Strengthen energy security to support economic growth and develop energy at an environmentally friendly level.
What is “Binance Smart Chain (BSC)” ?
Binance Smart Chain (BSC) is a blockchain network forked from Ethereum, which is designed to be compatible with previously developed protocol on Ethereum network called Ethereum Virtual Machine (EVM). The ability to create Smart Contract of Ethereum Virtual Machine makes it convenient for the third party developers to create their own DeFi protocol.
What is “Decentralized Finance (DeFi)” ? “
Decentralized Finance” or “DeFi” is a broad term to describe the applications and projects built on a blockchain network. It is a new decentralized financial system, which unnecessarily relies on intermediaries and is able to conduct all transactions as Centralized Finance (CeFi), such as generating assets, loaning, staking, transferring, etc., via blockchain technology and Smart Contra
What Is ERC-20?
One of the most significant Ethereum tokens is known as ERC-20. ERC-20 has emerged as the technical standard; it is used for all smart contracts on the Ethereum blockchain for token implementation and provides a list of rules that all Ethereum-based tokens must follow.ERC-20 is similar, in some respects, to bitcoin, Litecoin, and any other cryptocurrency; ERC-20 tokens are blockchain-based assets that have value and can be sent and received. The primary difference is that instead of running on their own blockchain, ERC-20 tokens are issued on the Ethereum network.
ERC-20 Defines a Common List of Rules
As of August 2021, around 442,647 ERC-20-compatible tokens exist on Ethereum's main network. The ERC-20 commands vital importance; it defines a common list of rules that all Ethereum tokens must adhere to. Some of these rules include how the tokens can be transferred, how transactions are approved, how users can access data about a token, and the total supply of tokens.