What is BNB Smart Chain?
BNB Smart Chain was first known as Binance Smart Chain and launched in 2020 by Binance.
It saw very quick adoption initially as a cheaper and faster alternative to Ethereum, while providing similar smart contract capabilities.
In Feb 2022, Binance announced a renaming to BNB Smart Chain, while also rebranding the BNB coin from Binance Coin to “Build and Build” coin.
Tokens on BNB Smart Chain are identified as BEP20 tokens.
What are the core features of BNB Smart Chain?
- High transaction throughput: BNB Smart Chain can process up to 100 transactions per second, which makes it much faster than the Ethereum network.
- Low transaction fees: Transaction fees on BNB Smart Chain are much lower than those on the Ethereum network, which makes it more cost-effective for users to execute transactions and interact with dApps.
- Native token: BNB Smart Chain has its own native token called Binance Coin (BNB). BNB is used for transaction fees, staking, and governance on the BNB Smart Chain.
- Staking and governance: BNB holders can stake their tokens and participate in the governance of the BNB Smart Chain, including the ability to vote on proposals and decisions related to the future development of the platform.
- Decentralized exchange (DEX): BNB Smart Chain has its own decentralized exchange called PancakeSwap, which allows users to trade tokens and earn rewards through liquidity provision.
What is the native token of BNB Smart Chain?
The native token of Binance Smart Chain (BSC) is called Binance Coin (BNB). BNB serves as the primary asset for the Binance Smart Chain, which is a blockchain platform that allows developers to build decentralized applications (DApps) and run smart contracts. BNB is used for various purposes on the Binance Smart Chain, including paying transaction fees, participating in token sales, and staking for yield farming. Additionally, BNB can also be used as a means of payment on various platforms and services that accept it as a form of payment.