Cryptocurrency Q&A
What's the difference between BNB and BNB smart chain?
What's the difference between BNB and BNB smart chain?
GeishaWhisper
Mon Jul 01 2024
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5 answers
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I'm curious to understand the distinction between BNB and the BNB Smart Chain. Could you elaborate on the fundamental differences between these two? Is BNB just a cryptocurrency token, while the BNB Smart Chain represents a blockchain platform? If so, how do they interact and what are the key functionalities of each? I'm also interested in knowing if there are any benefits or disadvantages to using one over the other, especially in terms of transaction speeds, costs, and accessibility to decentralized applications. Thank you for clarifying these points.
5 answers
CryptoMystic
Wed Jul 03 2024
For traders engaging in transactions on these platforms, utilizing BNB as the payment method offers significant advantages. Specifically, traders who opt to pay with BNB are eligible for discounts on their Binance transaction fees.
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ZenHarmonious
Wed Jul 03 2024
Additionally, BNB fulfills a crucial role in the Binance Smart Chain ecosystem. Here, it serves as the "gas" required for developers to deploy Smart Contracts.
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KpopStarlight
Wed Jul 03 2024
The BNB Smart Chain, an innovative blockchain technology, enables developers to create decentralized applications (dApps) with reduced fees and improved scalability.
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Enrico
Wed Jul 03 2024
As the "gas" token, BNB powers these transactions and ensures the smooth functioning of the Binance Smart Chain. By paying with BNB, developers contribute to the ecosystem's sustainability and growth.
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charlotte_wilson_coder
Wed Jul 03 2024
BNB, the native token of the Binance ecosystem, serves multiple purposes. Primarily, it is utilized for the payment of transaction fees on Binance Chain and Binance DEX.
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