Binance Smart Chain is a blockchain platform that runs parallel to Binance Chain, supporting smart contracts. This blockchain offers an environment for developing decentralized applications and digital assets, compatible with the Ethereum Virtual Machine. It utilizes a Proof of Staked Authority consensus mechanism, aiming for high transaction speeds and lower fees compared to some other networks. Its design seeks to provide scalability and programmability for a wide array of decentralized finance applications.
Context
Binance Smart Chain, now part of the BNB Chain ecosystem, frequently features in crypto news regarding its growth in decentralized finance, competition with other EVM-compatible blockchains, and security incidents affecting its ecosystem. Discussions often revolve around its centralized aspects due to the limited number of validators and its role in facilitating rapid, lower-cost transactions for a large user base. Future developments involve continued integration with other BNB Chain components and enhancements to its network infrastructure.
Threat actors are leveraging compromised websites and four BSC contracts to deploy credential-stealing malware, bypassing traditional network defenses.
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