Binance Smart Chain (BSC) utilizes Proof of Staked Authority, a hybrid consensus mechanism that combines elements of Proof of Stake and Proof of Authority. Validators on the BSC network are chosen based on their staked amount, ensuring high scalability, security, and energy efficiency. This consensus algorithm allows for a limited number of validators who are responsible for validating transactions and creating new blocks
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With the launch of Binance Chain, Binance Coin underwent a token swap, where holders of the ERC-20 token could exchange them for the native Binance Chain version.
As a native token of the Binance Chain, BNB is used to pay for transaction fees on the blockchain, including trading fees on the Binance CEX and the Binance DEX, a decentralized exchange built on top of the Binance Chain. Binance DEX allows users to trade and transact without needing a centralized intermediary.