Binance is a major player in the crypto industry, and the company is far more than an exchange platform. Its main projects include the design of the BNB Chain, which is a modern blockchain that aims to offer a user-friendly environment and secure and fast transactions.
BNB actually stands for “Build ‘N Build,” and there’s an interesting explanation that’s because the network builds the community and lets it continue building from there. It seems more people are converting BUSD to BNB these days, but before you do, we suggest reading our detailed review with more details about this project.
Core Features That Make BNB Chain Stand Out
The current throughput of the BNB Chain is at 2,200 transactions per second, while the gas limit is set at 140 million. That’s already impressive, but the plan is to double these capacities, which will make the network even faster.
The fees charged are fairly low, and they vary from 0.05% if you pay in BNB tokens to 0.1% if you pay in non-BNB assets when trading on decentralized exchanges. Other charges are also relatively affordable, which is why this chain is attractive to users.
As for the block time, BNB’s current average is three seconds. That’s important to mention because it’s much faster than 13 seconds, which is how long it takes Ethereum to come up with a block.
It’s critical to understand that the BNB Chain is actually comprised of these components:
- BNB Beacon Chain — It’s the layer in charge of the ecosystem’s governance and staking.
- BNB Smart Chain — A crucial layer due to its EVM compatibility, which ensures interoperability of the network.
- ZkRollup — It features infrastructure that helps developers build apps based on BSC.
- BNB Greenfield — It’s a decentralized network to store data, and it secures owning, using, and monetizing data.
Together, they create a single BNB Chain.
BNB Chain: Main Use Cases
Real-life applications of the BNB Chain could be divided into the following categories:
- Payments. It’s possible to purchase services and products, acquire virtual gifts, and conduct payments via apps like Monetha and Coinify.
- Travel. The chain integrated several platforms, such as Travala and Trip.io, into its blockchain, which allows you to pay for accommodation and flights with BNB.
- Entertainment. You can enjoy games and popular titles like Axie Infinity, where you can buy virtual land with BNB. It’s also possible to earn this token by playing games.
- Finances. You can use financial applications to trade stocks, split bills, take out loans, and much more.
- Services. Using torrent clients, VPN apps, and other services is also possible if you pay for them with the BNB.
Future Developments and Plans
BNB Chain creators have optimistic plans for the future, and they include many improvements in different areas. It’s all about performance in blockchain technology, so increasing the block gas limit is the main imperative for the creators.
Greenfield testnet is live, which is a huge step forward for the BNB Chain as it offers developers new and strong tools to design innovative solutions and use the network’s capacity to the maximum. The testnet focuses on providing a highly-efficient data availability solution that maintains impressive scalability.
BNB Chain also plans improvements on the Parallel EVM. It’s an extension of the standard EVM, which is single-threaded, and the new parallel extension should make it possible to execute more instructions simultaneously. Parallel EVM 3.0 has the goal of implementing the parallel function to the validator mode, but it seems to be a complex addition.
Miner Extractable Value (MEV) Research and other effort are made to keep implementing innovative solutions and ensure BNB Chain remains a modern blockchain technology.
Binance is doing a great job with its blockchain technology. Although some might know it as Binance Smart Chain (BSC), it was rebranded to the BNB Chain. Whether you are a developer or looking for different use cases of BNB for other reasons, this could be an exciting project.Before you acquire BNB tokens, don’t forget to make sure it’s the right move to make. For example, the BNB vs FTM compare reveals more info about these two digital tokens, and traders should always be aware of all details of the chosen pair before going through with the swap.