Binance Smart Chain (BSC) is a blockchain developed by Binance, one of the largest cryptocurrency exchanges in the world. It is designed to run parallel to the Binance Chain, which is a separate blockchain that is optimized for fast and secure trading. BSC is built on a Proof of Staked Authority (PoSA) consensus mechanism, which combines proof of authority (PoA) and delegated proof of stake (DPoS) consensus algorithms. BSC supports smart contracts and is fully compatible with the Ethereum Virtual Machine (EVM), which means that Ethereum-based dApps can easily migrate to BSC. This has made BSC an attractive alternative to Ethereum for developers and users, as it offers fast transaction processing times and low transaction fees. Binance Smart Chain also has its own native cryptocurrency, Binance Coin (BNB), which is used to pay for transaction fees on the network and is also traded on various cryptocurrency exchanges.
