BNB is the native cryptocurrency on Binance’s blockchain, BNB Chain, also known as BSC (Binance Smart Chain).
Theoretically BSC is a decentralized blockchain, but in practice it is controlled by a small group of validators over which Binance has enormous influence.
Therefore anyone can effectively upload smart contracts to BSC, despite the central role that Binance plays in this ecosystem.
Binance Smart Chain and BNB
BSC was born as a kind of evolution of Binance Chain, which in turn was launched by Binance in April 2019 and then renamed BNB Beacon Chain in 2022.
In fact, BSC, unlike Binance Chain, offers smart contract functionality and compatibility with the Ethereum Virtual Machine (EVM), and operates in parallel with BNB Beacon Chain.
BSC was also eventually renamed, from Binance Smart Chain to BNB Smart Chain.
BNB therefore is both the native cryptocurrency of BNB Beacon Chain and the native cryptocurrency of BSC, i.e., it exists in two different formats between which there sho
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