BNB Smart Chain (BSC) is a blockchain network launched in 2020 as a parallel chain to BNB Beacon Chain, offering Web3 tools and decentralized applications (DApps) ¹ ² ³:
Key features of BNB Smart Chain include:
- Compatibility with the Ethereum Virtual Machine (EVM)
- Smart contract functionality
- Decentralized finance (DeFi) services
- Multi-chain support
- Web3 applications
- High-performance blockchain
- BEP-20 token standard
- Proof of Staked Authority (PoSA) consensus algorithm
The BNB Chain team plans to retire the BNB Beacon Chain and merge its core functionalities with the BNB Smart Chain network ¹.$BNB