Binance Chain Community Releases Whitepaper for Enabling Smart Contracts
Little did we know how much interest Binance Chain would generate when it first launched just under one year ago on April 18, 2019. Since then, hundreds of developers and contributors have joined the Binance Chain Development Community (BCDC) and started building on the Binance Chain blockchain.
Thanks to Binance Chain, its native DEX feature (Binance DEX) has made significant progress as a fast and secure decentralized digital asset exchange. The highly performant matching engine built on distributed consensus, which works as the heart of the Binance Chain, is an ideal solution for a decentralized exchange. Still, it doesn’t provide enough freedom and flexibility to the developers of decentralized apps (dApps).
Today, the community-driven BCDC proposes the idea of a parallel blockchain to the current Binance Chain, called Binance Smart Chain, which will retain the high performance of the native blockchain while supporting an intuitive version of Smart Contracts functionality at the same time. This innovative solution brings the interoperability and programmability of the Ethereum Virtual Machine (EVM) to Binance Chain.
Both Binance Chain and Binance Smart Chain will allow transfers and other communication thanks to the native support of interoperability. The Binance DEX will remain a liquid exchange venue of assets on both chains. This dual-chain architecture will empower its users to build their decentralized apps and digital assets on one blockchain and take advantage of the fast trading to exchange on the other.
The Main Advantages of Binance Smart Chain
The proposed solution brings the best of the two technologies together. The fast block times and cheap transaction costs are great news for users who will be able to transfer their assets in a shorter time for surprisingly low transaction fees. At the same time, the EVM-compatible programmability and native cross-chain communication will enhance the functionality for developers.
The proposed Binance Smart Chain is unique for several reasons:
It’s a sovereign blockchain, which will provide security and safety to all users and developers.
It’s EVM-compatible and will support all of the existing Ethereum tooling along with faster and cheaper transactions.
Its native dual chain interoperability will allow cross-chain communication and scaling of high-performance dApps that require fast and smooth user experience.
Its on-chain governance with Proof of Staked Authority consensus, built on 21 validators who validate the transactions, will provide decentralization and enable significant community involvement.
Who can use Binance Smart Chain?
The Binance Smart Chain will be serving all developers who want to build applications with Smart Contracts functionality, especially the dApps focused on exchangeable digital assets, as the Binance Smart Chain allows the creation of new digital tokens and dual-chain trading.
It’s also an attractive opportunity for all BNB holders who are interested in staking BNB to support the development of Binance Smart Chain and earn rewards.
Do you have some feedback about the Binance Smart Chain or the whitepaper? Let us know on Github.