What is the Binance Smart Chain

Binance Smart Chain (BSC) is a blockchain network created by Binance, one of the world's largest cryptocurrency exchanges. It is a parallel blockchain to Binance Chain, and it was launched in September 2020.
Binance Smart Chain is designed to support decentralized applications (DApps) and smart contracts, similar to Ethereum, but with faster transaction speeds and lower fees. It is based on the Ethereum Virtual Machine (EVM) and is compatible with the Ethereum toolchain, which means that developers can easily migrate their projects from Ethereum to BSC.
Binance Smart Chain uses a consensus mechanism called Proof of Staked Authority (PoSA), which combines Proof of Stake (PoS) and Proof of Authority (PoA) to achieve consensus. Validators stake their BNB tokens to participate in block validation, and the authority nodes are selected by the validators based on their reputation.
Binance Smart Chain offers many features and advantages, including high speed and low fees, interoperability with other blockchains, and a growing ecosystem of decentralized applications and services. It has quickly become a popular choice for developers and users alike who are looking for a more efficient and cost-effective alternative to Ethereum.

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