BNB Smart Chain (blockchain platform)

BNB Smart Chain
Denominations
CodeBNB
Development
Original author(s)Changpeng Zhao, Yi He
White paper[1]
Initial release2017[1]
Code repositoryhttps://github.com/bnb-chain
Development statusActive
Project fork ofEthereum
Written inSolidity, GO, Java, Swift
LicenseApache 2.0[2]
Ledger
Block explorerhttps://bscscan.com/
Valuation
Exchange rateFloating
Website
Websitewww.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.[3] The platform's native cryptocurrency is BNB.[4] The system is part of the broader Binance ecosystem founded in 2017 by Changpeng Zhao and Yi He.[5]

Characteristics

BNB Smart Chain runs on a proof of stake model.[6] The New York Times and Financial Times described the coin as an alternative to Ethereum.[7][8]

History

BNB originated in 2017 as an Ethereum-based token for Binance exchange users,[9] becoming the native coin for the separate Binance Chain in 2019 via a token swap.[10]

In 2020, the parallel Binance Smart Chain (BSC) launched, adding smart contract functionality,[11] and was rebranded as BNB Smart Chain in 2022.[12] BNB Chain use of centralization had led to several exploits on the network.[13]

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 system.[14]

After the BSC Token Hub bridge exploit on October 6–7, 2022, validators coordinated a temporary halt.[15]

Independent security tallies have found BNB Chain to be among the most targeted networks by incident count in 2023, with industry coverage highlighting rug pulls as a frequent loss vector.[16]

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.[17]

See also

References

  1. ^ "What Is Binance Coin (BNB)?". Investopedia. Retrieved 22 February 2026.
  2. ^ "solana/LICENSE". Solana Labs. 17 March 2023. Archived from the original on 18 March 2023. Retrieved 18 March 2023.
  3. ^ "What Is Binance Coin (BNB)?". Investopedia. Retrieved 22 February 2026.
  4. ^ "What Is Binance Coin (BNB)?". Investopedia. Retrieved 22 February 2026.
  5. ^ "Binance". Retrieved 22 February 2026.
  6. ^ 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.
  7. ^ 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.
  8. ^ "Ethereum co-founder hits out at economics of fast-growing Solana blockchain". Financial Times. 15 March 2022. Retrieved 7 April 2023.
  9. ^ "What Is Binance Coin (BNB)?". Investopedia. Retrieved 22 February 2026.
  10. ^ "Binance". Retrieved 22 February 2026.
  11. ^ "What is BNB Smart Chain?". Caleb & Brown. Retrieved 22 February 2026.
  12. ^ "Binance". Retrieved 22 February 2026.
  13. ^ 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.
  14. ^ "Binance". Retrieved 22 February 2026.
  15. ^ "Binance Hit By $570 Million Blockchain Bridge Hack". Investopedia. 7 October 2022. Retrieved 22 February 2026.
  16. ^ "BNB Smart Chain halts after $100 million exploit, Binance CEO CZ says: 'The issue is contained'". Fortune Crypto. Retrieved 15 October 2025.
  17. ^ "SEC.gov | SEC Files 13 Charges Against Binance Entities and Founder Changpeng Zhao". www.sec.gov. Retrieved 15 October 2025.
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