Binance Chain is a blockchain software system developed by Binance and its community. It is a decentralized exchange (DEX) platform that enables trading of digital assets on a peer-to-peer basis.
Binance Chain uses the native Binance Coin (BNB) as its base currency. Binance Chain is powered by Tendermint consensus and can process up to 1,400 transactions per second.
Binance Chain was created to facilitate the listing of assets on the Binance DEX and to provide a more efficient way to trade digital assets. Binance Chain uses a new consensus algorithm called Tendermint, which is faster and more scalable than the traditional proof-of-work (PoW) algorithm.
Tendermint can process up to 1,400 transactions per second, which is much faster than PoW-based blockchains such as Bitcoin and Ethereum.
Binance Chain is also more flexible than other blockchains because it allows for the creation of custom tokens. This means that any asset can be traded on the Binance DEX, including fiat currencies, cryptocurrencies, commodities, and even loyalty points.
The launch of Binance Chain will have a positive impact on the cryptocurrency industry as a whole. It will make it easier for new projects to list their tokens on the Binance DEX and will also provide a more efficient way to trade digital assets.
In addition, the flexibility of Binance Chain will allow for the creation of new types of tokens and use cases.