BNB
It should not be shocking that Binance, the largest cryptocurrency exchange in the world by a wide margin, is also the one behind BNB Chain, the second-largest smart contract platform.
We go over the ins and outs of BNB Chain and what it has to offer, starting with its dual-chain system.
BNB
which makes it perfect for decentralized Smart Contracts trading.Governance staking and voting all happen on the Beacon Chain,
but the chain lacks extra programmability, which is why the Smart Chain is home to BNB Chain’s smart contracts.
Not only that, but the chain only has a 3-second block time compared to Ethereum’s 10-15 seconds. Ethereum does win when it comes to decentralization as it has thousands of validators while BNB Chain only has 21.
The 21 validators on BNB Chain use a model called proof of staked authority. Validators In a nutshell, holders of the BNB token can delegate their stake to one of the top 21 validators on the network. These
BNB Token
just days before Binance launched their BNB Token Binance
tokenexchange. BNB token Binance started out as an ERC-20 token,
But since then.it become much more Binance BNB token.As mentioned, it’s used for governance
and staking to secure Binance BNB token Chain,but it also used to pay gas fees for transactions, just like ETH.
Exodus supports the token and Binance BNB Chain across all three of our wallets, including our Web3 wallet. The Exodus Web3 wallet is fairly new, so some app developers haven’t added it as a wallet option yet.Once you download Exodus,
just go to settings and make sure Prioritize Exodus is enabled. Now when you select another wallet in a Web3 app, Exodus will connect instead! Now that you know what the Binance BNB chain is and how it works,
Because it got a huge ecosystem of DeFi apps, NFT projects, and more . You can find all the major stablecoins and popular DeFi protocols on the chain, like Uniswap, PancakeSwap,BNB and Aave.
And even though Binance Chain is mainly known for its DeFi scene.
it also become a hub for NFTs because of its cheap BNB fees. Most of the activity is takes place on Binance’s own NFT marketplace.
For example, Cristiano Ronaldo partnered with BNB Binance to launch his CR7 NFT collection on BinanceChain. If you’re a sports fan, you might also have heard about Binance’s Fan Token Platform.
These fan tokens give you special benefits for BNB certain sports teams, like limited-edition NFT and voting on club decisions.
These tokens all live on the BNB BinanceChain. The BNB BinanceChain claims to be a community-driven, open-sourced, and decentralized ecosystem.
And while it less decentralized than its main competitor Ethereum, only time will tell whether its community can make it the number one smart contract platform out there.