BNB Chain as we know is a ecosystem of multiple blockchain components. However, initally it was launched with just one blockchain component known as the Beacon Chain in April, 2019.
BNB Beacon Chain's main target was to provide secure and efficient asset trading. Realizing the importance of support for smart contract programmability, BNB Smart Chain (BSC) was launched in September, 2020
BNB Smart Chain (BSC) was initially launched as an extension of BNB Beacon Chain and designed to run as a parallel blockchain to the Beacon Chain.
The BNB Smart Chain was designed to provide a more scalable and faster alternative to the Ethereum network for decentralized applications (dApps) and smart contracts. BSC uses a Proof-of-Staked-Authority (PoSA) consensus mechanism, which combines elements of Proof-of-Stake (PoS) and Proof-of-Authority (PoA) to provide faster transaction speeds and lower fees compared to Ethereum.
One of the main features of BSC is its compatibility with the Ethereum Virtual Machine (EVM), which allows developers to easily port their existing Ethereum dApps and smart contracts to the BNB Smart Chain. BSC also supports a wide range of programming languages, making it more accessible to developers from different backgrounds.
BNB is the native cryptocurrency of the BNB Chain ecosystem. BNB can be used to pay for transaction fees on the BNB Smart Chain, as well as for other purposes such as staking, yield farming, and participating in decentralized finance (DeFi) protocols.
Since its launch, BNB Smart Chain has gained significant traction, with a growing number of dApps and DeFi protocols launching on the network. As of March 2023, the total value locked (TVL) in BSC-based DeFi protocols is approximately $4.75b, making it one of the most popular blockchain networks for DeFi applications.
As of March 2023, BNB Chain has launched other blockchain components like ZKBNB, BNB Sidechains, and BNB Greenfield as part of its ecosystem to solve the issues of scalability and provide its users with much more secure, decentralized, efficient and reliable network.