BLOG
BLOG
  • Design
  • Data
  • Discernment

We believe in AI and every day we innovate to make it better than yesterday. We believe in helping others to benefit from the wonders of AI and also in extending a hand to guide them to step their journey to adapt with future.

Know more

Our solutions in action for customers

DOWNLOAD

Featured Post

MENU

  • Visit Accubits Website.
  • Artificial Intelligence
  • Blockchain
  • Cloud Computing
  • Entertainment
  • Fintech

How to add Binance Smart Chain to Metamask?

  • mm
    by Rahul A R on Wed Jul 28

Binance Smart Chain (BSC) has been booming with activity, ever since PanCakeSwap became the largest decentralized exchange. On the other hand, Cryptocurrency and dApps are well-established trends in the present digitalized financial world. dApps are the gateways to lending, borrowing, and swapping crypto coins. But up till recent events accessing this decentralized space meant providing the private key to your cryptocurrency wallet. This is a security risk. Metamask brings the best solution to this problem. Metamask offers the option to interact with dApps directly. This makes Metamask an innovative new platform to know and learn.

In this article, we’ll run over the methods to connect a Binance BNB coin to the Metamask wallet. Take a look at the below topics to know more:

  • What is Metamask?
  • Is MetaMask safe?
  • How does MetaMask work?
  • What is MetaMask used for?
  • Steps to Install Metamask
  • How to connect with Binance Smart Chain?
  • How to transfer tokens to a different Binance account?

Why the BNB coin?

Binance Smart Chain (BSC) managed to surpass Ethereum’s (ETH) daily transactions by 600% as BSC’s total transaction volume stood at 9.13 million compared to 1.56 million on Ethereum as PanCakeSwap surpasses UniSwap to become the largest DEX in the DeFi space.

Related article on BEP-20 token on Binance Smart Chain.

What is Metamask?

Metamask is an open-sourced Ethereum wallet that supports all Ethereum based coins. A unique and attractive feature of the wallet is that it can interface with websites without third-party interference. It lets you connect to dApp from inside the platform and trade without intermediaries. Its seamless interface with smart contracts and dApps is quite an improvement on the existing ones. It also offers a great level of transparency and security. The wallet extensions are available to download on Google Chrome, Mozilla Firefox, and Brave browser. The app is available on Android and iOS. The wallet is non-custodial meaning that you have exclusive access over the password-protected wallet. 

Is MetaMask safe?

MetaMask has several security measures that make it a relatively secure software wallet. To begin with, it never keeps your wallet information on its servers. It saves it on the internet, but MetaMask never gains access to it. However, a competent hacker may locate the encrypted file on your side.

Every MetaMask wallet contains two keys a public key and a private key. Anyone can access the public key to send the cryptos. The private key is hidden from the rest of the world as it allows you to access the money in the wallet.

MetaMask keeps your private key online in your browser’s data cache, allowing you to access your wallet instantly. It is encrypted and can only be decrypted with your password, although most passwords are considerably easier to brute-force guess than 64-character private keys.

How does MetaMask work?

In the background, Metaverse works to use web3.js, a library that is a part of Ethereum’s official development. web3.js help us develop web apps that could interface with the Ethereum blockchain. It allows web pages and extensions to utilize Ethereum’s capabilities and features.

MetaMask was designed to be a wallet for Ethereum and a tool for interacting with dApps. MetaMask creates a communication connection between the extension and the dApp in question to accomplish both goals. When the program detects the presence of MetaMask, it activates it and allows the user to utilize it.

Once the dApp is activated, the user can execute all of the activities or events that it supports. Everything is possible, from the purchase or sale of tokens to access to resources or any service supplied by it. Each of these activities has a cost, which the user must pay in Ethereum or its designated token. In either instance, MetaMask has the tools necessary to manage the interaction.

What is MetaMask used for?

MetaMask helps to store, swap, and access dApps. These functions cover everything a typical cryptocurrency user would need to interact with Ethereum.

