BNB Smart Chain

Binance Smart Chain is a new platform that aims to lower transaction costs and provide a space to create DApps and other DeFi products.

Design Principles

Standalone Blockchain: technically, BSC is a standalone blockchain, instead of a layer-2 solution. Most BSC fundamental technical and business functions should be self-contained so that it can run well even if the BC stopped for a short period.

Ethereum Compatibility: The first practical and widely-used Smart Contract platform is Ethereum. To take advantage of the relatively mature applications and community, BSC chooses to be compatible with the existing Ethereum mainnet. This means most of the dApps, ecosystem components, and toolings will work with BSC and require zero or minimum changes; BSC node will require similar (or a bit higher) hardware specification and skills to run and operate. The implementation should leave room for BSC to catch up with further Ethereum upgrades.

Staking Involved Consensus and Governance: Staking-based consensus is more environmentally friendly and leaves more flexible options to community governance. Expectedly, this consensus should enable better network performance over proof-of-work blockchain system, i.e., faster blocking time and higher transaction capacity.

Native Cross-Chain Communication: both BC and BSC will be implemented with native support for cross-chain communication among the two blockchains. The communication protocol should be bi-directional, decentralized, and trustless. It will concentrate on moving digital assets between BC and BSC, i.e., BEP2 tokens, and eventually, other BEP tokens introduced later. The protocol should care for the minimum of other items stored in the state of the blockchains, with only a few exceptions.

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