What Is Binance Chain?

Binance Chain is a new blockchain software system build by Binance and its community. The main purpose of the Binance chain is to build a marketplace for issuing and trading digital assets in a decentralized manner.

What can you do on Binance Chain?

By using the Binance chain you can:

• Send and receive BNB
• Issue new tokens to digitalize assets, and use Binance Chain as underlying exchange/transfer network for the assets
• Send, receive, burn/mint, and freeze/unfreeze tokens
• Submit an on-chain governance proposal for Binance Smart Chain

If you are a trader, you can:

• Propose to create trading pairs between two different tokens
• Send orders to buy or sell assets through trading pairs created on the chain with SDK
• Watch the DEX market to confirm the price and market activity of certain assets

If you are a developer, you can also:

• Explore the transaction history and blocks on the chain, via Binance Chain Explore, API, and node RPC interfaces.
• Run a full node to listen to and broadcast live updates on transactions, blocks, and consensus activities
• Extract other data of Binance Chain via full node or APIs
• Develop tools and application to help users use Binance Chain and Binance DEX

What is the consensus algorithm used on Binance Chain?

BFT and PoS based consensus mechanism is used by Binance Chain to produce blocks among a series of qualified validators. This consensus algorithm is similar to the architectures of various familiar blockchain platforms such as EOS and NEO.