Binance exchange provides a platform for trading various cryptocurrencies, and it is a leading cryptocurrency exchange in terms of market capitalization, has announced the launch of Binance Smart Chain on mainnet. The Binance Smart Chain (BSC) was introduced in April and was created to run parallel with the official Binance Blockchain. With BSC, the Binance team is looking to enhance the smart contracts creation process for crypto tokens on the native system. The blockchain will lay the foundation of new pedagogy for BNB staking. One can collect their BNB stakes to join as a validator in this new blockchain of the Binance system.
According to the blog post, BSC will work as an Ethereum Virtual Machine supportive blockchain. It is gearing up for being tested and piloted by several prominent names of the crypto space. The unprecedented features and functionalities of Binance Smart Chain will play a significant role in improving the BNB tokens and the Binance Chain system utility. It will use the Proof of Staked Authority (PoSA) consensus that will help to bring about a major enhancement in the network functionalities. BSC will offer benefits to validators, token owners, developers, and investors through this highly efficient and scalable technology.
The Binance team is planning to reap the benefits of the fast-growing DeFi community by enriching them with the best-in-class service tools. The smart contract mechanism, cross-chain interoperability, clubbed with another plethora of features, BSC will leverage the most lucrative resources for this domain of blockchain usage. The blockchain offers plenty of space to help the DApp developers bring out the most innovative projects for the sector’s development.
The Binance Smart Chain Features
- A diversified digital asset space fueled by the excellence of Binance DEX, the popular decentralized exchange
- Reduced transaction fees ranging from as low as 1 cent
- Surging performance with a potential of creating one block every 3 seconds
- Cross-chain DeFi support that enhances DeFi interoperability
- A setup that funds and nurtures DeFi projects
- A strong community of users belonging to Binance.com and Binance DEX
- Major crypto solutions cluster partnering with BSC
Some notable collaborating firms of BSC are ChainLink, Ankr, Torus, Thorchain, Ontology, DeBank, Travala.com, Clutch, and many more. The community is planning to unveil a wide range of tools for issuance, transfer, BNB staking, and DApp development, etc. in this month.