You may have heard about BNB Chain, created by the world’s largest cryptocurrency exchange. The chain, which is the result of a merger of Binance Chain and BNB Smart Chain, has won kudos for its ability to swiftly process transactions while charging low fees. The company, however, currently faces a number of legal and regulatory issues. Read on to learn more about this important player in the world of blockchains.
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Although decentralized apps are often used for social media and gaming purposes, some of the most attractive uses are made in finance. Investors who loan money on a dApp, for example, generally get higher interest rates than if they loan money to a bank since there aren’t any intermediaries. Borrowers also can negotiate rates with lenders, which isn’t always the case for people shopping for a loan. Finally, a smart contract can allow the transaction to take place immediately since no lawyers or other third parties are involved.
Getting started on the BNB Chain is an easy, three-step process:
- Download a crypto wallet to connect to BNB Chain and manage funds;
- Get BNB, the BNB Chain currency; and
- Find a dApp that you want to use, a game you want to play, or another application that looks interesting.
