BNB Smart Chain (BNB) Wallet

Download the BNB Smart Chain (BNB) Wallet from Bitcoin.com. Buy, sell, trade, and use BNB and other cryptocurrencies in one safe and simple, but powerful app.

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FAQ

What are BNB token and BNB Smart Chain?

BNB Smart Chain, formerly Binance Smart Chain, is an Ethereum Virtual Machine (EVM) compatible blockchain platform capable of general purpose smart contract execution. It is a base layer, or Layer 1 (L1), which is part of the BNB Chain ecosystem of blockchains that is developed with the support of cryptocurrency exchange Binance. It is known for its fast transaction time and low transaction cost. BNB token is the fuel for BNB Smart Chain. Originally known as Binance Coin, BNB has been rebranded to “Build and Build.” In addition to serving as BNB Smart Chain’s gas token, BNB also provides holders with on-chain governance rights.

How does BNB Smart Chain work?

BNB Smart Chain operates on a Proof of Staked Authority (PoSA) consensus mechanism that combines features from Delegated Proof of Stake (DPoS) and Proof of Authority (PoA). Validators are selected through staking-based governance, while Candidates serve as backups to maintain the functionality of the network when it is under stress. This hybrid approach ensures that blocks are produced by a limited set of validators, thus enhancing efficiency and decentralization. With a short block time of 3 seconds, transactions can be confirmed quickly. BNB Smart Chain supports EVM-compatible smart contracts and protocols, facilitating cross-chain transfers and other communications. The native token, BNB, is used for smart contract execution and staking.