What are Smart Contracts and how do we use them?

And why do you even need this information? We want our users to have a deeper understanding of how modern technology works, so we are sharing this knowledge with you, some of it basic, some of it advanced. Multiplier is using smart contracts to achieve full transparency and accountability, so let’s try to unpack what this actually means! By the way, we use smart contracts on the Binance Smart Chain (BSC). We’ll talk about it in more detail!

Smart contracts are applications that are executed automatically upon fulfilling certain prerequisites set by their programmers.

Smart contract advantages include a built-in protection from the human factor. Nobody can tamper with a smart contract, and there is no need to trust the third party to release money on time or validate a transaction. What’s also important is that the contract runs on the blockchain, and will continue to work for as long as there is electricity and the Internet on the planet, regardless of the status of the developer’s website or other external factors. Smart contracts are used for a myriad of applications, from data storage to crowdfunding. With that said, they are completely transparent and anyone can monitor the current state of the smart contract as well as audit all the transactions it has been a part of through a blockchain explorer.

Binance Smart Chain

BSC is Binance Exchange’s very own blockchain, which was designed primarily to foster decentralized trading. The network was launched in Sept 2020 and serves as the mainstay for the BNB coin. The principal features of Binance Smart Chain include EVM-compatible(Ethereum Virtual Machine) smart contracts, and high throughput.

Binance Smart Chain is an independent blockchain that will continue to work even if Binance goes down.

Since BSC is compatible with EVM, it supports a wide range of tools used by Ethereum and its DApps. In theory, this allows developers to easily migrate their projects from Ethereum to BSC, which means that, for example, MetaMask can be easily configured to run on Binance Smart Chain.

On the one hand, Binance Smart Chain allows fast trading, while on the other it lets developers build powerful decentralized apps. Thanks to this compatibility, users get to enjoy a diverse ecosystem that can fulfill a lot of needs and use cases. BEP-2 and BEP-8 Binance Chain tokens can be exchanged for BEP-20, which is a new standard implemented on Binance Smart Chain. It has the same set of features as its Ethereum counterpart.

Learn more about the technology we use on our website: https://multiplier.finance

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