BNB Chain is a blockchain chain belonging to the Binance platform, developed to provide a faster and more scalable environment for Web3 projects, decentralized applications (dApps), and cryptocurrency trading.
Here is a simplified explanation:
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✅ What is BNB Chain?
BNB Chain is the name of the new ecosystem that combines two main chains:
1. BNB Beacon Chain (formerly Binance Chain):
Responsible for governance (such as voting on decisions).
Where issuance and trading of currencies take place.
2. BNB Smart Chain (BSC):
Supports smart contracts and decentralized applications.
Compatible with Ethereum (EVM-compatible).
Fast and cheap compared to Ethereum.
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💡 What does "BNB" mean?
It stands for "Build and Build",
It also refers to the native currency BNB (Binance Coin), which is used:
To pay transaction fees on the network.
To participate in governance.
As a means of exchange within the ecosystem.
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⚙️ BNB Chain Uses:-
Development of decentralized games (GameFi)
Decentralized finance (DeFi) projects
Non-fungible tokens (NFTs)
Cryptocurrency wallets
Staking and voting
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🔐 BNB Chain Advantages:-
Low fees
High speed in transactions
Wide support from developers
Strong and active community