By
Chimamanda U. Martha
April 19th, 2024
Binance community proposes the idea of a parallel blockchain to the current Binance chain, called Binance Smart Chain, which will offer better smart contract functionality.
Through the official webpage, Binance unveiled a whitepaper detailing a mastermind idea of a parallel blockchain to the current Binance chain, called Binance Smart Chain, which will provide developers with fast and scalable smart contract functionality.
The release has been seen as a huge competitor to the Ethereum blockchain, which is currently marred with high transaction costs and a lack of scalability. Ethereum is, however, looking forward to solving almost all of its issues in fork transitioning to Eth 2.0.
Ethereum has been a huge dominance in the blockchain smart contract, giving dapps developers with no much of a choice other than tolerate the shortcomings. However, with the emergence of the Binance Smart Chain, developers will get a much secure, fast and cheap transaction cost at their disposal.
Binance Smart Chain Cutting Edge Features
According to the post, the innovation will offer interoperability and also programmability of the Ethereum Virtual Machine to the Binance Chain. This a move to encourage dapps developers on the Ethereum blockchain to adopt the Binance Chain smoothly without much of a hustle to alter the source code.
The service will be possible because both Binance Chain and Binance Smart Chain will allow the transfers and other kinds of communication. The whitepaper noted that the Binance DEX will remain a liquid exchange venue of assets on both chains.
There are unique features that make the Binance innovation attractive to developers in the market than other providers. One is a sovereign blockchain that offer security and safety to the users.
The other cutting edge tech on the innovation include its ability to support all existing Ethereum tooling along with faster and cheaper transactions. For those dapps which require fast and also smooth user experience, the dual chain interoperability will allow their scaling of high performance.
“It’s on-chain governance with proof of staked authority consensus, built on 21 validators who validates the transactions, will provide decentralization and enable significant community involvement”, Binance noted.
The smart chain will be an attractive opportunity for all BNB holders, who are interested in staking BNB to support the development of the community and in turn, earn rewards. However, primarily the project will be useful to all developers who need to build dapps with smart contract functionality.
The emergence of the Binance innovation will be a huge plus to the smart contract consumers, as the competition will generally increase, resulting in better services. “The industry needs more high-performance infrastructures, not just one single blockchain”. noted a Binance spokesperson.