What is BNB Chain?
BNB Chain (formerly Binance Smart Chain) is a decentralised blockchain platform that enables developers to build fast, low-cost, and energy-efficient dApps. It is one of the fastest smart contracts platforms in the blockchain industry, as measured by time-to-finality.
How does it work?
BNB Chain is a two-chain architecture that consists of Binance Chain and **Binance Smart Chain.
- Binance Chain is the native chain of BNB Chain. It is used for staking, governance, and cross-chain interoperability.
- Binance Smart Chain is the smart contract chain of BNB Chain. It is used for deploying and running smart contracts.
BNB Chain uses a proof-of-stake consensus mechanism to secure its network. This means that validators are chosen to verify transactions based on the amount of BNB that they stake.
The native currency of BNB Chain is BNB. BNB can be used to pay for fees on the BNB Chain network, to stake on validators, and to participate in governance.
How can it help you?
BNB Chain can help you to build and deploy dApps that are fast, low-cost, and energy-efficient. It can also help you to participate in the BNB Chain network and earn rewards for staking BNB.
How is it used?
BNB Chain is used by a variety of projects, including:
- Aave, a decentralised lending and borrowing platform
- CAKE, a decentralised exchange
- PancakeSwap, a decentralised exchange aggregator
- MDEX, a decentralised exchange
What are the benefits of using it?
The benefits of using BNB Chain include:
- Speed: BNB Chain is one of the fastest smart contracts platforms in the blockchain industry, as measured by time-to-finality.
- Low cost: Transactions on BNB Chain are very low cost.
- Energy efficiency: BNB Chain is a very energy-efficient blockchain.
- Scalability: BNB Chain is a scalable blockchain that can support a large number of transactions.
- Security: BNB Chain is a secure blockchain that uses a proof-of-stake consensus mechanism.
Who is behind it?
BNB Chain is developed and maintained by Binance, a cryptocurrency exchange. Binance is one of the largest cryptocurrency exchanges in the world, and it has a strong track record of innovation.
