Clear DefinitionsBSC
1 min read
Pronunciation
[bee-es-see]
Analogy
Think of BSC as a nickname for a specialized highway system (Binance Smart Chain) that allows the same vehicles (smart contracts) as another popular road network (Ethereum) but charges lower tolls (fees) and permits faster travel, though with fewer safety inspectors (validators) monitoring the roads.
Definition
BSC is the common abbreviation for Binance Smart Chain, a blockchain network with smart contract functionality launched by cryptocurrency exchange Binance in September 2020. It was rebranded to BNB Chain in 2022 but the BSC acronym remains widely used in the ecosystem.
Key Points Intro
The BSC acronym is associated with four key characteristics of the underlying blockchain network.
Key Points
Ethereum Alternative: Represents a network designed specifically to compete with Ethereum by offering lower fees.
Technical Shorthand: Used in development documentation, wallet interfaces, and technical discussions.
Legacy Term: Despite rebranding to BNB Chain, BSC remains widely used in community discussions.
Network Identifier: Used in RPC endpoints and network configuration settings (e.g., "BSC Mainnet").
Example
A user needs to connect their MetaMask wallet to the Binance Smart Chain network. In the network settings, they would add a new network with the name "BSC Mainnet", RPC URL "https://bsc-dataseed.binance.org/", Chain ID "56", currency symbol "BNB", and block explorer URL "https://bscscan.com".
Technical Deep Dive
When used in technical contexts, BSC typically refers to the specific implementation of the Ethereum Virtual Machine (EVM) running on the Binance Smart Chain network. It uses the same hexadecimal address format as Ethereum (0x...) but operates with a different chain ID (56 for mainnet, 97 for testnet). While functionally similar to Ethereum, BSC's RPC endpoints, block explorers (BSCScan), and native token (BNB instead of ETH) differentiate it in development environments. Token standards on BSC follow the BEP-20 format, which is compatible with Ethereum's ERC-20 standard.
Security Warning
When configuring wallets for BSC, always verify network details (especially RPC URLs) from official sources to avoid connecting to malicious nodes. Be aware that the popular usage of the BSC acronym has made it a target for phishing attempts and scams that impersonate legitimate BSC services.
Caveat
The term BSC can sometimes create confusion due to the 2022 rebranding to BNB Chain. While technically outdated, BSC remains prevalent in technical documentation, development tooling, and community discussions. This dual naming convention can sometimes lead to inconsistency in how the network is referenced across different platforms and services.
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