Binance Chain (Binance Smart Chain or BSC) is a blockchain platform developed by Binance, one of the largest cryptocurrency exchanges in the world. It was launched in 2018 as a parallel blockchain to the Binance Chain, aiming to provide a platform for the creation of decentralized applications (dApps) and smart contracts.

Binance Chain uses a consensus algorithm called Proof of Staked Authority (PoSA). It combines elements of Proof of Stake (PoS) and Byzantine Fault Tolerance (BFT) consensus mechanisms to achieve fast block times and high transaction throughput. Validators on the Binance Chain are elected through a staking process involving Binance Coin (BNB), the native cryptocurrency of the Binance ecosystem.

Binance Smart Chain (BSC), which is built on top of the Binance Chain, expands its capabilities by adding support for smart contracts. This allows developers to create dApps, decentralized finance (DeFi) applications, and other blockchain-based projects. BSC is compatible with the Ethereum Virtual Machine (EVM), making it easier for developers to port their existing Ethereum dApps to the Binance Chain ecosystem.

Binance Chain and Binance Smart Chain have gained popularity due to their fast transaction processing times, low fees, and strong integration with the Binance exchange. The Binance DEX (decentralized exchange) is one of the main applications built on the Binance Chain, providing users with a decentralized platform for trading cryptocurrencies.

It's important to note that the information provided here is accurate as of my knowledge cutoff in September 2021, and there may have been updates or changes to Binance Chain since then.