Cryptocurrency Q&A
What network is BNB Smart Chain on?
What network is BNB Smart Chain on?
CryptoEagle
Tue Jul 02 2024
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5 answers
858
Could you elaborate on the network that the BNB Smart Chain operates on? I'm curious to understand the underlying infrastructure that powers this blockchain platform. Is it built on a fork of an existing blockchain, or is it a completely new architecture? Understanding the technical specifics of the network is crucial for evaluating its potential and sustainability in the long run. Clarifying this point would be greatly appreciated.
5 answers
Nicola
Thu Jul 04 2024
This ERC-20 token status allowed BNB to leverage the vast ecosystem and interoperability of Ethereum, gaining early adoption and recognition.
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CryptoProphet
Thu Jul 04 2024
The BNB token started its journey as an ERC-20 token, residing on the Ethereum blockchain.
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DaeguDivaDanceQueen
Wed Jul 03 2024
However, in 2019, a significant milestone was achieved as BNB migrated from Ethereum to Binance Exchange's proprietary blockchain, named Binance Chain.
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QuasarGlider
Wed Jul 03 2024
The move to Binance Chain marked a new era for BNB, providing improved scalability, faster transaction speeds, and lower transaction costs.
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KpopStarletShineBrightnessStarlight
Wed Jul 03 2024
Furthermore, as Binance Smart Chain (BSC) was launched in September 2020, BNB evolved into the native fuel of this innovative blockchain, powering smart contracts and decentralized applications.
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