How does BSC work?

I'm curious to understand how BSC, or Binance Smart Chain, actually functions. Could you explain the mechanics behind its operation in simple terms? I'm particularly interested in how it differs from other blockchains and what specific features or advantages it offers to users and developers. Is there a unique consensus mechanism employed? How does it handle transactions and smart contract execution? Additionally, what are some of the key applications or use cases for BSC? I'd appreciate a concise yet comprehensive overview.