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Developed by cryptocurrency exchange giant Binance, BNB Chain—also known as the "Build N Build Chain"—is a blockchain designed to facilitate decentralized applications powered by smart contracts. Binance has developed this network to bridge centralized finance (CeFi) and decentralized finance (DeFi) for its global user base.
BNB Chain is a blockchain and ecosystem of interconnected scaling solutions designed to support speed, scalability, and affordability around DeFi and non-fungible token (NFT) apps. This ecosystem's three main pillars are as follows:
Launched in 2020, BSC is an Ethereum Virtual Machine (EVM)-compatible network, enabling developers to port their Ethereum apps over easily. BSC uses a Proof of Staked Authority (PoSA) consensus mechanism, which combines elements of Delegated Proof of Stake (DPoS) and Proof of Authority (PoA). This setup ensures short block times and lower fees.
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