The network chooses validators for transactions based on their BNB stake and reputation. To run a validator node, users need to stake BNB as collateral. They propose and confirm new blocks of transactions. So, BSC nodes, specifically validator nodes, participate in this consensus process. Consensus Participation: BSC uses a proof-of-stake (PoS) consensus mechanism.For example, the nodes check if the transaction sender has sufficient funds and whether the transaction adheres to the network’s rules and consensus mechanisms. BSC nodes verify the validity of the transaction by checking various factors. Transaction Validation: Whenever users initiate transactions on the BSC network, they get broadcasted to multiple nodes.The node continually updates this ledger as new transactions come in, ensuring it has the most up-to-date information. This ledger contains records of all transactions, smart contracts, and account balances that have occurred on the network. Blockchain Data Storage: A BSC node stores a complete copy of the BSC blockchain ledger.BNB Beacon Chain + BNB Smart Chain (BSC) = BNB Chain.Ī Binance Smart Chain (BSC) node works as a crucial component of the BSC network by participating in various processes to maintain the blockchain’s functionality and integrity:.The network that serves as a programmable blockchain (EVM-compatible, consensus layer): BNB Smart Chain (BSC) (formerly Binance Smart Chain).The network that serves governance and trading/staking purposes: BNB Beacon Chain (formerly Binance Chain).This quick summary should help you clarify things for good: However, BNB was the token’s initial symbol/ticker anyway. It also changed the chain’s native token name from Binance Coin to “Build and Build” (BNB). The 2022 “Build and Build” rebranding also renamed Binance Chain into BNB Beacon Chain and Binance Smart Chain into BNB Smart Chain. This rebranding created an umbrella name – BNB Chain – for both the governance/trading chains and the programmable chain. However, in February 2022, the Binance Foundation decided to rename/rebrand their two chains. At the time of launch, this programmable network was called Binance Smart Chain. That is the chain that devs use to create tokens and dapps. The BNB token was initially born on Ethereum back in 2017 and transitioned to Binance Chain in 2019. And it wasn’t until September 2020 that the Binance organization/community launched its own programmable blockchain, capable of hosting smart contracts. At the time, the chain had the purpose of hosting the BNB token and facilitating fast decentralized trading. It’s just a question of semantics!Īs you may know, the Binance blockchain (officially called Binance Chain) launched back in April 2019. In either case, the abbreviation points to the same chain. However, before February 2022, BSC stood for Binance Smart Chain. What is BSC and BNB Smart Chain?īSC now stands for BNB Smart Chain. After all, this network of BSC nodes joins forces to collectively ensure the security, transparency, and decentralization of the BSC network. Each node plays a vital role however, the true power lies in nodes working together. Its job is to validate transactions, process smart contracts, and store a copy of the BSC blockchain ledger. After all, they are the components that help maintain the network’s integrity and functionality.Įssentially, a BSC node is a software application, and by running on a server or local computer, this software participates in the BSC network. Furthermore, BSC nodes play a crucial role at the core of this programmable blockchain network. A BSC node is a fundamental component within the BNB Smart Chain (BSC) network.
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