Binance Smart Chain
Binance Smart Chain (BSC) is best described as a blockchain that runs in parallel to the Binance Chain. Unlike Binance Chain, BSC boasts smart contract functionality and compatibility with the Ethereum Virtual Machine (EVM).
It enables users to tap into the capacity of Binance Chain for efficient transactions while interacting with smart contracts on the Binance Smart Chain. Developers can deploy decentralized apps (dApps) similar to the ones based on Ethereum to provide users with the same experience but faster and cheaper transactions.
It was developed by Binance but is decentralized through a delegated proof-of-stake consensus as validators lock up their Binance Coin (BNB) to facilitate transactions on the network.