Cryptocurrency Q&A
How does smart chain work?
How does smart chain work?
alexander_jackson_athlete
Tue Jul 02 2024
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6 answers
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Could you elaborate on the workings of a smart chain, specifically how it functions and the key mechanisms involved? I'm curious to understand the technical details behind its operation and how it differs from traditional blockchain technology. Could you explain the role of smart contracts and how they are executed on a smart chain? Additionally, what are the advantages of using a smart chain and how does it contribute to improved scalability, security, and efficiency in the cryptocurrency and financial landscape? Thank you for your time and expertise in this field.
6 answers
CryptoVisionary
Thu Jul 04 2024
The BNB Smart Chain functions through a unique consensus mechanism known as Proof of Staked Authority (PoSA).
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Silvia
Wed Jul 03 2024
By combining the two, PoSA aims to achieve both decentralization and scalability. The validators, who are selected through staking and voting, act as authorities, ensuring the security and stability of the network.
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GwanghwamunGuardianAngel
Wed Jul 03 2024
This mechanism integrates the features of Delegated Proof of Stake (DPoS) and Proof of Authority (PoA), two well-established consensus algorithms in the blockchain industry.
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MysticInfinity
Wed Jul 03 2024
BTCC, a UK-based cryptocurrency exchange, offers a wide range of services, including spot trading, futures contracts, and wallet solutions. Its platform allows users to buy, sell, and trade various digital assets in a secure and efficient manner.
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Michele
Wed Jul 03 2024
In DPoS, token holders delegate their voting rights to validators they trust, who are then selected to produce blocks based on their stake and votes.
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