Part 3/10:
Starting with an overview, Binance is one of the leading cryptocurrency exchanges in the market, standing shoulder to shoulder with competitors like Coinbase and Gemini. As this exchange matured, it recognized the potential of blockchain technology beyond simple cryptocurrency transactions. In response, they aimed to create a dedicated blockchain—initially focused exclusively on their exchange.
However, the success of Ethereum's network and its smart contracts prompted Binance to rethink its strategy. Recognizing the haunting absence of smart contracts in their initial blockchain, they set out to develop the Binance Smart Chain, designed to accommodate user-created applications and tokens.