What is Binance smart chain network?

Binance is a world-leading cryptocurrency trading platform. They are known for their cutting-edge blockchain technology and high performance.

One of the important developments that Binance has made recently is Binance Smart Chain or BSC. It is also an alternative to Ethereum and other DeFi platforms, but it’s much faster than them which makes it a better option for large-scale projects.

Binance smart chain network is a blockchain protocol that aims to provide a public, decentralized blockchain that uses its own token BNB as the gas. The main goal of this project is to create a more efficient and stable digital asset ecosystem.

Binance’s mainnet, the Binance Chain, is comprised of three layers.

  1. The first layer is called the primary service layer and provides basic trading services like asset issuance, trading pairs, and transactions.
  2. The second layer is called the smart contract layer which enables decentralized applications to be built on top of the blockchain itself.
  3. The third layer is called the distributed storage protocol, which will use IPFS or similar technology to provide decentralized data storage.

In summary:

Binance smart chain network is a public blockchain protocol that aims to provide a more efficient and stable digital asset economy through the use of their own token as gas for transactions

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