What is Binance Smart Chain
Binance Smart Chain (BSC) is a blockchain network built for running smart contract-based applications.
BSC is an independent blockchain that runs parallel to Binance's native 'Binance Chain' (BC) and offers compatibility with the 'Ethereum Virtual Machine' which means that it can run Ethereum based platforms. This is useful because the gas fee's and congestions on the ethereum network make it difficult for developers to come out with new Dapps.
- 1.Independent Blockchain - operates independently of Binance Chain
- 2.Ethereum Compatible - Smart contracts built on the Ethereum network are compatible on the BSC network
- 3.Supports Staking and Community-Based Governance - Proof of staked authority which is a combination of proof of stake and proof of authority. This is how BSC validates and ensures security