Binance Coin (BNB BSC) Crypto Exchange

BNB, formerly known as Binance Coin, is a utility token of the Binance Exchange, which is represented in 2 variations on different platforms: BEP2 and BEP20. BNB Coin BSC is built on a BEP20 standard, like Ethereum’s ERC20 standard. Even though both Binance tokens have the same ticker, they differ significantly. BNB Smart Chain, formerly known as Binance Smart Chain, was launched in September 2020 as a parallel network to the Binance Chain. The idea behind BNB Smart Chain was to make a programable blockchain, like Ethereum, with smart contracts execution and staking. There are some fundamental differences between the BNB Beacon Chain and the BNB Smart Chain. First, the consensus algorithm was changed from Delegated Proof of Stake (DPoS) to Proof of Staked Authority (PoSA), with BFT transformed into Tower BFT. One of the most essential features of the BSC is its full compatibility with Ethereum’s EVM. BNB BSC could be used for a value transfer, running smart contracts, and powering apps on BSC. The other way to utilize BSC is to pay fees on the BNB Beacon Chain with BSC tokens. Last but not least is the tokens superpower to reduce trading costs on the Binance exchange.