![]() Still, it does use a consensus mechanism different from Ethereum’s, i.e., the PoSA (Proof of Staked Authority), to optimize both throughput and transactional costs.īlending both Proof-of-Authority and Delegated Proof-of-Stake, the PoSA consensus mechanism substantially enhances the scalability of the network. This implies that it is similar to Ethereum on a fundamental level, making it EVM-compatible. The BNB Smart Chain also happens to be the Geth (Go Ethereum) protocol’s hard fork, which is among Ethereum’s three original implementations, and it uses Go as its programming language. Moreover, BNB is also the native token of the BNB Smart Chain, not just the BNB Chain. And with that, the entire Binance ecosystem saw a massive widening of its scope, something far beyond what the original Binance Chain could ever be capable of. ![]() To elaborate, the Binance Chain (now the BNB Chain) was launched in 2019 and has seen use primarily for exchanging and storing assets, especially on Binance’s own exchange and with regard to the native token BNB.įollowing that, the Binance Smart Chain, i.e., the BNB Smart Chain, its sibling, launched the following year, in late 2020, for the sole purpose of facilitating smart contracts. ![]() Both of these chains coexist and are not exclusive to one another. These blockchains would obviously be the BNB Smart Chain and the BNB Chain, which are actually their updated names. Among its numerous initiatives or products, you will come across a variety of wallets, its market-leading centralized exchange, and, not to mention, its very own blockchains and the ecosystems they come with or spawn. It is among the very giants of the Web3 and cryptocurrency landscapes. Binance should not really need any introduction.
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