BNB Smart Chain (blockchain platform)

BNB Smart Chain
Denominations
CodeBNB
Development
Original author(s)Changpeng Zhao, Yi He
White paper[1]
Initial release2017
Code repositoryhttps://github.com/bnb-chain
Development statusActive
Project fork ofEthereum
Written inSolidity, GO, Java, Swift
LicenseApache 2.0[1]
Ledger
Block explorerhttps://bscscan.com/
Valuation
Exchange rate~1300$
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. The platform's native cryptocurrency is BNB. Blockchain was founded in 2017 by Changpeng Zhao and Yi He, as a parallel “smart contract” branch of the Binance ecosystem.[2][3]

Designed to support decentralized applications and high-throughput transactions, BNB gained traction as a competitor to Ethereum.[4]

Characteristics

According to the blockchain's white paper, BNB Smart Chain runs on a proof of stake model.[5] The New York Times and Financial Times described the coin as an alternative to Ethereum.[6][7]

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. In 2020, the parallel Binance Smart Chain (BSC) launched, adding smart contract functionality, and was rebranded as BNB Smart Chain in 2022. 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 blockchain ecosystem.[8][9] At that time, Binance Smart Chain was also renamed to BNB Chain. BNB Chain had previously been criticized for being overly centralized, which had led to several exploits on the network.[10][11]

Criticism and controversies

After the BSC Token Hub bridge exploit on October 6–7, 2022, validators coordinated a temporary halt. BNB Chain speakers described this as a “synchronized pause and resume”,[12] and major outlets reported the pause as part of the containment effort. Iindependent 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.[13]

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.[14]

See also

References

  1. ^ "solana/LICENSE". Solana Labs. 17 March 2023. Archived from the original on 18 March 2023. Retrieved 18 March 2023.
  2. ^ Pollock, Darryn. "How Binance Conquered The Cryptocurrency World With Help Of A Utility Token". Forbes. Retrieved 8 October 2025.
  3. ^ "Changpeng Zhao". Forbes. Retrieved 8 October 2025.
  4. ^ "Solana, BNB, and the Blockchain Landscape: Ethereum vs. Competitors". www.hord.fi. Retrieved 8 October 2025.
  5. ^ 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.
  6. ^ 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.
  7. ^ "Ethereum co-founder hits out at economics of fast-growing Solana blockchain". Financial Times. 15 March 2022. Retrieved 7 April 2023.
  8. ^ "What is BNB Token and how do you use it | Bitcoin.com Support Center". support.bitcoin.com. Retrieved 8 October 2025.
  9. ^ "What is BNB, also know as Binance Coin (BNB)?". firi.com. Retrieved 8 October 2025.
  10. ^ 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.
  11. ^ "Binance Smart Chain Rebrands to BNB Chain, Reveals Multi-chain Goal". Yahoo Finance. Archived from the original on 29 August 2025. Retrieved 8 October 2025.
  12. ^ "BNB Chain: A Decentralized Response". BNB Chain Blog. Retrieved 15 October 2025.
  13. ^ Locke, Taylor. "BNB Smart Chain halts after $100 million exploit, Binance CEO CZ says: 'The issue is contained'". Fortune Crypto. Retrieved 15 October 2025.
  14. ^ "SEC.gov | SEC Files 13 Charges Against Binance Entities and Founder Changpeng Zhao". www.sec.gov. Retrieved 15 October 2025.
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