Binance, Exchanges

Is Binance Coin the Same as Binance Smart Chain?

Binance Coin is the native cryptocurrency of the Binance Chain blockchain. Binance Smart Chain is a blockchain that is compatible with Ethereum’s smart contracts.

The two blockchains are not the same.

Binance Coin is used to pay fees on the Binance Chain. Binance Smart Chain is used to pay fees on the Binance Smart Chain.

The two blockchains have different fee structures.

Binance Coin can be used to create, trade, and transfer tokens on the Binance Chain. Binance Smart Chain can be used to create, trade, and transfer tokens on the Ethereum blockchain.

The two blockchains have different token standards.

Binance Coin is a Proof of Stake cryptocurrency. Binance Smart Chain is a Proof of Work cryptocurrency.

The two blockchains have different consensus mechanisms.

The Binance Chain blockchain has a block time of 1 second. The Binance Smart Chain has a block time of 15 seconds.

The two blockchains have different block times.

The Binance Chain blockchain can process up to 1,400 transactions per second. The Ethereum blockchain can process up to 20 transactions per second.

The two blockchains have different transaction processing speeds.

The BinanceChain blockchain is managed by the Binance Foundation. The Ethereum blockchain is managed by the Ethereum Foundation.

The two blockchains have different governing bodies.

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