What exactly is BNB chain? Here's everything you need to know
BNB chain is a blockchain infrastructure provider that provides secure, reliable, and easy-to-use solutions for developers.
Alex Sullivan
What is BNB Chain?
BNB Chain is a blockchain technology created by the leading global cryptocurrency exchange, Binance in 2019. BNB chain aims to provide users with a secure and efficient approach for performing transactions in digital assets. BNB Chain utilizes an innovative "proof-of-stake" algorithm, which allows users to receive rewards for participating in the BNB network.
The "BNB Chain" represents the "Build 'N Build" Chain, highlighting continuous community-led development. With its substantial decentralized exchange volume, it stands as the second-largest Layer 1 ecosystem, following Ethereum. Additionally, it ranks third in terms of daily active users.
What are the main features of BNB Chain?
BNB Chain offers users a fast, secure, and reliable way to transfer digital assets within the Binance network. It also provides users with access to an efficient decentralized application platform for developers, allowing them to create and deploy smart contracts and decentralized applications (dApps). Additionally, it provides access to a decentralized exchange (DEX), which allows users to trade digital assets without the need for a third party.
BNB ecosystem
The BNB Chain comprises five distinct blockchain networks that serve different purposes.
At the core of this ecosystem is the native token, BNB coin, which plays a dual role. It acts as the fuel for transactions on the chain and serves as a governance token across these networks.
Official documentation highlights two primary chains within the ecosystem.
• BNB Beacon Chain: network exclusively dedicated to the governance and staking of BNB tokens.
• BNB Smart Chain: This network offers smart contract capabilities and serves as the default layer for BNB Chain dapps. It is compatible with the Ethereum Virtual Machine, enabling the execution of Ethereum-based dapps.
• zkBNB : Leverage optimistic and zero-knowledge rollups as scaling technologies.
• opBNB: Facilitate scalable app development with higher throughput and minimal to zero transaction costs.
• BNB Greenfield: Decentralized storage infrastructure that operates within the larger BNB Chain ecosystem. It empowers users and dApps to efficiently create, store, and exchange data while ensuring full ownership. By cultivating a new data economy, BNB Greenfield paves the way for enhanced opportunities and possibilities.
"Our overarching goals for 2023 are the EVM compatibility and mainnet launch of our new [layer 2] infrastructure, zkBNB, and BNB Greenfield, the blockchain-based Web3 infrastructure,”
said Alvin Kan, BNB Chain's director of growth.
As part of their road map, BNB Chain has set ambitious goals to significantly expand its validator network from 29 to 100. With enhanced on-chain governance, validators will play a crucial role in shaping the network's direction and establishing its rules.
Furthermore, the blockchain aims to bolster its transaction capacity from 140 million gas limit and 2,200 transactions per second (TPS) to an impressive 300 million gas limit and 5,000 TPS. In the context of cryptocurrencies, the term "gas limit" refers to the maximum transaction price a user is willing to pay for executing smart contracts or sending transactions.
These strategic plans demonstrate BNB Chain's commitment to growth and innovation, solidifying its position as a leading blockchain platform.
BNB chain official website: https://www.bnbchain.org/en
BNB chain explorer: https://bscscan.com/
