BNB Chain is the second-largest blockchain network, previously known as Binance Smart Chain (BSC). It aims to embrace large-scale applications, including GameFi, SocialFi and the Metaverse.
The BNB Chain has a massive market cap and a rapidly growing ecosystem with key features.
🌟Permissionless
Everybody can participate in validating and mining transactions as well as using the system to buy, sell and trade crypto assets.
🌟Decentralized
Higher transparency and security for the users.
🌟Open
Open-sourced and community-driven ecosystem.
🌟Multichain
A platform bridging crypto assets across blockchains.
🌟For creators and investors
BNB Chain provides opportunities for dApp developers and investors.
🌟Bigger than Binance
BNB Chain is a separate large-scale network whose boundaries extend far beyond Binance.
Important Aspects of BNB Chain | Lucrative Features
Despite a relatively recent entry into the market, BNB Chain performed great and became a leading blockchain with strong competitive advantages. Let us present core features that highlight BNB Chain, among other networks.
BNB Chain is Comprised of Two Chains:
- Binance Chain rebranded to BNB Beacon Chain:
BNB Beacon Chain is a platform for all governance related activities on the BNB chain, such as voting and staking. Beacon Chain allows you to send/receive your BNB tokens, make changes to the chain by submitting governance proposals, and also issue new tokens.
- Binance Smart Chain (BSC) rebranded to BNB Smart Chain:
BNB Smart Chain is compatible with the Ethereum Virtual Machine (EVM), where smart contracts are executed and serve as a bridge to other blockchains.
BNB Chain has a Low gas fee:
BNB Chain users pay less than a $1 gas fee Instead of paying between $40 to $80 for a transaction. Thanks to the Tendermint mechanism, this feature makes BNB Chain more competitive among other blockchains and more attractive for users that can easily import their applications from other networks to BNB. Wait, but what is Tendemint? It’s pretty easy, it’s open-source and multi-language software for launching blockchains that can communicate with each other.
BNB Chain is One of the Fastest Blockchains:
BNB Chain is also known as one of the fastest Blockchain. Proof of Authority Mechanism gives it a speedy 3-second block generation time compared to 13 for Ethereum and 10 minutes for Bitcoin.
BNB Chain Supports its Own Ecosystem:
BNB Chain is one of the youngest and most developed DeFi ecosystems. It has a range and vivid DeFi landscape, with over 1000 dApps in operation, and their number increases daily! They include DEX, GameFi, NFT, Landing e.t.c.
BNB Chain is Compatible With Other Blockchains:
The BNB Chain is compatible with many other blockchains, including Ethereum, and supports coins across different networks. It means that developers can easily import dApps into it from other blockchains, which is frequent practice because of lower transaction costs.
Closing Words
Biswap DEX is built on the BNB Chain and experiences all the benefits of this ecosystem. BNB Chain offers lower gas prices and faster transactions than competitors and attracts new users and projects with new opportunities every day!
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