BNB Smart Chain (blockchain platform)

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BNB Smart Chain
BNB, native cryptocurrency for the Binance Smart Chain.svg
Denominations
CodeBNB
Development
Original author(s)Changpeng Zhao, Yi He
White paper
Initial release2017
Code repository https://github.com/bnb-chain
Development statusActive
Project fork of Ethereum
Written in Solidity, GO, Java, Swift
License Apache 2.0 [1]
Ledger
Block explorer https://bscscan.com/
Valuation
Exchange rate ~1300$
Website
Website www.bnbchain.org/en

BNB Smart Chain (formerly Binance Smart Chain) is a public blockchain platform that uses a proof-of-stake consensus mechanism and provides smart contract functionality. The platform's native cryptocurrency is BNB. Blockchain was founded in 2017 by Changpeng Zhao and Yi He, as a branch of the Binance system.

Contents

Characteristics

BNB Smart Chain runs on a proof of stake model. [2] The New York Times and Financial Times described the coin as an alternative to Ethereum. [3] [4]

History

BNB originated in 2017 as an Ethereum-based token for Binance exchange users, becoming the native coin for the separate Binance Chain in 2019 via a token swap.[ citation needed ] In 2020, the parallel Binance Smart Chain (BSC) launched, adding smart contract functionality, and was rebranded as BNB Smart Chain in 2022. BNB Chain use of centralization had led to several exploits on the network. [5] Binance Smart Chain was renamed to BNB Chain. The unified BNB Chain was introduced in 2022, combining the functions of the original Binance Chain (now BNB Beacon Chain) and BNB Smart Chain into a single sytem.[ citation needed ]

After the BSC Token Hub bridge exploit on October 6–7, 2022, validators coordinated a temporary halt. Independent security tallies have found BNB Chain to be the most targeted chain by incident count in 2023 (Immunefi recorded 133 incidents, 41.6% of those tracked), with industry coverage and vendor reports highlighting rug pulls as a frequent loss vector on the chain that year. [6]

Since 2023, regulatory exposure has been cited due to links with Binance and the BNB token: the U.S. SEC filed a civil complaint in June 2023 alleging unregistered offers and other violations; in May 2025 the SEC announced a joint stipulation to dismiss the case with prejudice. [7]

See also

References

  1. ↑ "solana/LICENSE". Solana Labs. 17 March 2023. Archived from the original on 18 March 2023. Retrieved 18 March 2023.
  2. ↑ Locke, Taylor (5 November 2021). "Solana is up 12,000% this year—what to know before buying the Ethereum competitor". CNBC. Retrieved 29 March 2023.
  3. ↑ Yaffe-Bellany, David (7 February 2022). "They Made Millions: Crypto's Boom Beyond Bitcoin". The New York Times. ISSN   0362-4331 . Retrieved 7 April 2023.
  4. ↑ "Ethereum co-founder hits out at economics of fast-growing Solana blockchain". Financial Times. 15 March 2022. Retrieved 7 April 2023.
  5. ↑ Schoenberg, Tom; Robinson, Matt; Lee, Justina (6 June 2022). "US Probes Binance Over Token That Is Now World's Fifth Largest". Bloomberg.com. Retrieved 8 October 2025.
  6. ↑ Locke, Taylor. "BNB Smart Chain halts after $100 million exploit, Binance CEO CZ says: 'The issue is contained'". Fortune Crypto. Retrieved 15 October 2025.
  7. ↑ "SEC.gov | SEC Files 13 Charges Against Binance Entities and Founder Changpeng Zhao". www.sec.gov. Retrieved 15 October 2025.
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