All of these details will be displayed when you confirm a transaction. Fees are fixed at specific levels depending on the type of action you're taking. (Gas price * gas cost) is added to a transaction fee to arrive at the total transaction cost. On BSC, one gwei equals 0.000000001 BNB (mirroring Ethereum, where one gwei is 0.000000001 ETH). A transaction will cost 21,000x the gas price at the moment it's sent. It is the gas price which varies depending on network traffic: at peak times, it's higher (you can also specify the gas price you want to pay in order to have your transaction processed sooner). Specific actions have a fixed cost in units of gas transactions cost 21,000, for example. Transaction costs function similarly to Ethereum.įirstly, your transaction needs you to pay for gas. If you have too little, you won't be able to make any transactions. You'll need BNB, Binance's native token, to pay for transactions. Cheaper transactions have proven a huge draw for newcomers to web3, and BSC has absorbed much of this demand since its launch. Since its release, BNB Smart Chain has become one of the most heavily used EVM-compatible networks its active address count and daily transactions far exceed Ethereum mainnet. There are a maximum of 21 validators on BNB Smart Chain, elected from a list of Binance-vetted candidates according to votes from delegators (those staking BNB), with voting rights proportional to staked amounts. However, to optimize transaction costs and speed, BSC uses a different consensus mechanism: Proof of Staked Authority (PoSA).Ĭombining elements of delegated proof-of-stake (stakers ceding their block validation obligations to nominated third parties) and proof-of-authority (where a responsible body vets validators for trustworthiness), PoSA significantly improves the network's scalability. This means it is fundamentally similar to Ethereum, and enables it to be EVM-compatible. BNB Smart Chain also uses BNB as its native token.īNB Smart Chain is a hard fork of the Go Ethereum (Geth) protocol, which is one of the three original implementations of Ethereum, using the Go programming language. In doing so, it widened the scope of the Binance ecosystem far beyond the limitations of Binance Chain, which does not support smart contracts. Its sibling, Binance Smart Chain (BSC) (later BNB Smart Chain), was released in late 2020 specifically to facilitate smart contracts. Binance Chain (which became BNB Chain) went live in 2019, and is primarily used for storing and trading assets, especially on the company's own decentralized exchange, and using its token BNB. This pair comprises the BNB Chain and BNB Smart Chain - to use their updated names - which coexist. Amongst its many products and initiatives are its market-dominating centralized exchange, various wallets, and-last but not least-its own blockchains and their ecosystems. In this article, we'll continue to use the initialism BSC - reflecting its continued widespread usage.įor more information on the change, see the Binance announcement.īinance is one of the giants of crypto and web3. For most users, the change does not result in any difference. Binance rebranded BSC as the BNB Chain in February 2022.
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