$BTC The BNB Chain (formerly Binance Smart Chain or BSC) is a blockchain network developed by Binance, designed for fast and low-cost decentralized applications (dApps), DeFi, and smart contracts. It consists of two main components:
1. BNB Beacon Chain (formerly Binance Chain):
Handles governance (staking and voting).
Mainly used for fast transactions and BNB transfers.
2. BNB Smart Chain (BSC):
Supports Ethereum-compatible smart contracts.
Uses EVM (Ethereum Virtual Machine), making it easy for Ethereum developers to port apps.
Uses a Proof of Staked Authority (PoSA) consensus mechanism, combining Delegated Proof-of-Stake and Proof-of-Authority.
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Key Features of BNB Chain:
Fast transactions and low fees (ideal for DeFi and NFTs).
High scalability and developer support.
Native token: BNB (Build and Build), used for gas fees and staking.
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Common Use Cases:
