The origin of BNbitcoin is rooted into the pioneering work of 0xBitcoin available on the Ethereum blockchain.
The Ethereum Blockchain has proven itself as the world’s first ecosystem for permissionless, transparent and immutable software applications. These software applications, in the form of Smart Contracts, all interact with one other through "transactions" on the network, which execution fees ("gas"), paid in fractions of the native network cryptocurrency (ether, ETH), are proportional to their mathematical complexity.
Many standard protocols have been developed on the Ethereum Network such as the ERC20 standard for a common ‘token’ format so that these Smart Contracts can pass scarce, owned, and transferable value between one another without a centralized third-party.
Up until 2018, every ERC20 token had been distributed on the Ethereum Network in a matter that is generally known to align with ‘securities.’ The tokens are sold to ‘investors’ by the ‘creator’ under the pretenses that the ‘creator’ will perform some action to make the tokens more valuable. It should be clarified that Bitcoin is distributed via ‘bitcoin mining’ and therefore aligns itself as a ‘commodity’ and not a ‘security.’ Since 2020, the disruptive success of the decentralized finance (DeFi) movement has placed enormous pressure on the Ethereum Network.
As DeFi activity has risen, users have had to pay miners higher and higher transaction fees. This has made engaging with decentralized apps ("Dapps") uneconomical for regular users, leading several Dapps to be abandoned and developers to search for DeFi-ready alternative platforms having negligible or low gas fees and high performance, including, at the top, the Binance Smart Chain Network.
Binance Smart Chain ("BSC") is a Proof-of-Staked-Authority (PoSA) blockchain which enables the creation of smart contracts. Its native currency is BNB, it is EVM-compatible and it creates an ecosystem where validators, token holders, developers, and users all benefit from a rewarding blockchain that offers high performance and ample space for further innovations. The reference token standard for BSC is the "BEP20" standard, which is similar to ERC20 for the Ethereum Network.
