The BNB Chain (previously called Binance Smart Chain) was launched in 2020. Its motivation? The high transaction costs resulting from the congestion of the Ethereum network.
Binance, which at the time was the exchange with the highest volume traded globally, observed that the user experience was not pleasant at all and offered a similar product in terms of functionality, yet more economical to use.
By using a hybrid consensus algorithm based on Proof-of-Stake (PoS) — later incorporated by Ethereum — and Proof-of-Authority (PoA), it allowed for more agile and economical transactions.
21 validators are responsible for verifying the validity of transactions on the network. To do this, they must deposit an amount greater than 100,000 BNB (the network's native token) and in return receive the transaction fees corresponding to each validated block, while in the event of errors or malicious acts, they are penalized with the removal of part of their capital.
Why did we integrate BNB Chain into belo?
We want you to be able to move your money in the most agile and economical way possible. BNB Chain is one of the most used scalability solutions for decentralized finance operations.
It is currently possible to make transfers of USDT, USDC, and ETH to and from your belo wallet through your BNB Chain addresses. You can access them in the "Deposit" and "Transfer" sections, by clicking on "Cryptocurrencies".
Learn more: BNB Chain