What Is Binance Smart Chain (BSC)?
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What Is Binance Smart Chain (BSC)?
Binance Smart Chain (BSC) is a blockchain that shares similarities with Binance Chain, offering smart contract functionality through Ethereum Virtual Machine (EVM) compatibility, aiming to combine high throughput with the introduction of smart contracts. Both Binance Chain and Binance Smart Chain operate independently, with BSC functioning as a standalone blockchain rather than a layer two…
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How Binance Smart Chain (BSC) works?
Consensus BSC employs a Proof-of-Stake consensus algorithm, known as Proof of Staked Authority (PoSA), enabling approximately 3-second block times and allowing participants to stake BNB and become validators. Valid block introductions entitle participants to transaction fees from the included transactions, without any freshly-minted BNB block subsidy due to the non-inflationary nature of BNB. In fact,…