Binance Smart Chain
Binance Smart Chain (BSC) is a blockchain platform developed by the cryptocurrency exchange Binance. It operates as a parallel chain to the Binance Chain and aims to provide a scalable and efficient ecosystem for decentralized applications (dApps) and digital asset management. BSC utilizes a Proof of Staked Authority (PoSA) consensus mechanism, combining elements of Proof of Stake (PoS) and Byzantine Fault Tolerance (BFT). This enables fast block times and low transaction fees. BSC offers compatibility with the Ethereum Virtual Machine (EVM), allowing developers to easily migrate their Ethereum-based dApps to the BSC network. It has gained popularity for its lower transaction costs and high performance, making it an attractive choice for blockchain developers and users alike.