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BNB Smart Chain (BSC) is a blockchain in the broader BNB Chain ecosystem that runs decentralized applications and smart contracts, especially in decentralized finance. It is compatible with Ethereum’s execution environment and tools, and users pay BSC transaction fees in BNB. Binance Smart Chain is its former name, which is why “BSC” remains common in documentation and conversation.
What BNB Smart Chain is—and what it is not
BNB Chain describes BSC as a high-performance blockchain platform for decentralized applications, with a particular emphasis on decentralized finance (DeFi). In practical terms, developers can deploy smart contracts on it, while users can interact with applications and digital assets that run on the network. BNB Chain’s BSC documentation provides the network’s current overview.
BSC is one blockchain within the BNB Chain ecosystem, not another name for the entire ecosystem. BNB Chain also lists opBNB and BNB Greenfield: opBNB is described as a Layer 2 network associated with BSC, while BNB Greenfield is a decentralized storage network. These are distinct networks with different roles.
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BSC is EVM-compatible: it supports Ethereum’s execution environment, so Ethereum-compatible developer tools and wallets can interact with it. BNB Chain says Ethereum wallets can be used with BSC. That compatibility does not make BSC part of Ethereum, nor does it guarantee that every Ethereum application or asset will work identically on BSC. Network selection and asset support still matter.
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BNB, fees, and network identity
BNB is the token used to pay BSC transaction fees. Official developer documentation also describes BNB as gas for smart-contract execution and as a token used in staking. For wallet setup, the BSC mainnet chain ID is 56 and its currency symbol is BNB. Check the official wallet configuration guide for current settings; the page was dated May 12, 2025.
A chain ID identifies a network for wallet and application configuration; it is not a wallet address or a token balance. Choosing the correct network is essential when sending assets, because a wallet can show different networks and balances separately.
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How BSC is secured
BNB Chain documentation describes BSC as using Proof-of-Staked-Authority (PoSA). Validators participate in securing the network. This is the relevant consensus description; it does not, by itself, establish comparative rankings for security, decentralization, cost, or speed. See the official BSC introduction for the documented consensus and validator role.
Wallets and managing BSC assets
An Ethereum-compatible wallet may be able to connect to BSC, but users must select the correct network and confirm that the wallet supports the specific asset and action they intend to use. BSC assets may include BNB and BEP-20 tokens, a token standard associated with BNB Smart Chain.
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For readers who choose hardware-based self-custody, Ledger’s materials describe support for BNB and BEP-20 assets on BSC through its hardware-wallet workflows. Support can vary by device, software, asset, and workflow; consult the Ledger BSC support announcement and Ledger’s BEP-20 wallet information for the applicable details. A hardware wallet is optional; it is not required to understand or use the network.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Quick definition
BNB Smart Chain (formerly Binance Smart Chain) is an EVM-compatible Layer 1 blockchain in the BNB Chain ecosystem for smart contracts and decentralized applications. BNB pays its transaction fees, and its mainnet chain ID is 56.
Quick Recap
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Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
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