BNB Chain is a blockchain developed by Binance that supports BNB: its native cryptocurrency and BEP20 tokens. It is powered by proof-of-stake (PoS) consensus where users can become validators using BNB. In addition, BNB Chain allows for the creation of DApps and migration of Ethereum-based DApps to its platform, offering a wide range of DeFi products and supporting several decentralized exchange platforms like PancakeSwap or BurgerSwap.
What sets BNB Chain apart is its compatibility with Ethereum’s smart contracts and support for Peggy Coins- tokenized versions of other crypto assets like Bitcoin or Litecoin. These tokens can be used in DeFi applications and have a value close to the original asset. Binance also believes in the future of a world where over 1 billion users exist with MetaFi.
Binance is a decentralized crypto exchange platform with millions of users worldwide that has also developed Binance Chain and Binance Smart Chain. BNB Chain’s mission is to create infrastructure for a parallel virtual ecosystem and provide the community with a platform that caters to their diverse needs.
FAQs
What is BNB Chain?
BNB Chain is a blockchain developed by Binance that supports BNB and BEP20 tokens. It also offers compatibility with Ethereum’s smart contracts and supports Peggy Coins, tokenized versions of other crypto assets like Bitcoin or Litecoin.
What is the difference between Binance Chain and Binance Smart Chain?
Binance Chain is a blockchain that mainly supports the Binance DEX, while Binance Smart Chain supports smart contracts and DApps.
What is Peggy Coin?
Peggy Coins are tokenized versions of other crypto assets like Bitcoin or Litecoin. They can be used within DeFi applications and have a value close to the original asset they represent.
Conclusion
BNB Chain is a versatile blockchain that supports BNB, BEP20 tokens, Peggy Coins, and offers compatibility with Ethereum’s smart contracts. Binance aims to create a world with over 1 billion users with MetaFi and offers a platform that caters to the diverse needs of its community.
