The chain is a community-driven, decentralized blockchain powered by the token and consists of BNB Beacon Chain and BNB Smart Chain (BSC), which is compatible with the Ethereum Virtual Machine (EVM).
Read moreWhat is Binance smart chain used for?
Binance Smart Chain (BSC) is a blockchain that runs parallel to Binance’s premier blockchain Binance Chain (BC). It was launched almost one and a half years after the latter with the explicit purpose of introducing smart contract programmability that was not supported in BC .22 Eki 2021
Read moreWhat is a smart chain?
The Binance Smart Chain is a smart contract-enabled blockchain network created with the goal of creating a decentralized financial (DeFi) ecosystem . The Binance Smart Chain operates using a Proof-of-Authority consensus mechanism.
Read moreWhy Binance smart chain is unique?
That’s why Binance Smart Chain (BSC) was created. It runs parallel to the original Binance Chain, has smart contract functionality, and is compatible with the Ethereum Virtual Machine (EVM) . BSC is an independent blockchain and is not a layer two or off-chain scalability solution.
Read moreIs Binance chain on Ethereum?
The Binance exchange launched the Binance Coin in 2017 as an ERC-20 token on the Ethereum blockchain . It was a utility token that allowed users of the exchange to pay less in fees if they used the token for transactions. Binance Coin was then moved to the Binance Smart Chain when it was released in September of 2020.
Read moreIs Smart chain the same as Binance smart chain?
Under the freshly named BNB Chain umbrella, the chain governance part, the Binance Chain, where staking and voting happens, has become BNB Beacon Chain. Meanwhile, the Ethereum Virtual Machine-compatible, multichain-supporting Binance Smart Chain is simply named BNB Smart Chain , still shortened as BSC.
Read moreIs Binance smart Chain proof of work?
BSC’s native token, the Binance Coin (BNB), can be staked to contribute to network security and vote on community governance protocols. Its PoS model also enables it to process transactions faster, putting it above networks that still implement full proof-of-work (PoW) systems .
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