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What is Binance Smart Chain?
Binance Smart Chain (BSC) is a blockchain network forked from Ethereum, which is designed to be compatible with previously developed protocol on Ethereum network called Ethereum Virtual Machine (EVM). The ability to create Smart Contract of Ethereum Virtual Machine makes it convenient for the third party developers to create their own DeFi Protocol. Similar to creating them on Ethereum network, Binance Smart Chain will cooperate with Binance Chain but the difference, compared to Ethereum, is Binance Smart Chain operates with Smart Contract feature and is also compatible with Ethereum Virtual Machine.
Binance Smart Chain (BSC) uses a consensus algorithm, known as Proof of Staked Authority (PoSA), with 21 validators staking BNB tokens, the native token for Binance ecosystem in order to secure the network. However, Binance Smart Chain (BSC) provides the fastest confirmation time and the lowest fee structure.
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