What is BNB Smart Chain?

Formerly known as Binance Smart Chain (BSC), BNB Smart Chain is a blockchain network built by Binance. It runs parallel to Binance's other protocol, BNB Beacon Chain (formerly Binance Chain), and makes use of the Proof of Staked Authority (PoSA) consensus mechanism. The BNB Smart Chain is designed to transfer and exchange value with assets that use the BEP-20 tokenization standard, instead of the BEP-2 tokenization standard that operates on BNB Beacon Chain. BNB Smart Chain is interoperable with other major blockchain networks and is characterized as being fast and secure.