Binance is currently one of the biggest blockchain technology-based platforms catering to international crypto users. When first launched in 2017, Binance was an exchange service for users to trade their crypto-related assets. Now, 5 years later, Binance has grown into an increasingly popular platform with cutting-edge technologies.
Since launching its first blockchain in 2019, the current BNB Chain has established its well-perceived reputation and now offers a plethora of services, which we will cover in this guide.
What is BNB Chain (Binance Smart Chain)?
Formerly known as Binance Smart Chain, BNB Chain offers top-notch utility and functionality for both individual crypto enthusiasts and businesses. The blockchain is a fully independent service and is not associated with any Layer 2 networks or scaling solutions.
BNB Chain is home to various smaller and larger-scale decentralization applications - some of the most notable being Binance DEX and PancakeSwap. On top of offering powerful smart contract support, the platform is also compatible with the Ethereum Virtual Machine (EVM), which allows users to utilize ETH-based applications, such as MetaMask.
In addition, BNB Chain is known to be more affordable than Ethereum (currently, maximum charged fee is 0.1%). Besides, the blockchain offers fast block finality time, resulting in higher demand among customers.
BNB funds innovative projects centered around blockchain technology. The chain supports BEP2, BEP8, and ERC-20 tokens and encourages cross-chain interoperability. Some of the BNB crypto tokens (previously Binance Smart Chain tokens) are Dogecoin (DOGE), Polkadot (DOT), Zcash (ZEC), etc.
BNB Chain history
Founded by Chinese-Canadian developer Changpeng Zhao in 2017, Binance was initially Chinese-based. However, due to strict cryptocurrency regulations imposed by the Chinese government, Binance has relocated its main HQ office. Additionally, the company opened an American-only Binance.US to comply with the US law.
As of now, Binance has combined Binance Smart Chain (BSC) and Binance Chain into one product under the name BNB Chain (“Build and Build”). Take a look at what the official project team says:
By rebranding the platform, Binance is hoping to increase decentralization and throughput of its network: Ethereum compatibility enriches the blockchain ecosystem with EVM tools and applications, which can be easily added to BNB Chain by configuring a few settings.
How does BNB staking work
Staking remains among the most widely-used methods for earning passive income, representing a form of activity where a user stakes (or holds) tokens on the network instead of sending them to his/her wallet. This often results in gaining monetary rewards.
BNB Chain runs on its own combination of Proof-of-Stake and Proof-of-Authority, known as Proof-of-Staked-Authority. In Binance’s version, any user can become a validator as long as they stake BNB crypto - the blockchain’s utility token. Many are familiar with its former name - Binance Coin. Essentially, the amount of staked BNB and a user’s reputation are put into consideration before he/she is granted validating authority.
If a data block proposed by a certain validator gets added to the chain, rewards are appointed in the form of the transaction fees being taken from that said block.
You can use websites, like Staking Rewards, to calculate the approximate amount of rewards you could get by staking BNB.
Besides, staking BNB is helpful when users want to participate in governance processes and contribute to the overall security of the platform.
What are BNB blockchain nodes?
Simply put, blockchain nodes are computing devices that contain blockchain history and help developers seamlessly access the ecosystem. Nodes provide security and verify new blocks of data. There could be various types of nodes operating under the same blockchain, each of them being responsible for different functions.
Binance Smart Chain is no exception as the blockchain highlights the importance of BNB nodes. Blockchain node provider GetBlock is often utilized in deploying BNB blockchain nodes in a near-instantaneous way.
Dedicated nodes for BNB, hosted by GetBlock, help web3 developers implement privately-designed node infrastructure alongside an unlimited number of requests, a variety of API interfaces, and a selection of node location services, which boosts scalability and performance of BNB-based decentralized products.
GetBlock’s BNB shared nodes may be useful in soft launching web3 startups, as they give access to peer-shared nodes in order to provide all users with the possibility to experiment with their dApps before going mainnet.
BNB node clusters offer top-tier scalability for GetBlock customers on top of a higher workload and integration with third-party services.
Not only does running nodes with a node provider, like GetBlock, save time and money, but it also increases node security. GetBlock takes the responsibility for maintaining its hosted nodes, making it possible for clients to deploy web3 architecture with no programming skills required.
Is Binance the same as Smart Chain?
After its rebranding in February 2022, BSC (Binance Smart Chain) merged with BNB Beacon Chain (formerly Binance Chain) in hopes to boost decentralization and utility of the platform’s ecosystem as well as bring awareness to the BNB token.
What is the blockchain of BNB?
Originally Ethereum-based, the BNB token is now the native and utility token of the BNB Chain. BNB tokens are “burned” regularly to increase the token value.
When did BNB become its own blockchain?
When first introduced, BNB (Binance Smart CHain token) was based on the ERC-20 standard (Ethereum); however, the token later shifted to the Binance Chain in 2019. The Binance Smart Chain was officially launched as an independent standalone product in September 2020.
When did Binance Smart Chain get rebranded?
In February 2022, Binance Smart Chain was rebranded to BNB Chain.
How many nodes are there in BSC?
The freshly rebranded BNB Chain, consisting of both BSC and Binance Beacon, has increased its validator set from 21 to 41 nodes in hopes to boost scalability and make the platform more suitable for building large-scale decentralized applications, providing user-friendliness and utility for web3 developers on a global scale.
What is a BSC node?
Now called BNB nodes, the asset is of crucial importance to the entire ecosystem. BNB nodes supercharge all dApps built and launched with the help of BNB Chain: DeFi, SocialFi, GameFi, metaverses, etc.
Binance is arguably one of the biggest and most recognized platforms associated with cryptocurrency and blockchain technology. BNB Chain constantly pushes new innovations within its ecosystem. The network provides appealing BNB staking opportunities alongside EVM compatibility at a low pricing point, which surely makes BNB Chain a robust engine for building high-performance dApps.
Crypto enthusiasts and web3 developers can start utilizing the BNB Chain ecosystem in a matter of minutes with the help of GetBlock.