What is BNB Chain (Binance Smart Chain)?
Binance is one of the largest blockchain-based platforms serving international cryptocurrency customers. When initially introduced in 2017, Binance was an exchange platform for trading crypto assets. Today, the platform has grown into a cutting-edge ecosystem with rising popularity. BNB Chain, also known as Binance Smart Chain or BSC, is a key component of Binance and a driving force for introducing innovations. Let’s take a more thorough look at BNB Chain and focus more on BSC nodes.
What is BNB Chain?
A large number of smaller and larger-scale decentralized applications are hosted on BNB Chain, with Binance DEX and PancakeSwap being two of the most noteworthy. The platform, whose name stands for “Build and Build”, not only supports robust smart contracts but also works with the Ethereum Virtual Machine (EVM), enabling users to use ETH-based services like MetaMask.
Also, BNB Chain is well renowned for being more cost-effective than Ethereum (the current maximum fee is 0.1%). The platform promotes cross-chain interoperability and supports BEP2, BEP8, and ERC-20 tokens. Dogecoin (DOGE), Polkadot (DOT), Zcash (ZEC), and other cryptocurrencies are some popular examples.
History of BNB Chain
BNB Chain’s history began in April 2019 when Binance introduced what was once known as Binance Chain. At that time, the BNB utility token, which had been established on the Ethereum network in 2017 and was initially intended to reduce the trading costs customers pay on Binance, migrated to the Binance Chain network. Afterward, in September 2020, the Binance Smart Chain was launched. The addition of smart-contract technology and the capability for Web3 developers to create dApps was the standout feature of the new network.
With the introduction of BNB Chain in February 2022, which now consists of BNB Beacon Chain (formerly known as Binance Chain) and BNB Smart Chain (previously Binance Smart Chain), users received a new level of services. Notable, today BNB Chain is a decentralized, open-sourced, and community-driven ecosystem.
What are BNB Chain nodes?
What is a BSC node? These crucial elements of blockchain technology allow users to access BNB Smart Chain and benefit from its functionality.
In BSC, there are two different types of nodes:
- Witness Nodes. Their roles in the PoSA (Proof of Staked Authority) model include taking part in the consensus processing, maintaining consistent datasets, taking part in distributed transactions, sending transactions over to other BSC nodes, and extending the chain characteristics and states over the entire network.
- Validator nodes. Validators confirm — or “validate” — each transaction within the blockchain. There were originally only 21 validators in BSC; but in an effort to improve scalability and make the platform better suited for developing massively scalable decentralized apps, BNB Chain has extended its validator set from 21 to 41 nodes.
How to deploy BNB Chain nodes?
You can build self-hosted BNB nodes; however, the process is known to be rather lengthy, costly, and resource intensive. Therefore, we recommend that you try other ways of deploying a BSC node, e.g., via a blockchain node provider like GetBlock. Platforms, specializing in blockchain as a service, guarantee reliable and quick access to BNB Chain. What options are available for GetBlock users?
Shared nodes for BNB Chain are a great choice for those starting the journey of Web3 development. With this option, you can give a try BNB Chain nodes in the testnet and experiment with your decentralized applications prior to launching them on-chain. This way, you can still correct any possible alterations without damaging your product. With the GetBlock RPC provider, you can get a daily free BSC node plan of 40,000 requests at the rate limit of 60 requests/sec.
Alternatively, dedicated nodes for BNB Chain are privately tailored for businesses and users with a bigger budget. With BSC-dedicated nodes, you can deploy nodes built by a professional team and designed to meet your criteria.
BNB Chain is striving to bring the Web3 world closer to reality. As Binance’s CEO Changpeng Zhao points out: “…we will continue to be advocates for a future where freedom and security can go hand in hand.” That said, many global users are already deploying BSC nodes and using them to build robust decentralized applications.
It has been a long time since I joined Research Snipers. Though I have been working as a part-time tech-news writer, it feels good to be part of the team. Besides that, I am building a finance-based blog, working as a freelance content writer/blogger, and a video editor.