BNB Smart Chain is a blockchain network developed by Binance, one of the world’s largest cryptocurrency exchanges. It was created as a parallel blockchain to Binance Chain in 2019, with the aim of enabling the execution of decentralized applications (DApps) and smart contracts.
The BNB Smart Chain operates on a Proof-of-Stake (PoS) consensus algorithm, whereby network validators stake their Binance Coin (BNB) holdings to ensure the security of the network and validate transactions. Additionally, the network supports the Ethereum Virtual Machine (EVM), allowing Ethereum developers to easily port their existing Ethereum-based DApps and smart contracts to the BNB Smart Chain. This interoperability with Ethereum makes the BNB Smart Chain a highly versatile and accessible blockchain network.
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