What is MetaMask used for
  • Crypto storage: MetaMask’s built-in crypto wallet helps store tokens based on Ethereum’s ERC-20 and ERC-721 token standards. Users can simply create and switch between numerous wallet addresses within the app. The application’s powerful encryption technology enables users to safely keep their wallet passwords and private keys within their browser using a MetaMask extension, giving them greater control over both their public and private keys. Additionally, when new users register an account, they are given a collection of seed words that users may use to retrieve their account if required.
  • Token swaps: MetaMask features a trade function that allows you to do peer-to-peer (P2P) token swaps straight from your wallet. Instead of using an order book, exchange, or decentralized exchange (DEX) liquidity model, these swaps collect data from various DEXs, DEX aggregators, and automated market makers (AMMs). MetaMask swaps enable users to trade cryptocurrency directly without contacting any other custodian or intermediate platform, decreasing friction, limiting slippage, and reducing costs.
  • Access to dApps: MetaMask users can also utilize the wallet to gain direct access to various Ethereum-based dApps, crypto financing products, Ethereum-powered games, NFTs, and other services. Furthermore, MetaMask’s built-in crypto wallet allows users to spend, transmit, or stake their cryptocurrency anywhere in the Ethereum ecosystem without having to handle other wallet integrations or unnecessary transactions. As a result, MetaMask offers customers a direct access point into the world of DeFi and other blockchain-based businesses and services.

Related article on Applications of NFTs in Digital Entertainment

Steps to Install Metamask

Before connecting with the Smart chain, the first step would be to install Metamask and create an account. At the Metamask website, a download option appears. Downloading the extension is quite standard from there. To create an account on Metamask for Binance one must have a wallet. 

So the next step leads to creating the wallet by clicking “Create wallet” then creating a strong password. Once you click create you’ll be offered a backup seed phrase. Write it down. Not on a device but maybe on paper. If your device is damaged or lost the only way to regain your wallet is with this backup phrase so it’s important. Metamask even suggests that you write it on different pieces of paper and keep them in secure locations. (It’ll be like a treasure hunt. Well, so you’ve created a wallet and treasure map for your digital money). 

Need help with Binance Smart Chain development?

Reach out to us today and get started!

Contact Us

How to connect with Binance Smart Chain?

Now let’s connect this wallet to the Binance Smart Chain (BSC).

Linking your wallet to Binance Smart Chain
Linking your wallet to Binance Smart Chain

As we mentioned above Metamask is an Ethereum wallet. Without the proper useable address the transfer of your tokens won’t work. So to configure the wallet to Binance Smart chain dApps you have to follow a series of steps:

  • Go to settings and locate the networks menu.
  • Add a network to the wallet.
  • You’ll have to click and manually add the Binance Smart chain network. you have two choices: Test net or Main net. Details of which are given below:
    • Mainnet 
      • Network Name: Smart Chain
      • New RPC URL: https://bsc-dataseed.binance.org/
      • ChainID: 56
      • Symbol: BNB
      • Block Explorer URL: https://bscscan.com
    • Test net 
      • Network Name: Smart Chain – Testnet
      • New RPC URL: https://data-seed-prebsc-1-s1.binance.org:8545/ 
      • ChainID: 97
      • Symbol: BNB
      • Block Explorer URL: https://testnet.bscscan.com
  • Now you’ll notice that the token denomination changed from ETH to BNB

If you are planning to launch a blockchain-based solution, make sure to consult with a reliable blockchain development company to do a feasibility analysis for using Binance Smart Chain for your project.

Related article on How to choose the right Blockchain as a Service provider?

How to transfer tokens to a different Binance account?

To add money to the account, copy the address from your account and move over to the Binance Smart chain faucet. Click “give me BNB”. Succeeding the transaction you will see an increase in the funds in your wallet. 

Adding BNB tokens to your Metamask wallet
Adding BNB tokens to your Metamask wallet

Now try transferring BNB to other addresses. Log in to your wallet, click the Send button and then copy the address of the receiver, specify the price, confirm your transaction, And wait for the transaction to be included in a new block. Then verify your traction with the explorer.

Transferring Binance tokens to others wallets
Transferring Binance tokens to others wallets

With the world evolving itself, we find new ways to track and keep our finances safe. For more information about blockchain and development contact us.

Need help with Binance Smart Chain development?

Reach out to us today and get started!

Contact Us

Related Posts

Drive into stories worth discussing

  • mm
    BEP 721 token: The Binance Smart Chain supported NFT
    Rahul A R
  • mm
    How to create a BEP-20 token on Binance Smart Chain
    Rahul A R

ASK AUTHOR

mm
Rahul A R

Rahul A R is a technologist and full-stack developer who specializes in Blockchain technologies and Cryptocurrencies. Though he’s ... Read more

Ask A Question
Error
Cancel
Send

Categories

View articles by categories

  • Blockchain

Subscribe now to get our latest posts

  • facebook
  • linkedin
  • twitter
  • youtube
All Rights Reserved. Accubits Technologies Inc