What Is BNB Smart Chain (BSC)? - Scorechain

Launched by the cryptocurrency exchange Binance, BNB Smart Chain (BSC), previously Binance Smart Chain, is a blockchain network. It supports smart contracts and decentralized applications (DApps). BSC runs alongside the BNB Chain, previously Binance Chain. The first one supports smart contracts while the second one enables high transaction volume with 3 seconds block time. Both blockchains together form Binance Chain.

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BNB Smart Chain and BNB

BNB Smart Chain supports BNB, BNB Beacon Chain's native cryptocurrency of BNB Beacon Chain, as well as BEP20 tokens. The blockchain relies on a proof-of-stake (PoS) consensus. More specifically, users can stake BNB to become validators. Validators will get transaction fees as a reward for each block validated.

Besides, BSC is compatible with Ethereum smart contracts and allows users to easily create DApps or even migrate them from Ethereum. This is why BSC features a wide range of DApps and DeFi (decentralized finance) products. Indeed, the blockchain supports several decentralized exchanges (DEX) platforms such as PancakeSwap or BurgerSwap. DEXs allow users to trade or exchange their tokens. But, users can also engage in decentralized lending, gaming, or yield farming for example.

BNB Smart Chain supports"Peggy Coins". These tokens are tokenized versions of other crypto-assets such as Bitcoin or Litecoin for instance. Because these tokens are pegged to the original crypto-asset, it means the value should remain close to the native crypto-asset. This allows users to use these tokens in DeFi applications.

Because of all this, BSC and BNB attracted a lot of attention from the crypto community. Today Scorechain supports BSC and BEP20 tokens within its blockchain analytics solution to help companies onboard it safely.

Discover more about blockchain crypto and compliance with our Glossary.

About Scorechain

Scorechain is a Risk-AML software provider for cryptocurrencies and digital assets. As a leader in crypto compliance, the Luxembourgish company has helped over 200 customers in 40 countries since 2015, ranging from cryptocurrency businesses to financial institutions with crypto trading, custody branch, digital assets, customers onboarding, audit and law firms, and some LEAs.

Scorechain solution supports Bitcoin analytics with Lightning Network detection, Ethereum analytics with all ERC20 tokens and stablecoins, Litecoin, Bitcoin Cash, Dash, XRP Ledger, Tezos, and Tron with TRC10 and TRC20 tokens. The software can de-anonymize the Blockchain data and connect with sanction lists to provide risk scoring on digital assets, transactions, addresses, and entities. The risk assessment methodology applied by Scorechain has been verified and can be fully customizable to fit all jurisdictions. 300+ risk-AML scenarios are provided to its customers with a wide range of risk indicators so businesses under the scope of the crypto regulation can report suspicious activity to authorities with enhanced due diligence.