Introducing BSC

Binance started with its own blockchain, previously called Binance Chain, to power its own centralized flavor of decentralized exchange for trading crypto assets in 2017. Its main function is to provide a highly performant order book-based matching engine that aims to replicate the sub-second trading efficiency of centralized exchanges in the traditional financial world.

Binance jumped onto the wagon of DeFi mania in 2020 with the rollout of Binance Smart Chain. This is a smart contract platform intended to power DeFi protocols and smart contracts. Instead of building a new blockchain infrastructure from the ground up, Binance forked from Geth one of the popular Ethereum 1.0 clients, plugged in its own implementation of the Proof of Staked Authority (PoSA) consensus algorithm, and made it available quickly to the developer community, which was deeply frustrated by the progress of Ethereum scaling solutions. Since then, it has become one of the leading DeFi and cryptocurrency...