- What is the Binance Smart Blockchain?
From the user's perspective, Binance Smart Chain is nothing more than an app that provides a personal wallet and allows the user to send and receive tokens. This is how Binance Smart Chain works for most users.
Behind the scenes, Binance Smart Chain shares a public ledger called a "blockchain". This ledger contains every transaction ever processed and allows a user's computer to verify the validity of each transaction. It uses peer-to-peer technology to operate without a central authority. The management of transactions and the issuance of Binance tokens is done collectively by the network. Moreover, the blockchain can "host" any number of tokens and tokens created by anyone. The Binance Smart Chain is open source; its design is public, no one owns or controls it and anyone can participate. The authenticity of each transaction is protected by digital signatures corresponding to the sending addresses, so all users have full control over sending tokens on the Binance Smart Chain from their own addresses.
- How secure is the blockchain?
Much of the trust in the blockchain comes from the fact that it requires no trust at all. It is completely open source and decentralised. This means that anyone can access the entire source code at any time. So any developer in the world can check exactly how a blockchain works. All transactions and issued tokens can be transparently viewed by anyone in real time. All payments can be made without reliance on a third party, and the entire system is protected by highly audited cryptographic algorithms, like those used in online banking. No organisation or individual can control it, and the network remains secure even if not all of its users are trusted.
- What is a BEP20 token?
The Binance Smart Chain is a transaction network. It can host a large number of so-called "BEP20 tokens", which are controlled only by BEP20 creators. Nevertheless, BEP20 tokens are tied to Binance and you must first create a Binance Smart Chain wallet. Then you can use the Binance private key and public key to send and receive BEP20 tokens.
- What is a private key and a public key?
From the user's point of view, the private key of a wallet is comparable to the access data to a bank account. In this context, the public key is comparable to the account number of the same bank account.
- What is a paper wallet?
A paper wallet is a paper document on which the data that fully defines a wallet is printed: The public key and the private key. You can create a paper wallet yourself.
- How can I create a paper wallet?
Install the latest version of the Binance Smart Chain Wallet. Disconnect your internet connection to increase security. Open the wallet and then click on "Create Wallet", enter a new password and write down the seed phrase of 12 words on a piece of paper. Then go on and click on "account 0". Write the copied public key on the piece of paper. Log out. Now you can connect to the internet again.
- What is a browser wallet?
A browser wallet is a computer programme for your browser that contains a wallet (private and public key). The wallet is password protected and you can easily send and receive tokens with it.
- How does sending and receiving tokens work?
AlkCoin transactions are easier to make than purchases with debit or credit cards and can be received without a merchant account. Payments are made from a wallet, either on your computer or smartphone, by entering the recipient's address and payment amount and pressing send. To make it easier to enter the recipient's address, many wallets can get the address by scanning a QR code or by touching two phones with NFC technology. If you want to send BEP20 tokens, you will need a small amount of BNB in your wallet to pay the transaction fee.
- How can I see the amount of ALK in my Wallet?
Go to this website and copy the public key of your wallet into the search input field. Press return and the programme will scan your wallet for all tokens.