What is BNB network and how is work

BNB Network typically refers to the Binance Smart Chain (BSC) network, which is a blockchain platform developed by the cryptocurrency exchange Binance. Binance Smart Chain enables developers to build decentralized applications (DApps) and smart contracts. BNB, or Binance Coin, is the native cryptocurrency of the Binance ecosystem and is used for various purposes within the Binance Smart Chain network, including transaction fees, staking, and governance.

The Binance Smart Chain (BSC) operates as a blockchain network that utilizes a proof-of-stake (PoS) consensus mechanism. Here's how it generally works:Consensus Mechanism: BSC uses a Byzantine Fault Tolerance (BFT) consensus mechanism, which is a variation of PoS. Validators are selected to create and validate blocks based on the number of BNB tokens they hold and stake.Validator Nodes: Validator nodes are responsible for confirming and adding new blocks to the blockchain. They participate in block creation and validation processes, ensuring the integrity and security of the network.Smart Contracts: Developers can deploy smart contracts on the Binance Smart Chain using languages such as Solidity, the same language used for Ethereum smart contracts. These smart contracts govern the behavior of decentralized applications (DApps) running on the BSC network.Transaction Fees: Users pay transaction fees denoted in BNB for executing transactions and smart contracts on the BSC network. These fees are collected by validator nodes as rewards for securing the network.Cross-Chain Compatibility: BSC offers cross-chain compatibility with the Binance Chain, allowing assets to be transferred between the two networks. This interoperability enhances liquidity and flexibility for users and developers.Decentralized Applications (DApps): Developers can build DApps on the Binance Smart Chain for various purposes, including decentralized finance (DeFi), gaming, and non-fungible tokens (NFTs). These DApps leverage the network's features and capabilities to offer decentralized services to users.Overall, the Binance Smart Chain aims to provide a scalable and efficient platform for decentralized applications and smart contracts, with low transaction fees and fast confirmation times, making it an attractive option for developers and users alike.