How did Binance Smart Chain appear?

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Binance Smart Chain (BSC) was created in 2020 with the goal of providing users with faster and cheaper cryptocurrency transactions. Inspired by the success of Ethereum, but aiming to overcome its limitations, BSC uses the Proof of Staked Authority (PoSA) consensus mechanism, combining elements of proof of stake and authority. This ensures higher transaction processing speed and lower fees, which attracted many developers and users. Today, BSC is one of the most popular blockchain platforms, actively supporting DeFi projects, NFTs, and decentralized applications.

This material was prepared by Khachatur Davtyan, developed and translated by artificial intelligence.