Blog article
See all stories ยป

Introduction to Binance Smart Chain

Binance Chain, the first blockchain from Binance, is optimized for fast decentralized trading but lacks smart contracts and strong programmability.

That's why Binance Smart Chain (BSC) was created. It runs parallel to the original Binance Chain, has smart contract functionality, and is compatible with the Ethereum Virtual Machine (EVM).

BSC is an independent blockchain and is not a layer two or off-chain scalability solution.

Binance Smart Chain has a block time of around 3 seconds. The native token of both blockchains is BNB.

Validators stake BNB and can receive transaction fees. Unlike Bitcoin, there is no block reward by way of newly minted BNB. This is because BNB is not inflationary. Instead, the supply of BNB decreases over time, because the Binance team regularly "burns" coins.

Interestingly, BEP-2 and BEP-8 tokens from Binance Chain can be swapped for BEP-20 tokens on BSC. This can be easily done using the Binance Chain Wallet.

Consensus mechanism: Proof of Staked Authority



Comments: (0)

Rohas Nagpal

Rohas Nagpal

Chief Blockchain Architect

Hybrid Finance (HyFi) Blockchain

Member since

02 Oct 2016



Blog posts


This post is from a series of posts in the group:

Blockchain in Banking and Financial Services

This group is to share any information related to enterprise wide Blockchain technology adaption in different Banking Financial Services sub-domains.

See all

Now hiring