Binance Chain (BNB Chain) is a blockchain developed by Binance, one of the world's largest cryptocurrency exchanges. It was launched in April 2019 as part of Binance's ecosystem to facilitate the issuance, transfer, and trading of digital assets. BNB Chain is a decentralized blockchain that aims to provide a high-performance platform for building decentralized applications (dApps), token issuance, and asset transfers.
Key features of BNB Chain include:
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Binance Coin (BNB): BNB is the native cryptocurrency of the Binance Chain. It is used for various purposes, including paying transaction fees, participating in token sales, and as a trading pair on Binance's decentralized exchange, Binance DEX.
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High Performance: BNB Chain is designed to handle a large number of transactions per second, aiming for high scalability and low latency. This makes it suitable for applications that require fast and efficient transaction processing.
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BEP-2 and BEP-20 Tokens: BNB Chain supports the creation and management of tokens through two token standards: BEP-2 and BEP-20. BEP-2 tokens are compatible with Binance Chain, while BEP-20 tokens are compatible with Binance Smart Chain (BSC), a parallel blockchain also developed by Binance.
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Decentralized Exchange: BNB Chain powers Binance DEX, a decentralized exchange where users can trade cryptocurrencies directly from their wallets without relying on a centralized intermediary. Binance DEX provides a non-custodial trading experience with a focus on user control and security.
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Validator Nodes: BNB Chain operates through a proof-of-stake (PoS) consensus mechanism, where validator nodes are responsible for validating transactions and maintaining the network. BNB holders can participate in staking their tokens to become validators and earn rewards for securing the network.
It's important to note that Binance Chain and Binance Smart Chain are separate but interconnected blockchain networks. Binance Smart Chain was launched later and offers additional features like smart contract functionality, compatibility with Ethereum Virtual Machine (EVM), and support for decentralized applications.
Please keep in mind that the information provided here is based on the knowledge available up until September 2021, and there may have been updates or developments in the BNB Chain ecosystem since then.