What is the Binance Smart Chain?

As recently Paypolitan has incorporated a cross-chain BSC bridge, we suggest you learn all the details about it and what benefits it brings. Let’s go!

What is the Binance Smart Chain?
Launched in September 2020, the Binance Smart Chain is a blockchain service that allows developers to build their decentralized apps using smart contracts. The original Binance Chain wasn’t built to allow such functionality, but the Binance Smart Chain has been designed to provide these same types of speedy transactions while improving and expanding existing features and capabilities.
It is important to note that Binance Smart Chain isn’t a rebranded version of the original Binance Chain. Likewise, it is not a layer-two or sidechain platform meant solely to expand upon the original Binance Chain. Instead, it’s an entirely separate, standalone blockchain that will continue running even if the Binance Chain goes offline. However, the two blockchains are ultimately designed to work parallelly.

How does the Binance Smart Chain work?
The Binance Smart Chain utilizes a Proof-of-Staked Authority (PoSA) consensus algorithm, a hybrid of proof-of-stake and proof-of-authority models. Validators on the network are those who have staked a certain amount of BNB and then receive transaction fees on validating approved blocks on the network.

What’s so special about the Binance Smart Chain?
The cross-chain compatibility between the Binance Chain and the Binance Smart Chain offers developers an intriguing tandem of possibilities. For example, it allows developers to harness the individual strengths of both blockchains to maximize the functionality and performance of their dapps.
Binance has a few advantages here, including immense name recognition in the crypto space, and considerable funding and liquidity, thanks to its flourishing exchange and ecosystem.