BNB Smart Chain is yet another open environment network that makes transactions scalable,
secure, and immutable in the blockchain.
It started as the Binance Chain in 2017 and evolved into Binance Smart Chain in 2020 by
acknowledging the revolutionary growth of DeFi and dApps.
Initially, Binance Chain offered users only staking and governance utilities. The blockchain
network rewarded users with BNB staking rewards, and holding onto BNB enabled users to
cast their valuable votes counting to any major change on the Binance Chain.
Subsequently, recognizing the rising demands of DeFi, Binance Chain switched to Binance
Smart Chain with the robust support of smart contracts in its architecture.
The network was then integrated with smart contracts to facilitate the growth and boom of
dApps, NFTs, and crypto. Currently, it is Build n Build (BNB) Smart Chain, a decentralized and
distributed blockchain network enabling the masses to develop decentralized applications.
In order to empower the masses to adopt the BNB chain and build decentralized applications
on the chain swiftly, it uses programming languages such as Golang, Java, Javascript, C++,
C, Python, and Swift.
The BNB Smart Chain is equipped with smart contract programs, consensus layers, hubs to
multi-chains, and Ethereum Virtual Machine compatibility, unlike the previous version.
In addition, the current BNB Smart Chain is Ethereum Virtual Machine compatible, paving
the way for interoperability. This cross-chain ability of the network enables projects on other
EVM-compatible chains to easily shift their base to BNB Smart Chain.
BNB Smart Chain uses a unique consensus mechanism to validate the transactions occurring
on its network. It uses a combination of Proof-of-Stake and Proof-of-Authority consensus
mechanisms known as Proof-of-Staked Authority (PoSA).
The network elects its own validators to validate the transactions. However, people who
wish to validate transactions in the BNB Chain have to stake BNB coins. In addition, the PoSA
consensus mechanism enables the blockchain network to process transactions in less time
and decreases the block time.
According to the BSC News website, "Currently,BNB Chain has a 3-second block time with its
PoSA consensus. It can handle a maximum of 300 transactions per second (TPS). Further more,
when the BNB ZkRollup launches in 2023, it is projected to be able to handle up to 10,000 TPS.”
Moreover, with regard to the gas fees, the BSC news has mentioned that the gas fees in the
network are very low compared to other leading blockchain networks. The gas fees in the
BNB Chain costs range from $0.20 to $0.50 per transaction.
