Bnb smart chain
BNB Chain is a blockchain network that originated from Binance, one of the largest cryptocurrency exchanges in the world. It is designed to support decentralized applications (dApps), smart contracts, and other blockchain-based functionalities. Originally, it was called Binance Smart Chain (BSC), but it was rebranded to BNB Chain in early 2022 to reflect its decentralized nature and the focus on its native cryptocurrency, BNB (Build and Build).
BNB Chain consists of two components:
BNB Beacon Chain (previously Binance Chain):
- This chain is focused on governance and staking. It manages BNB staking and the voting mechanism for validators.
BNB Smart Chain (BSC):
- BNB Smart Chain is a smart contract-enabled blockchain that runs in parallel with the BNB Beacon Chain. It is compatible with the Ethereum Virtual Machine (EVM), which means that developers can easily deploy Ethereum-based dApps on BNB Smart Chain with minimal adjustments.
- It supports low transaction fees and high-speed block times, making it appealing for decentralized applications, DeFi platforms, and NFTs.
- BNB Chain operates with a Proof-of-Staked-Authority (PoSA) consensus mechanism, which combines elements of both Proof-of-Stake (PoS) and Proof-of-Authority (PoA), allowing faster processing times and lower energy consumption compared to traditional Proof-of-Work (PoW) systems.
BNB (Build and Build) is the native cryptocurrency used to pay for transaction fees, participate in network governance, and facilitate various functions within the ecosystem.
