BNB Chain is an alternative blockchain that is similar to Ethereum, capable of hosting smart contracts and decentralized applications. It was launched by Binance in September 2020 as the Binance Smart Chain, and relaunched in Feburary 2022 as BNB Chain. BNB uses the Proof-of-Staked-Authority model which has allowed for low transaction fees and higher throughput.
Compared to Ethereum which would usually cost hundreds to make a few transactions, BNB only charges less than a few dollars. BNB supports the BEP-20 token format, which is essentially the same format as ERC-20 but on a different chain, and transaction fees are paid in Binance’s native exchange token, BNB.
