What is Pancake Swap? How To Use Pancake Swap Decentralized Finance Exchange

What is Pancake Swap?

Today Swami with CryptoSwami.Net found a good cryptocurrency trading review on 'What is Pancake Swap?' and 'How to use pancake swap'.

 If you don't know what pancake swap is; it's a Decentralized Finance Defy Application. Pancakeswap defi crypto exchange is a cryptocurrency finance exchange that uses the binance smart chain blockchain. The Binance Smart Chain (BSC) is a decentralized finance block chain similar to ethereum (ETH) Blockchain. Phishing Alert always use pancakeswap.finance

What is Binance Smart Chain (BSC)?

Binance's version of ethereum it's more centralized than ethereum. Ethereum is open-source blockchain on Github.

 Binance Smart Chain (BSC) is not truly decentralized; they call it CeDeFi like a centralized version of DeFi. So it is subject to all the things the rules of centralized platforms like Coinbase. Both Binance and Coinbase cryptocurrency exchanges have KYC Financial Banking Regulations. If your individual choice is to keep your cryptocurrency financial information private make sure that you have 100 percent control over your funds at all times. Binance Smart Chain (BSC) requires a crypto wallet like Metamask.

Binance Smart Chain (BSC) has become so successful because of the sky-high Ethereum Gas fees. The prices to use the Ethereum (ETH) network have become so high (Dec 2021) that the average person is just priced out of using ethereum smart contracts. Ethereum 2.0 Upgrades aim to solve  this problem in the near future.

Binance smart chain (BSC) is one of the best cheapest alternatives that offers many of  the same functionalities that the ethereum network offers. So many decentralized defy platforms like Pancakeswap 'Cake' use BSC to save money on smart contract transaction fees.

How to Use Binance Smart Chain

 Before you can proceed to use pancake swap finance blockchain you will need a metamask crypto wallet. Once you have your metamask set up it's going to be configured to use the ethereum ETH network.

 You're going to have to add some custom information into it in order to set it up to use binance smart chain BSC.  The Binance academy 'Connecting metamask to binance smartchain' has the best tutorial.

Network Name: Smart Chain

New RPC URL: https://bsc-dataseed.binance.org/

ChainID: 56

Symbol: BNB

Block Explorer URL: https://bscscan.com

BSC Scan is binance's version of etherscan.

  Both BSC and Etherscan are the blockchain open-ledger platform of financial transactions. It's a way to check your bitcoin wallet address and see how much funds are there.

How to use Pancake Swap

Transactions Costs on the Binance Smart Chain require some BNB in your account to use pancake swap. Lets start with about forty dollars worth of BNB for Gas (Transaction) Fees. So buy BNB on Binance. Next withdraw BNB using the BEP20 (BSC) Network. Next goto your Metamask wallet and copy your wallet address for the withdrawal.

Review the Video above for more detailed crypto trading review.

Decentralized Finance Exchange DEFI

With Pancake Swap Defi Exchange the Farming Yield uses CAKE Tokens for the native cryptocurrency. You connect to pancakeswap exchange using the 'Connect Wallet' Function. Once you connect your Metamask wallet choice the Binance Smart Chain on your Metamask Wallet. Then use the 'Trade' function on PancakeSwap Finance Exchange.

 Swap some (NOT ALL) your BNB Token for Cake token.

In CryptoSwami.Net Next Video we will explain 'Providing Crypto Liquidity for PancakeSwap'

Please Share our Crypto News and Review Website.

pancake-swap

What is Pancake Swap? How To Use Pancake Swap Decentralized Finance Exchange

What is Pancake Swap?

Today Swami with CryptoSwami.Net found a good cryptocurrency trading review on 'What is Pancake Swap?' and 'How to use pancake swap'.

 If you don't know what pancake swap is; it's a Decentralized Finance Defy Application. Pancakeswap defi crypto exchange is a cryptocurrency finance exchange that uses the binance smart chain blockchain. The Binance Smart Chain (BSC) is a decentralized finance block chain similar to ethereum (ETH) Blockchain. Phishing Alert always use pancakeswap.finance

What is Binance Smart Chain (BSC)?

Binance's version of ethereum it's more centralized than ethereum. Ethereum is open-source blockchain on Github.

 Binance Smart Chain (BSC) is not truly decentralized; they call it CeDeFi like a centralized version of DeFi. So it is subject to all the things the rules of centralized platforms like Coinbase. Both Binance and Coinbase cryptocurrency exchanges have KYC Financial Banking Regulations. If your individual choice is to keep your cryptocurrency financial information private make sure that you have 100 percent control over your funds at all times. Binance Smart Chain (BSC) requires a crypto wallet like Metamask.

Binance Smart Chain (BSC) has become so successful because of the sky-high Ethereum Gas fees. The prices to use the Ethereum (ETH) network have become so high (Dec 2021) that the average person is just priced out of using ethereum smart contracts. Ethereum 2.0 Upgrades aim to solve  this problem in the near future.

Binance smart chain (BSC) is one of the best cheapest alternatives that offers many of  the same functionalities that the ethereum network offers. So many decentralized defy platforms like Pancakeswap 'Cake' use BSC to save money on smart contract transaction fees.

How to Use Binance Smart Chain

 Before you can proceed to use pancake swap finance blockchain you will need a metamask crypto wallet. Once you have your metamask set up it's going to be configured to use the ethereum ETH network.

 You're going to have to add some custom information into it in order to set it up to use binance smart chain BSC.  The Binance academy 'Connecting metamask to binance smartchain' has the best tutorial.

