In April 2019, popular cryptocurrency exchange Binance launched Binance Chain, a network built and optimized for fast exchanging, and the home of the BNB token. On Binance Chain, you can:Send and receive BNB Issue new tokens Send, receive, burn/mint, and freeze/unfreeze tokens Propose to create trading pairs between two different tokens Send orders to buy or sell assets through trading pairs created on the chain
Binance Chain is great for users looking to speed up their trading. However, it isn’t EVM-compatible and doesn’t support smart contracts, which is by design. To allow for smart contract creation, the Binance team also created Binance Smart Chain (BSC), a network that uses a Proof of Staked Authority (PoSA) consensus algorithm and that is EVM-compatible, enabling smart contract developers to build programmable dApps that natively integrate with the Binance Chain.
This dual chain architecture allows fast transactions on the exchange side, while still enabling smart contracts. The Binance team actually coined the term “CeDeFi”, or “Centralized Decentralized Finance”, to describe this hybrid approach, which makes the trade-off of using less decentralized architecture for additional transaction throughput, while still ensuring developers can deploy applications in a permissionless manner and use the same composable tools from Ethereum, such as Solidity and Chainlink Price Feeds.
The Binance Smart Chain Chainlink Price Feeds are available on Binance mainnet and can be used to build applications on BSC that require decentralized, tamper-proof data inputs. In this technical tutorial, we’ll walk you through how to work with Binance Smart Chain, the BNB token, and Chainlink oracles so you can quickly get started building externally connected smart contracts on BSC, even if you have no experience with Ethereum.Building With BSC
Since BSC is EVM-compatible, we can use the same tools from our Solidity environ...