactions per second compared to Ethereum’s 15 transactions per second. It’s quite a difference!
This makes completing transactions on BSC much more convenient for you, the STARS token holder!
Low Transaction Fees
At the time of this writing, the crypto market is going through a downturn, so there aren’t as many transactions being processed on the Ethereum blockchain as there were six months ago. At the moment, you can complete a transaction for four or five dollars on the Ethereum blockchain. That doesn’t sound like much, but the average cost of a transaction on BSC is around 15 cents.
Remember, we’re comparing a four-dollar transaction fee to 15 cents based on a crypto market that is currently cooling off. Within the last several months, Ethereum users were sometimes paying more than $100 for a single transaction on decentralized exchanges like UniSwap.
That’s an unbelievable difference!
BSC Dapp Access
Access to a huge network of BSC based Dapps (You can see a handy list of some here for context: https://dappradar.com/rankings/protocol/binance-smart-chain).
We're working with a large network of partners already and we can't wait to be able to tap into a new ecosystem of creators and businesses.