Binance Smart Chain is a blockchain built on the Ethereum network that enables users to issue and transfer tokens. It is also compatible with smart contracts.
Binance Smart Chain is designed to provide a more scalable and efficient way to handle transactions than Ethereum.
The Binance Smart Chain mainnet launched on September 1, 2020. Binance Chain was originally built as a centralised exchange (CEX).
However, the team decided to launch a decentralised exchange (DEX) on top of the centralised exchange. The Binance DEX allows users to trade directly from their wallets and has been live since April 2019.
The Binance Smart Chain is powered by a native token, BNB. The token can be used to pay for transaction fees on the network.
BNB is also an ERC20 token, which means it can be stored in any Ethereum-compatible wallet.
The launch of the Binance Smart Chain mainnet marks a shift in focus for the company from being a CEX to becoming a one-stop shop for all things crypto. In addition to the DEX, the company plans to launch a range of products and services that will make use of the new blockchain.
These include a lending platform, a stablecoin, and a cross-chain decentralized exchange.
The Binance Smart Chain is designed to offer high throughput and low transaction fees. The team behind the project believes that this will make it more attractive to developers and users than Ethereum.
The project is still in its early stages, but if successful, it could provide stiff competition to Ethereum in the smart contract platform space.