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Binance Square: The BNB Chain and Crypto Technologies Powering It
Binance recently unveiled its vision for a new web3 social media platform called Binance Square. As an open, community-governed alternative to today's major centralised social media sites, Binance Square aims to give creators more ownership and users more freedom.
But what exactly are the technologies allowing Binance to build this next-generation platform? At the core is the BNB chain, Binance's very own layer 1 blockchain.
The BNB Chain Foundation
Originally known as the Binance Smart Chain when launched in 2020, the BNB chain is an EVM-compatible layer one blockchain developed by Binance and its community contributors. It runs parallel with the Binance Chain, supporting smart contract functionality and Ethereum Virtual Machine (EVM) transactions.
BNB chain uses a Proof of Staked Authority (PoSA) consensus mechanism, where 21 validator nodes are currently responsible for block production and validation. Leading BNB Chain-based projects and Binance itself run these nodes.
Notably, the BNB Chain was conceived not just to power Binance's centralised exchange but also to support an entire ecosystem of decentralised applications. Binance Square represents one of the most ambitious attempts to showcase BNB Chain's capabilities.
Built for Speed and Low Cost
By building on the BNB Chain rather than popular L1s like Ethereum, Binance Square can benefit significantly from faster and cheaper transactions. BNB chain can currently process up to 2,000 TPS with ~3-second block times, compared to Ethereum's ~15 TPS.
Transaction fees on BNB Chain are also consistently under $0.10, making microtransactions much more viable. These performance and cost improvements allow for greater experimentation with native crypto monetisation for content creators on Binance Square.
#Write2Earn
Binance recently unveiled its vision for a new web3 social media platform called Binance Square. As an open, community-governed alternative to today's major centralised social media sites, Binance Square aims to give creators more ownership and users more freedom.
But what exactly are the technologies allowing Binance to build this next-generation platform? At the core is the BNB chain, Binance's very own layer 1 blockchain.
The BNB Chain Foundation
Originally known as the Binance Smart Chain when launched in 2020, the BNB chain is an EVM-compatible layer one blockchain developed by Binance and its community contributors. It runs parallel with the Binance Chain, supporting smart contract functionality and Ethereum Virtual Machine (EVM) transactions.
BNB chain uses a Proof of Staked Authority (PoSA) consensus mechanism, where 21 validator nodes are currently responsible for block production and validation. Leading BNB Chain-based projects and Binance itself run these nodes.
Notably, the BNB Chain was conceived not just to power Binance's centralised exchange but also to support an entire ecosystem of decentralised applications. Binance Square represents one of the most ambitious attempts to showcase BNB Chain's capabilities.
Built for Speed and Low Cost
By building on the BNB Chain rather than popular L1s like Ethereum, Binance Square can benefit significantly from faster and cheaper transactions. BNB chain can currently process up to 2,000 TPS with ~3-second block times, compared to Ethereum's ~15 TPS.
Transaction fees on BNB Chain are also consistently under $0.10, making microtransactions much more viable. These performance and cost improvements allow for greater experimentation with native crypto monetisation for content creators on Binance Square.
#Write2Earn