BNB Chain, also known as Binance Smart Chain (BSC), is a blockchain platform developed by Binance, one of the world’s largest cryptocurrency exchanges. BNB Chain is designed to support smart contract functionality and decentralized applications (dApps) while maintaining high throughput and low transaction fees.
BNB Chain is built on a proof-of-staked-authority (PoSA) consensus mechanism, which uses a combination of proof of stake and traditional Byzantine fault tolerance (BFT) algorithms. This consensus mechanism enables BNB Chain to achieve fast transaction times and high scalability, while also ensuring the security and integrity of the network.
One of the key features of BNB Chain is its compatibility with the Ethereum Virtual Machine (EVM), which allows developers to easily port existing Ethereum dApps to the BNB Chain ecosystem. This has helped to drive adoption of the platform and has led to the development of a wide range of dApps and decentralized finance (DeFi) protocols on the BNB Chain network.
BNB Chain is powered by Binance Coin (BNB), which is the native cryptocurrency of the Binance ecosystem. BNB is used as a means of payment for transaction fees on the BNB Chain network, as well as for governance and staking purposes. The popularity of BNB Chain has led to a significant increase in the demand for Binance Coin, which has become one of the most widely used cryptocurrencies in the world.