What is BNB Smart Chain?
BNB Smart Chain (BSC) is a blockchain network developed by Binance. Binance is one of the largest cryptocurrency exchange platforms in the world.
BSC enhances the capabilities of the Binance ecosystem by allowing developers to create and deploy smart contracts and decentralized applications (dApps).
A notable feature of BNB Smart Chain is its compatibility with the Ethereum Virtual Machine (EVM). This compatibility allows developers familiar with Ethereum to easily migrate their projects to BSC without needing to learn a new programming language or framework. This compatibility has driven an increase in the number of projects and users on BNB Smart Chain.
The BNB token: powering the ecosystem
The BNB token is the native cryptocurrency of the Binance ecosystem, which includes Binance Chain and BNB Smart Chain. Originally launched as an ERC-20 token on Ethereum, BNB was integrated into its own blockchain with the launch of Binance Chain. Here are some key features of the BNB token:
Transaction fees: Users can pay transaction fees on BNB Smart Chain and Binance Chain using BNB. The fee structure is similar to that of Ethereum, where users pay fees for each transaction.
Governance: BNB holders have a voice and vote in the governance of the BNB Smart Chain.
Staking and rewards: Users can stake their BNB tokens to earn rewards.
BSC also hosts several NFT platforms. Projects like BakerySwap and Treasureland facilitate the creation, buying, and selling of NFTs, allowing artists and creators to monetize their work.
Games like CryptoBlades and My DeFi Pet use the BNB Smart Chain to provide players with unique experiences and opportunities to earn rewards.
