The Binance Chain platform launched the Binance Smart Chain mainnet, which enables the creation of smart contracts and staking of the BNB token.
#Binance Smart Chain Has Launched! 🚀
Numerous crypto projects are already working with the Binance Chain community to help make BSC a robust blockchain platform, such as:
🔸@AaveAave
🔸@SwipeWallet
🔸@1inchExchange
🔸@BreederDodo
🔸@dForcenet
More ⬇️https://t.co/3apazSpcst— Binance (@binance) September 1, 2020
With Binance Smart Chain, developers will be able to create decentralised applications and DeFi services within the Binance Chain ecosystem.
According to the developers, the new blockchain links the Binance Chain and the decentralised Binance DEX exchange. It is also compatible with the Ethereum Virtual Machine, which opens up opportunities for integrating Ethereum-based tools and solutions.
Another key feature of Binance Smart Chain is the introduction of staking for BNB, the digital asset.
“The Proof of Staked Authority (PoSA) consensus mechanism distributes BNB tokens to Binance Smart Chain validators for performing tasks on the blockchain. This incentivises network participants and ensures stability of operation without compromising transaction speed,” said company representatives.
The PoSA consensus algorithm enables a new block to be generated every three seconds and significantly reduces transaction fees when using DeFi and dApp protocols.
Binance Smart Chain serves as a base for blockchain developers supporting a range of integrations, including Chainlink, Band Protocol, Swipe, Ontology, Trust Wallet and other projects.
Back in April 2019, the Binance Chain mainnet was launched. A year later, in the Binance Smart Chain white paper, the concept of a parallel blockchain to support smart contracts was introduced.
Subscribe to ForkLog news on Telegram: ForkLog Feed — the full feed of news, ForkLog — the most important news and polls.