# What is Binance Smart Chain? ![](/files/-MiFMxmYuUFrZpxw6nmu) 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. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://acet-finance.gitbook.io/act/what-is-binance-smart-chain.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.