Binance Coin (BSC) (BNB) Wallet

Binance Coin itself is a utility token of the Binance Exchange, which is represented in 2 variations on different platforms: BEP2 and BEP20. Binance Coin BSC is built on a BEP20 standard, which is more like Ethereum’s ERC20. Despite there is the same ticker for both Binance tokens, they differ a lot.

Binance Smart Chain was launched in September 2020 as a parallel network to the Binance Chain. The idea behind BSC was to make a programable blockchain, like Ethereum, with smart contracts executing and staking. There are also some fundamental differences between Binance Chain and Binance Smart Chain. First of all, the consensus algorithm was changed from Delegated Proof of Stake (DPoS) to Proof of Staked Authority (PoSA), with BFT transformed into Tower BFT. One of the most important features of the BSC is its full compatibility with Ethereum’s EVM.

Binance Coin BSC could be used not only for a value transfer but also for running smart contracts and powering apps on BSC. The other utility is to pay fees on Binance Chain with BSC tokens. Last, but not least is tokens superpower to reduce trading costs on the Binance exchange.