BSC Frequently Asked QuestionsYou have questions, we have answers.
Q: What is the motivation of BSC?A: Bitcoin is by far the cryptocurrency that has the highest market value, the largest number of users, and is the most influential crypto. However, Bitcoin’s scripts aren’t Turing complete and cannot support the application of complex logic. Smart contracts cannot be implemented on the Bitcoin system. BSC integrates the functions of smart contracts for the Bitcoin system, giving developers the ability to build decentralized applications on Bitcoin. BSC combines the unlimited creative space of smart contracts and the huge network effect of Bitcoin, which will bring more unknown possibilities to the blockchain field.
Q: Is there any reward for users who sign to support the BSC project?A: BTC holders can get BSC coins at a 1:1 ratio (for pre-fork BTC holdings) after the BSC hard fork is launched. The signature merely expresses support for the BSC project and will not provide additional rewards.
ComparisonQ: What is a Hard Fork of BitcoinA: Bitcoin’s hard fork refers to the blockchain formed by upgrading the Bitcoin protocol. The hard-forked blockchain will be compatible with Bitcoin’s historical data (blocks, transactions), and have modified parameters or add new functions. The famous Bitcoin hard forks in history include BCH and BSV.
Q: What is the main difference between Bitcoin and BSC?A: Differences:
⦁ BSC supports EVM-based smart contracts.
⦁ BSC uses SHA3 + blake2b mining algorithm.
⦁ The upgrade direction of BSC depends on holders’ votes.
⦁ Increase max block size to 2 MB, adjustable on-chain up to 32 MB
⦁ Add governance contracts that allow system parameters, such as max block size, to be modified on-chain.
Q: What is the difference between BSC and other Bitcoin forks, like BCH and BSV?A: BCH and BSV only adjusted the protocol parameters based on Bitcoin. Their main adjustment was to modify the max block size so that the network can support more transactions. The maximum block originally allowed by BTC was 1 MB. In the current version, BCH has adjusted the max block size to 32 MB and BSV has adjusted to 2 GB. BSC upgraded the protocol on a larger scale. The biggest change is the embedded EVM, which gives BSC the ability to operate smart contracts.
Q: What is the difference between BSC and RSK (Rootstock)?A: RSK is a side chain based on Bitcoin. Through the design of a two-way peg, the mutual mapping of RBTC on BTC and RSK is realized. BSC is a hard fork upgrade of BTC, compatible with BTC’s transaction history, and directly supports smart contracts on the chain.
TimeQ: When will BSC launch its mainnet?A: The mainnet will be launched in June 2020, about one month after the Bitcoin halving. It will hard-fork Bitcoin at the height of 630,000 where the halving takes place.
ProtocolQ: What are the max block size and block interval of BSC?A: The max block size is set to 2 MB initially and can be later modified by a smart contract. The block interval is 10 minutes, the same as Bitcoin.
Q: What How is the TPS (Transaction Per Second) of BSC?A: As we double the max block size to 2 MB, the TPS of BSC is also twice as Bitcoin to be about 15 transactions per second. With the increase of max block size, TPS can theoretically reach up to nearly 10,000. But this will also increase the risk of the system being attacked, so we will adjust the max block size according to demand in the future.
EconomyQ: How to claim the BSC coin as a Bitcoin holder?A: After the BSC mainnet is launched, you can import your private key or the entire wallet of Bitcoin to the BSC wallet. Then you can get the same amount of BSC, with replay protection.
Q: What is the block reward of BSC?A: It’s the same as Bitcoin. The initial BSC block reward at height 630,000 will be is 6.25 BSC/block, and it will be halved every 210,000 blocks, about 4 years.
Q: When will BSC be listed on exchanges? Which exchange will it be listed on?A: BSC is supposed to be listed on exchanges when launching the mainnet. But we are not sure which exchanges will be listing BSC at this time.
MiningQ: Why choose the SHA-3 + BLAKE2b mining algorithm?A: The consensus mechanism of BSC is PoW, which is consistent with BTC. After the BSC mainnet launch, the hashrate of the newly forked chain may be at a low level. If the same mining algorithm as BTC was used, the existing Bitcoin ASIC miners and large mining pools may put BSC under the risk of a 51% attack. Therefore, BSC uses the SHA3 + blake2b mining algorithm to replace the double SHA256 algorithm in Bitcoin, reducing the possibility of the system being attacked.
Q: What are the specs for a BSC miner?A: Currently SHA-3 + BLAKE2b can only use GPUs for mining. As we know, there are also some ASIC miners in development, which may be available in the future.
ContractQ: Is BSC’s EVM fully compatible with Ethereum?A: Yes. This means that you can run smart contracts written by Solidity on Ethereum directly on BSC, such as ERC-20, OpenZeppelin, etc. The only difference is that the smallest unit of the coin has changed from Wei of Ethereum to Satoshi of Bitcoin. That is, 1 BSC is expressed in the contract as *10 ^ 8* instead of *10 ^ 18*. Of course, the contract gas price will also be priced by BSC.
TestnetQ: Is there a BSC testnet?A: Yes, the Testnet will be available very soon in early April. Information about the Testnet will be shown on the website
https://bsc.net. The BSC testnet faucet will also be provided then.
ScalabilityQ: Will BSC support SegWit? Will BSC support Lightning Network? A: Yes, and Yes. BSC can do everything Bitcoin can do.
Q: Does BSC have replay protection for transactions vs. Bitcoin? A: Yes. The detailed design can be seen from the whitepaper (
https://docs.bsc.net/en/bsc_en.pdf).
TeamQ: This is really interesting and not your first rodeo. Who are you guys really?A: Team:
⦁ BSC project is initiated by community developers based on their interests. Team members are anonymous;
⦁ If you have questions, you can contact the development team through Telegram;
⦁ The project is completely open-source, adopting the same open-source community operation model as Bitcoin;
⦁ No pre-mine;
⦁ No fundraising.
William G. for BSC.net
More information and send a signed transaction to show support
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