BNB Smart Chain, formerly known as Binance Smart Chain (BSC), is a blockchain network developed by Binance. It operates in tandem with Binance’s other protocol, BNB Beacon Chain (formerly Binance Chain), and employs the Proof of Staked Authority (PoSA) consensus mechanism. The BNB Smart Chain is intended to transfer and exchange value with assets that use the BEP-20 tokenization standard, rather than the BEP-2 tokenization standard used by the BNB Beacon Chain. BNB Smart Chain is a fast and secure blockchain network that is interoperable with other major blockchain networks.
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