Network Name: Smart Chain

New RPC URL: https://bsc-dataseed.binance.org/

ChainID: 56

Symbol: BNB

Block Explorer URL: https://bscscan.com

BSC Scan is binance's version of etherscan.

  Both BSC and Etherscan are the blockchain open-ledger platform of financial transactions. It's a way to check your bitcoin wallet address and see how much funds are there.

How to use Pancake Swap

Transactions Costs on the Binance Smart Chain require some BNB in your account to use pancake swap. Lets start with about forty dollars worth of BNB for Gas (Transaction) Fees. So buy BNB on Binance. Next withdraw BNB using the BEP20 (BSC) Network. Next goto your Metamask wallet and copy your wallet address for the withdrawal.

Review the Video above for more detailed crypto trading review.

Decentralized Finance Exchange DEFI

With Pancake Swap Defi Exchange the Farming Yield uses CAKE Tokens for the native cryptocurrency. You connect to pancakeswap exchange using the 'Connect Wallet' Function. Once you connect your Metamask wallet choice the Binance Smart Chain on your Metamask Wallet. Then use the 'Trade' function on PancakeSwap Finance Exchange.

 Swap some (NOT ALL) your BNB Token for Cake token.

In CryptoSwami.Net Next Video we will explain 'Providing Crypto Liquidity for PancakeSwap'

Please Share our Crypto News and Review Website.

pancake-swap

The Blockchain Bundle

Block chains are incredibly popular nowadays. But what is blockchain? What is Blockchain technology? How do block chain work? What problems do blockchain technology solve?

How can block chain technology be used?

Like the name indicates, a blockchain is a chain of blocks that contains information. This technique was originally described in 1991 by a group of researchers and was originally intended to timestamp digital documents so that it’s not possible to backdate them or to tamper with them.

Almost like a notary.

However it went by mostly unused until it was adapted by Satoshi Nakamoto in 2009 to create the digital cryptocurrency Bitcoin.

A blockchain is a distributed ledger that is completely open to anyone. They have an interesting property: once some data has been recorded inside a blockchain, it becomes very difficult to change it. So how does blockchain work? Well, let’s take a closer look at a block. Each block contains some data, the hash of the block and the hash of the previous block.

The data that is stored inside a block depends on the type of blockchain. The Bitcoin blockchain for example stores the details about a transaction in here, such as the sender, receiver and amount of coins. A block also has a hash.

You can compare a hash to a fingerprint. It identifies a block and all of its contents and it’s always unique, just as a fingerprint.

Once a block is created, it’s hash is being calculated. Changing something inside the block will cause the hash to change. So in other words: hashes are very useful when you want to detect changes to blocks.

If the fingerprint of a block changes, it no longer is the same block. The third element inside each block is the hash of the previous block.

This effectively creates a chain of blocks and it’s this technique that makes a blockchain so secure. Let’s take an example. Here we have a chain of 3 blocks.

As you can see, each block has a hash and the hash of the previous block. So block number 3 points to block number 2 and number 2 points to number 1.

Now the first block is a bit special, it cannot point to previous blocks because it’s the first one. We call this the genesis block. Now let’s say that you tamper with the second block.

This causes the hash of the block to change as well. In turn that will make block 3 and all following blocks invalid because they no longer store a valid hash of the previous block.

So changing a single block will make all following blocks invalid. But using hashes is not enough to prevent tampering. Computers these days are very fast and can calculate hundreds of thousands of hashes per second.

What is Blockchain Technology? Block Chain Crypto Explained.

You could effectively tamper with a block and recalculate all the hashes of other blocks to make your blockchain valid again. So to mitigate this, blockchains have something called proof-of-work. It’s a mechanism that slows down the creation of new blocks.

In Bitcoins case: it takes about 10 minutes to calculate the required proof-of-work and add a new block to the chain. This mechanism makes it very hard to tamper with the blocks, because if you tamper with 1 block, you’ll need to recalculate the proof-of-work for all the following blocks.

So the security of a blockchain technology comes from its creative use of hashing and the proof-of-work mechanism. But there is one more way that blockchains secure themselves and that’s by being distributed. Instead of using a central entity to manage the chain, blockchains use a peer-to-peer network and anyone is allowed to join.

When someone joins this network, he gets the full copy of the blockchain. The node can use this to verify that everything is still in order.

Now let’s see what happens when someone creates a new block. That new block is send to everyone on the bitcoin blockchain network. Each node then verifies the block to make sure that it hasn’t been tampered with.

If everything checks out, each node adds this block to their own blockchain. All the nodes in this network create consensus.

They agree about what blocks are valid and which aren’t. Blocks that are tampered with will be rejected by other nodes in the network. So to successfully tamper with a blockchain you’ll need to tamper with all blocks on the chain, redo the proof-of-work for each block and take control of more than 50% of the peer-to-peer network.

Only then will your tampered block become accepted by everyone else. This is almost impossible to do!

Blockchains are also constantly evolving. One of the more recent developments is the creation of smart contracts.

These contracts are simple programs that are stored on the blockchain and can be used to automatically exchange coins based on certain conditions.

More on smart contracts in a later video. The creation of blockchain technology peaked a lot of people’s interest.

Soon, others realized that the blockchain technology could be used for other things like storing medical records, creating a digital notary or even collecting taxes. So now you know what a blockchain is, how it works on basic level and what problems it solves. Want to learn how you can implement a simple blockchain with Javascript?

Then checkout this video here. And as always: thank you very much for watching.

Defi