Trivians Quiz: BNB Chain Guidance

Brush up on your BNB Chain knowledge to earn yourself a prize in our upcoming Trivians Quiz!

BNB, the token powering BSC network, the most-used blockchain in the industry, has walked a long way since its inception. It was initially issued in 2017 as an ERC-20 token, running on the Ethereum network. Later in April 2019, it migrated over to Binance Chain and eventually became the fuel for the BSC network launched in September 2020. Powered by BNB, Binance Smart Chain grew into a thrilling and vibrant ecosystem with millions of users and thousands of dApps. It became the dominant blockchain during the DeFi and GameFi buildup.

BNB progressed from a native token of the Binance.com exchange used primarily for trading and Binance products into a gas fee and main asset of the more decentralized and scalable BSC network. Today, BNB is used by hundreds of dApps, listed on several exchanges, and held by millions of users who consider it to be one of the top cryptocurrencies. BNB is currently the 4th most popular cryptocurrency with over a $65 billion market cap, proving the above.

A lot has changed for BNB Chain since BSC's launch in September 2020, and today, we're pushing the BNB ecosystem even further.

BNB Chain’s Components

BNB Chain is made up of both BNB Smart Chain (BSC) and BNB Beacon Chain (BBC):

BNB Smart Chain is also called BSC for short. It was launched with 21 validators and now has 44. 26 of them are active. BSC is on the way to 41 active validators, and about 80-100 in total. Check out BEP-131 in closer detail.

In addition to the 26 active validators, the BNB Smart Chain added extra inactive validators (dubbed "Candidates") to the validator set during the quarter. This Euler hard fork was put in place to increase network dependability and redundancy.

BNB Beacon Chain is for governance purposes and its objective and vision is to provide further security. It was launched with 11 validators and is on the way to 100. Check out BEP-159 in closer detail.

BNB Beacon Chain and BNB Smart Chain validators are based on different types of consensus. One is Tendermint-like, and the other is PoSA. Although the validator elections of both chains happen on Beacon, they are based on serious decentralized staking logic similar to many others.

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