This document serve as a starting point for new users to the BNB Chain ecosystem. General knowledge of cryptocurrency is assumed, and in particular familiarity with the Ethereum ecosystem. If you don't understand something right away, that's OK. Search for an answer online, and if you don't find it, ask on our Discord.
What can users do with BNB Smart Chain (BSC)?
BNB Smart Chain (BSC) is the blockchain component of the BNB Chain ecosystem that is equipped with the smart contract functionality and compatibility with the Ethereum Virtual Machine (EVM) and is used for developing various kinds of decentralized applications. The design goal of BSC was to leave the high throughput of BNB Beacon Chain intact while introducing smart contracts into the BNB Chain ecosystem. Being EVM-compatible, other than easy portability, BSC enjoys support of the rich universe of Ethereum tools and dApps
Tokenization
On the BNB Smart Chain, users can:
BNB Token and Fees
BNB is the cryptocurrency coin that powers the BNB Chain ecosystem. As one of the world's most popular utility tokens, not only can you trade BNB like any other cryptocurrency, you can also use BNB in a wide range of applications and use cases.
Although initially based on the Ethereum network, the ERC-20 BNB tokens were later swapped with BEP-2 BNB at a 1:1 ratio. The BEP-2 BNB is the native coin of the BNB Beacon Chain, and the mainnet.
In 2020, the BNB Smart Chain (BSC) was launched. BSC is a blockchain network that runs in parallel with the BNB Beacon Chain. This means that BNB can be found in three different forms:
- BNB BEP-2 on the BNB Beacon Chain.
- BNB BEP-20 on the BNB Smart Chain.
- BNB ERC-20 on the Ethereum network.
How to Buy BNB Tokens
As all fees on BNB Chain are paid in BNB, therefore, in order to interact with the BNB Smart Chain network you will need to have some BNB tokens.
- BNB tokens can also be received for usage on testnet through the Testnet Faucet.
- Refer here for tutorials on different wallets for use with BNB Chain to send/receive/purchase BNB Tokens.
Extensive Support of Wallets
For a list of tutorials on how to use other supported wallets with BNB Smart Chain, refer here.
Using Blockchain Explorers
Explore the transaction history, blocks on the chain check different asset types, the distribution of their ownerships, and owners' transactions, etc. via the use of explorers. Refer here for a complete list.
Building dApps
BSC empowers developers to build dApps of different kinds. Below is a list of tutorials on how to develop smart contracts using IDEs
Migrate your dApps to BSC
- Migrate your existing dApps from other blockchains to BSC
Node RPC
There are data seed nodes in the network which allow users to perform low-level operations like executing ABCI queries, viewing network/consensus state or broadcasting a transaction.If you run a full node by yourself, you can also use RPC functions. For a list of all the Node RPC services for BNB Beacon Chain refer here and for BNB Smart Chain refer here.
FAQs
BNB Chain is built on a proof-of-staked-authority (PoSA) consensus mechanism, which uses a combination of proof of stake and traditional Byzantine fault tolerance (BFT) algorithms.
What is the difference between BNB and BSC? ›
The Crucial Distinction Between BSC And BNB Coin:
While BSC encompasses the broader blockchain framework, BNB specifically operates as the native token fueling the Binance ecosystem. BSC focuses on providing a fast and cost-effective environment for DApp developers, catering to their scalability needs.
What is the B&B beacon chain? ›
The BNB Beacon Chain is the blockchain component that is responsible for the governance of the BNB Chain and manages staking and voting on the BNB Chain. Whereas, the BNB Smart Chain is the blokchain component that is EVM compatible, consensus layers, and with hubs to multi-chains.
What is the BNB chain protocol? ›
BNB Smart Chain supports EVM-compatible smart contracts and protocols, facilitating cross-chain transfers and other communications. The native token, BNB, is used for smart contract execution and staking. There is no inflation of the BNB token, which means that validators do not earn a block reward.
How much is $1 BNB in USD? ›
BNB to USD
| Amount | Today at 3:20 pm |
|---|
| 1 BNB | $596.29 |
| 5 BNB | $2,981.47 |
| 10 BNB | $5,962.95 |
| 50 BNB | $29,814.73 |
4 more rowsThe investigation there is tied to claims Binance improperly operated as a digital asset service provider before receiving regulatory approval in May 2022, and accusations it engaged in "aggravated money laundering by taking part in investment operations, concealment and conversion.”
Are there two types of BNB? ›
This means that BNB can be found in three different forms: BNB BEP-2 on the BNB Beacon Chain. BNB BEP-20 on the BNB Smart Chain. BNB ERC-20 on the Ethereum network.
Is BNB worth keeping? ›
Expert Opinion: Many experts consider BNB a good investment due to its deflationary nature and growing utility.
Is the BNB chain permissionless? ›
BNB Chain, an integral part of Binance's expansive ecosystem, is a community-first and open-source ecosystem built on a permissionless and decentralized environment. BNB Chain is composed of two blockchains - BNB Beacon Chain (BC) and BNB Smart Chain (BSC).
What wallets support the BNB chain? ›
Your Wallet is your Access.
- Trust Wallet. Helping over 25 million crypto users buy, store and sell cryptocurrencies and NFTs with Trust Wallet.
- Binance Web3 Wallet. ...
- BNB Chain Wallet. ...
- Coin98. ...
- MathWallet. ...
- MetaMask. ...
- SafePal. ...
- TokenPocket.
What Makes BNB Smart Chain so Powerful? EVM-compatible Layer 1 with compatible tooling for up to 35x capacity. Supports popular programming languages: Solidity, GO, Java, Swift; with a short block time and high block gas limit.
Is the BNB chain decentralized? ›
Get Involved, Be Part of the Community. BNB Chain is a global, decentralized network with developers, validators, users, HODLers and enthusiasts.
Who controls BNB chain? ›
BNB Chain now exists as a fully decentralized ecosystem run by its community and a distributed network of validators. Today, Binance runs the largest digital asset exchange in the world by trading volume.
Does BNB chain use proof of stake? ›
The BNB Chain uses a hybrid Proof of Stake Authority (PoSA) to validate network transactions. The ethos behind the BNB Chain is different. Through implementing a PoSA consensus model, network creators have actively chosen to sacrifice decentralisation in favour of scalability potential.
How many validators does the BNB chain have? ›
BNB Smart Chain relies on a system of 55 validators with Proof of Staked Authority (PoSA) consensus that can support short block time and lower fees. The most bonded validator candidates of staking will become validators and produce blocks.
What is BNB proof of reserves? ›
What is Proof of Reserves (PoR)? When we say Proof of Reserves, we are specifically referring to those assets that we hold in custody for users. This means that we are showing evidence and proof that Binance has funds that cover all of our users assets 1:1, as well as some reserves.
What blockchain is BNB built on? ›
Understanding Binance Coin (BNB)
The Binance blockchain is built using Ethereum and uses BNB as its native token. It was launched during an initial coin offering (ICO) in July 2017 and has a strict maximum of 200 million BNB tokens.
Is BNB proof of stake? ›
The BNB Chain also uses the proof-of-stake method to validate blocks. The method leads to faster transactions, lower gas fees, and a much smaller carbon footprint.
Is the BNB smart chain BEP20? ›
BEP20 is a token standard on BNB Smart Chain (BSC). It is an extension of the Ethereum ERC-20 token standard, and it defines a set of rules that all BEP20 tokens must follow. These rules include how tokens can be transferred, burned, and minted.
