What is the difference between a timing belt and a chain?

Timing belts are quieter but are often less obviously worn before they break(chains stretch and loosen, belts tend to stay tight without damaged belt teeth up until
the moment they snap).  Timing belts are also less complicated(chains require an oil bath).

Chains are generally stronger, so vehicles with timing chains often drive more than just the cam with the timing chain.  Due to stretch, if a chain requires replacement all the timing gears also must be replaced as the teeth will wear to match the chain stretch.  While not necessary on a belt driven system, a failed gear will cause a belt failure and, depending on the engine, could be very bad.