The native blockchain of the decentralized exchange Binance is called the Binance Chain. It’s a decentralized ledger that helps the exchange manage its funds and payment processes. It’s also used for various applications, including paying transaction fees and promotional campaigns. The Binance Chain also shows important metrics for a decentralized exchange. The company is looking to implement more blockchain technologies in the future, so that it can become more relevant in the crypto ecosystem.
The Binance Smart Chain uses the PoA model to validate transactions, which means that the central party, Binance, approves the participants in the creation of blocks. The Binance Smart Chain has a block generation speed of three seconds, which is much faster than other blockchains. As a result, it is more secure against bad actors.
The Binance blockchain is a layer-1 blockchain. It is used by Binance’s own crypto exchange. This system is fueled by the BNB gas token, which stands for “Build and Build.” The BNB chain is also used to store the Binance Coin. It is possible to purchase and sell BNB through the Binance DEX.
The Binance blockchain has a maximum cap of 200 million coins, and the Binance coin has a maximum cap of 200 million. Like other decentralized coins, the Binance coin requires miners to solve blocks and make transactions. The time and energy needed to solve each block varies. The Binance chain is a parallel chain to the Ethereum blockchain. Combined with Ethereum, the Binance Chain supports decentralized trading. This blockchain has high transaction throughput.