Plutos Network Integrates BSC as an Underlying Blockchain.
Plutos Network is a DeFi cross-chain synthetic asset and derivative issuance and trading platform, built on leading blockchains and provides infinite liquidity through staking and minting.
For the advancing and continuous development of a synthetic platform as Plutos Network, the features of accessibility to a wide user base, interoperability, scalability, and security is most crucial.
Therefore, Plutos builds its system on three leading blockchains to strengthen the features and keep the development of its network continuous and long-term.
The three pillars on which Plutos Network’s technical infrastructure is built consists of Solana, Polkadot, and Binance Smart Chain (BSC).
Let’s take a look at BSC and why Plutos integrates it as one of the blockchains to build on.
Binance Smart Chain (BSC)
Binance Smart Chain is a blockchain network built for running smart contract-based applications. It allows developers to build their own decentralized apps using smart contracts.
The platform aims at reducing the cost of transaction fees and making provisions for DApps and other DeFi products.
BSC is a subsidiary of Binance — one of the most dominant companies in the cryptocurrency industry.
Binance Chain (BC), which is its sister chain, is a blockchain aimed at providing a decentralized exchange (DEX) for crypto assets.
However, while Binance Chain (BC) is noted for its ultra-fast trading of mainstream assets, Binance Smart Chain (BSC) focuses on running smart contracts and decentralized applications (DApps) with no congestion in the original Binance chain.
Both chains are, however, complementary to one another in one ecosystem, though de facto independent.
Binance Smart Chain has a strong network support system and this makes it a blockchain with potential for promising growth and longevity.
As a project of Binance, BSC is set at becoming the user-friendly alternative for the decentralized finance (DeFi) market largely dominated by the Ethereum blockchain.
Why Binance Smart Chain?
The integration of Binance Smart Chain into Plutos Network is as a result of the following:
1. Cross-Chain Mechanisms
BSC operates a cross-chain DeFi mechanism which connects the blockchsin to other blockchains and this increases the interoperability of DeFi and DApps.
2. Accessibility to a Wider Range of Users
As a subsidiary of Binance, BSC garments developers access to growing community of millions of users across Binance.com and Binance DEX.
3. Compatibility with EVM
BSC is compatible with EVM, which is the “Ethereum Virtual Machine”, and this gives the network the capability to run DApps ported over from Ethereum.
4. High Performance and Speedy Transactions
BSC has a network that is capable of producing 1 block in every 3 seconds. As a result, transactions on BSC provides speedy transactions.
5. Funding and Security
BSC is a supportive ecosystem for DeFi projects and DApps. The blockchain helps funds new DeFi projects and create a high-end security bootstrap for them.
6. Low Transaction Fees
Unlike other blockchains and DEXs, fees on transactions conducted on Binance Smart Chain are charged at a very low rate — as low as 1 cent.
As a rich and growing digital asset ecosystem powered by Binance DEX — the leading decentralized exchange — Binance Smart Chain is a great blockchain service for DeFi projects to build on and Plutos Network has taken advantage of its pros by integrating the chain into it system.
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