Binance Smart Chain is a Proof of Staked Authority (PoSA) consensus distributed ledger with a system of 21 validators aimed at short block time and lower fees. Validators are tasked with producing blocks. Binance Smart Chain has many security features such as double-sign detection and other slashing logic which guarantee stability, and chain finality.
The Binance Smart Chain is EVM-compatible thus developers can deploy smart contracts and build Dapps on the chain. Cross-chain transfer and other communication are possible with Relayers who are responsible to submit Cross-Chain Communication Packages between Binance Chain and Binance Smart Chain. The dual-chain architecture creates a seamless ecosystem for users to take advantage of the fast trading on the Binance Chain and EVM based development on Binance Smart Chain.
Features of Binance Smart Chain includes:
- Secured self-sovereign blockchain
- Ethereum Virtual Machine compatible
- On-chain governance:
Resources: Binance Smart Chain White Paper