Binance Smart Chain (BSC) is a blockchain network developed by Binance, one of the largest cryptocurrency exchanges. Launched in September 2020, BSC runs parallel to the original Binance Chain and is designed to support smart contracts and decentralized applications (dApps). It offers faster transaction times and lower fees compared to other blockchains like Ethereum. BSC uses a consensus mechanism called Proof of Staked Authority (PoSA), which combines elements of both Proof of Stake and Proof of Authority. This allows for efficient block production and enhances security. BSC has gained popularity for its growing ecosystem of dApps, including decentralized finance (DeFi) platforms and non-fungible tokens (NFTs).