Binance Smart Chain: new competitor for Ethereum?

The crypto-exchange has unveiled a new blockchain called Binance Smart Chain and which aims to bring the programmability and interoperability of the virtual machine Ethereum to his native blockchain Binance Chain.

Binance has published the white paper of its new blockchain exploiting a functionality of smart contracts (smart contract). Compatible EVM, the Binance Smart Chain (BSC) supports all tools Ethereum existing. It would also be more efficient and cheaper for the user.

The cryptocurrency would not have not intended to overshadow the second blockchain of the ecosystem. A spokesperson said the industry needed "several high-performance infrastructures."

Today, the development team at Binance Chain proposes the idea of ​​a parallel blockchain in order to maintain the performance of the native DEX blockchain and to support a smart contracts function friendly, ”wrote the firm in a press release shared with Cryptaut.

The Binance Smart Chain is based on a consensus of Proof of Staked Authority (PoSA) with a total of 21 validators.

His native token Binance Coin (BNB), formerly based on Ethereum, will serve both as a gas for the execution of smart contracts and for the staking on the new blockchain.

This dual chain architecture will be ideal for users to take advantage of fast trading on one side (Binance Chain) and build their decentralized applications with smart contracts from each other (Binance Smart Chain), "said Binance.

Recently, the cryptocurrency market announced the arrival of its own crypto-payment card as well as the launch of two other new products: Binance Cloud and Binance Mining Pool.