What is the BNB chain? A complete guide
All you need to know about the BNB chain from Binance.
What is the BNB chain?
You’ll hear very often about the BNB chain, but it can be difficult to understand what it is and what it does. And that’s why we are here to provide some of the best BNB news. Learning the reasoning behind the blockchain and its intended use can give more insights about why this chain has become extremely popular.
BNB Chain is a global, decentralized network with developers, validators and users.
Understanding the BNB chain
The BNB chain was designed from the ground up as a distributed blockchain network, and it can be used by developers to create new, decentralized apps. However, the main focus for the BNB Chain is to ensure that transactions are taking place safely, and you don’t have to rely on third parties constantly. In addition, smart contracts make it easy to automate processes, and it’s something that will help cover NFTs along with games and DeFi apps as well.
Moreover, the BNB Chain has a very high transaction volume and users, which catapulted it to the top of the smart contract blockchain list. The ecosystem covers over 1300 decentralized apps, and it’s constantly growing.
Does Binance control the BNB Chain?
One of the most common questions regarding the BNB Chain is whether Binance controls it in any way. It’s important to understand that the BNB Chain is a decentralized blockchain ecosystem. Binance on the other hand is a company that offers Web 3 solutions. Binance is the company that introduced the idea behind the BNB Chain, however they are not its owners. They support the chain, however the BNB Chain is decentralized and fully independent.
The BNB Coin market cap
The BNB Chain uses the BNB token, and its price varies around $215. What’s important to note about the token is that it has a circulating supply of 153.85 million, and the market cap is $33.10B USD. It’s only one of the few cryptocurrencies that offer great stability, since the price doesn’t fluctuate too much.
Using the BNB Chain
Using the BNB chain is not difficult, instead the process is very seamless. You can also interact with decentralized apps on the BNB Chain. These decentralized apps offer a variety of use cases, such as NFT, synthetic assets, along with crypto derivatives, prediction markets, lending and borrowing, trading and many others. However, you require BNB tokens in order to perform tasks on the blockchain.
The BNB Chain relies on the proof of staked authority mechanism. The system uses validators using the staking governance system. It also uses candidates in the form of a backup. Thanks to that, all transactions are also confirmed very fast, especially since the block time is 3 seconds.
The BNB Chain focuses on innovation and on bringing the best Web3 features to users worldwide. With help from the BNB token you can also cover transaction fees, while also becoming a part of the BNB Chain ecosystem. The BNB Chain is only set to grow, and it will provide a great place to create and distribute decentralized apps or NFTs, along with many other features.
BNB chain official website: https://www.bnbchain.org/