What is BNB Chain & why we used it?
BNB Chain is a decentralized, open-source blockchain platform developed by Binance one of the world's leading cryptocurrency exchanges. It was created to support the development and operation of Binance's various products and services, including its flagship cryptocurrency exchange, Binance.com. BNB Chain native currency is BNB which is on of the top altcoins.
BNB Chain is built on top of the popular Ethereum blockchain and utilizes the Ethereum Virtual Machine (EVM) to execute smart contracts and decentralized applications (DApps). However, it has several key differences from Ethereum, including faster transaction speeds, lower fees, and a more efficient consensus algorithm. BNB Chain average transaction cost is 0,10$ - 0,3$ cents with a 10-seconds transaction speed.
One of the main features of BNB Chain is the use of Binance Coin (BNB) as the native cryptocurrency. BNB is used to power various aspects of the Binance ecosystem, including paying for trading fees on the exchange, participating in ICOs and other fundraising events, and voting on key decisions within the Binance community.
In addition to supporting the Binance ecosystem, BNB Chain is also designed to be a general-purpose blockchain platform that can be used by developers to build and deploy a wide range of DApps. The Binance team has released a number of tools and resources to help developers get started, including a software development kit (SDK), a testnet, and documentation.
Overall, BNB Chain is a powerful and flexible blockchain platform that is well-suited for building and deploying a variety of decentralized applications. It has a strong community of developers and users, and is constantly evolving and improving to meet the needs of the Binance ecosystem and beyond.
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