- The Binance Smart Chain will run parallel to Binance Chain to help developers quickly build dApps.
- The launch is after two successful testnets and a hard fork through the Ramanujan upgrade.
- The chain will accommodate 21 validators and produce a block in three seconds.
Binance exchange has launched Binance Smart Chain, which is a parallel blockchain to Binance Chain built for smart contracts. The launch was announced through an official blog post on September 1. The Smart Chain will give more freedom to developers of decentralized apps (dApps) to build on the Binance DEX.
According to the announcement, the idea of the parallel smart chain was put forward in April 2019 and has been work in progress.
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‘’In April, the Binance Chain development team proposed the idea of a parallel blockchain of the current Binance Chain to retain the high performance of the native DEX blockchain and to support a friendly Smart Contract function at the same time.’’
Achievements and development of Binance Smart Chain
According to the Binance Smart Chain whitepaper, the main purpose of the project is to allow EMV-compatible programmability and cross-chain communication on Binance Chain. The first test net for the Smart Chain was Rialto whose services included faucet and open-source of the codebase. Then came the Chapel testnet that allowed the native cross-chain transfer of BEPS tokens. The Chapel testnet underwent a hard fork through the Ramanujan upgrade.
Key aspects of the Binance Smart Chain
One of the top reasons why developers are encouraged to build on the Binance Smart Chain is its high performance that uses Delegated Proof of Stake (DPoS) and Proof of Authority (PoA). The network has 21 validators and a high-speed infrastructure that produces a block in three seconds. Better yet, validators will be rewarded with BNB for using the chain.
Improved cross-chain interoperability of the two chains will allow flexibility and more freedom for movement of assets between each other. DeFi protocols on the smart chain will also have access to Binance’s rich asset base.
The launch of Binance Smart Chain adds to the thriving Binance ecosystem. Combined with Binance Chain, the two chains have over 30 wallet providers. Binance Chain has over 600,000 users and 15 million users on Binance who could be potential users of the platforms. Binance is keen on remaining a secure exchange and has announced a security bug bounty program for Binance Chain.