Binance builds blockchain for smart contracts

Binance builds blockchain for smart contracts
CONTENT

  • Binance’s new blockchain will support smart contracts

  • The native coin ecosystem will remain BNB

  • The platform will be compatible with Ethereum

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The new blockchain will work in parallel with the already launched Binance Chain. However, its main difference will be support for smart contracts..

Binance builds blockchain for smart contracts

Binance Launches New Project

Binance cryptocurrency exchange has published the project technical documentation for its new project – Binance Smart Chain – which promises to be the best version of Ethereum, offering a convenient platform for smart contracts..

Smart contract technology allows complex transactions to be registered on the blockchain. In addition, smart contracts are actively used in the development of decentralized applications (dapps)..

The first platform to offer a blockchain with full smart contract support was Ethereum. Now this segment is already quite crowded: projects such as TRON, EOS, NEO, Ontology and many others also offer similar functionality. Now Binance Smart Chain will be added to them..

Binance builds blockchain for smart contracts

Binance Smart Chain will be like EOS and Tron …

The new blockchain will be managed by 21 validators, similar to the mechanism already existing at EOS and Tron. The system will also use Proof of Authority (PoSA) as a consensus mechanism. This type of consensus is considered greener and gives more flexibility in governance..

According to the project documentation, the new blockchain will be fast and the transaction fees will be low. BNB will remain the platform’s native token.

… but compatible with Ethereum

In addition, smart contracts will be compatible with the Ethereum virtual machine, making it easier to use decentralized applications on both platforms. In particular, Binance promises that the toolkit, ecosystem components and all existing dApps will be launched on the new one with zero or minimal changes. However, BSC nodes will be more demanding in terms of hardware specifications and operator skills..

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