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Binance Smart Chain Ecosystem

Binance Smart Chain, or BSC, is an alternative blockchain that is similar to Ethereum. It was launched by Binance in September 2020 to host smart contracts and decentralized applications. Unlike Ethereum’s Proof-of-Work consensus model, BSC uses the Proof-of-Staked-Authority model which has allowed for low transaction fees and higher throughput.

Compared to Ethereum which would usually cost hundreds to make a few transactions, BSC only charges less than a few dollars. BSC supports the BEP-20 token format, which is essentially the same format as ERC-20 but on a different chain, and transaction fees are paid in Binance’s native exchange token, BNB.