Binance Chain (Binance Smart Chain) is a blockchain platform developed by Binance, one of the largest cryptocurrency exchanges in the world. It was launched in 2019 as an independent blockchain to facilitate the creation and transfer of digital assets. Binance Chain is designed to be fast, secure, and scalable, with a focus on decentralized applications (dApps) and digital asset management.

Binance Chain uses a consensus mechanism called Proof of Staked Authority (PoSA), where validators are elected by holding and staking Binance Coin (BNB), the native cryptocurrency of Binance Chain. The validators on Binance Chain are responsible for confirming transactions and maintaining the network's security.

Binance Smart Chain (BSC) is an extension of Binance Chain that was introduced in 2020. BSC is compatible with the Ethereum Virtual Machine (EVM), which means that developers can easily port their Ethereum-based dApps to Binance Smart Chain with minimal modifications. This compatibility has contributed to the popularity and adoption of BSC within the decentralized finance (DeFi) ecosystem.

Binance Smart Chain also introduced its own native token called Binance Coin (BNB), which serves as the utility token for the Binance ecosystem. BNB is used for paying transaction fees, participating in token sales, and accessing various services on the Binance Chain and Binance Smart Chain.

Overall, Binance Chain and Binance Smart Chain provide an infrastructure for building and deploying decentralized applications, enabling users to interact with digital assets and participate in various DeFi protocols. It has gained significant traction within the cryptocurrency community, attracting developers, users, and projects due to its speed, low fees, and compatibility with existing Ethereum tools and infrastructure.