What is BNB Chain?
Binance Smart Chain (BSC) is a blockchain platform launched in September 2020 by the cryptocurrency exchange Binance. It is a high-performance blockchain network that enables developers to build decentralized applications (dApps) and digital assets on a fast, secure, and low-cost infrastructure. Binance Smart Chain is a parallel blockchain to the Binance Chain, designed to offer a more flexible and efficient platform for building decentralized applications. It is compatible with the Ethereum Virtual Machine (EVM), meaning developers can port their Ethereum dApps to Binance Smart Chain with minimal effort. Binance Smart Chain uses a Proof of Staked Authority (PoSA) consensus mechanism, which combines Proof of Stake (PoS) and Byzantine Fault Tolerance (BFT) to ensure fast finality and security. This consensus mechanism allows for fast block times of 3 seconds and low transaction fees, making it an ideal platform for high-frequency transactions.