Binance is Bringing Smart Contracts to Its New Blockchain
- Binance DEX will now run on two blockchains.
Leading crypto exchange Binance is going to launch a proprietary Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term with support for smart contracts.
Announced on Friday, the new blockchain dubbed Binance Smart Chain will run parallel to the existing Binance Chain.
The exchange pointed out that the new blockchain is sovereign, providing security and safety to its users and developers; EVM-compatible and will support all the existing Ethereum tooling; and will allow cross-chain communication and scaling of high-performance dApps.
“This innovative solution brings the interoperability and programmability of the Ethereum Virtual Machine (EVM) to Binance Chain,” Binance stated.
#Binance Chain (@binance_dex) Community Releases Whitepaper for Enabling Smart Contracts ? Smart Contracts ? $BNB Staking ? Open Source ? EVM Compatible ? Fast Block Times ? Low Transaction Costs Read the full Binance Smart Chain whitepaper here: ➡️https://t.co/UAB2XpFRTGpic.twitter.com/3qLZXSeqwD
— Binance (@binance) April 17, 2020
Can it challenge the dominance of Ethereum?
The blockchain will be based on proof of staked authority (PoSA) consensus and the transactions will be confirmed by 21 validators.
With this, Binance DEX, the decentralized crypto exchange, will run on two blockchains - Binance Chain and Binance Smart Chain - maintaining higher Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term and Binance Coin (BNB) will serve as both the gas of smart contract execution and tokens for staking.
Notably, the blockchain will be maintained by the Binance Chain Development Community (BCDC), not the exchange alone.
“This dual-chain architecture will be ideal for users to take advantage of the fast trading on one side (Binance Chain) and build their decentralized apps with smart contracts on the other side (Binance Smart Chain),” BCDC stated.
“BNB holders who are interested in staking BNB can also support the development of Binance Smart Chain and earn rewards. In the long term, we hope to continue working closely with the blockchain community to strengthen our infrastructure for digital assets and provide the community with the best platforms for digital asset creation, circulation, and exchange.”
Leading crypto exchange Binance is going to launch a proprietary Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term with support for smart contracts.
Announced on Friday, the new blockchain dubbed Binance Smart Chain will run parallel to the existing Binance Chain.
The exchange pointed out that the new blockchain is sovereign, providing security and safety to its users and developers; EVM-compatible and will support all the existing Ethereum tooling; and will allow cross-chain communication and scaling of high-performance dApps.
“This innovative solution brings the interoperability and programmability of the Ethereum Virtual Machine (EVM) to Binance Chain,” Binance stated.
#Binance Chain (@binance_dex) Community Releases Whitepaper for Enabling Smart Contracts ? Smart Contracts ? $BNB Staking ? Open Source ? EVM Compatible ? Fast Block Times ? Low Transaction Costs Read the full Binance Smart Chain whitepaper here: ➡️https://t.co/UAB2XpFRTGpic.twitter.com/3qLZXSeqwD
— Binance (@binance) April 17, 2020
Can it challenge the dominance of Ethereum?
The blockchain will be based on proof of staked authority (PoSA) consensus and the transactions will be confirmed by 21 validators.
With this, Binance DEX, the decentralized crypto exchange, will run on two blockchains - Binance Chain and Binance Smart Chain - maintaining higher Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term and Binance Coin (BNB) will serve as both the gas of smart contract execution and tokens for staking.
Notably, the blockchain will be maintained by the Binance Chain Development Community (BCDC), not the exchange alone.
“This dual-chain architecture will be ideal for users to take advantage of the fast trading on one side (Binance Chain) and build their decentralized apps with smart contracts on the other side (Binance Smart Chain),” BCDC stated.
“BNB holders who are interested in staking BNB can also support the development of Binance Smart Chain and earn rewards. In the long term, we hope to continue working closely with the blockchain community to strengthen our infrastructure for digital assets and provide the community with the best platforms for digital asset creation, circulation, and exchange.”