🔗03. Blockchain Platform

BSC is compatible with Ethereum's smart contracts and development tools. This means that smart contracts that run on Ethereum's Virtual Machine (EVM) are designed to run on BSC as well. Developers can use Ethereum's Solidity language to write and deploy smart contracts. BSC operates as a “standalone” blockchain on Binance Chain, running in parallel with Binance Chain (BC).

BSC uses the Proof-of-Stake Authority (PoSA) consensus algorithm. This algorithm works by combining the following two elements:

Proof of Stake (PoS):

Validators in the network stake their assets and are granted the right to create blocks based on their stake.

Proof of Authority (PoA):

Validators are pre-elected, trusted nodes that ensure the reliability of the blockchain network.

There are a number of technical benefits that the BLOCKSTREET Service will gain from adopting Binance Smart Chain (BSC). BSC offers a number of advantages, including Ethereum compatibility, high transaction speeds, and low transaction fees, which will enable the BLOCKSTREET Service.

1. Transaction speed

BSC boasts high transaction processing speed by setting the average block generation time to approximately 3 seconds. This means that transactions and smart contract execution can take place quickly. The BLOCKSTREET Service provides users with fast transaction processing, which is advantageous for applications where real-time transactions are critical.

2. Transaction Costs

BSC offers relatively low transaction fees, making transaction costs economical.

This enables the BLOCKSTREET Service to offer lower transaction costs to users and reduce operating costs on platforms with high transaction frequency.