Binance Smart Chain To Compete With Ethereum

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Binance
Binance

Binance Smart Chain is live on mainnet, an official media release announced, activating the parallel blockchain to Binance Chain that will enable the creation of smart contracts and the staking mechanism for BNB. Any interested individuals and/or organizations can gather BNB stakes to become a validator of this new blockchain.

Five months since it was first unveiled in April 2020, the Binance Chain community has activated the Binance Smart Chain (BSC). Created to run parallel to Binance Chain, BSC enables the creation of smart contracts for tokens on the Binance-branded blockchain. It also introduces an all-new staking mechanism for BNB, one of the world’s top cryptocurrencies.

The launch of BSC, an Ethereum Virtual Machine-compatible blockchain that is ready to be tested and piloted by some of the top projects in the crypto industry, is expected to greatly increase the utility of both Binance Chain and BNB. With the introduction of the Proof of Staked Authority (PoSA) consensus mechanism, BSC creates an ecosystem where validators, token holders, developers, and users all benefit from a rewarding blockchain that offers high performance and ample space for further innovations.

The Binance Chain community launched BSC in time for the DeFi (decentralized finance) revolution, as the public shows increased interest in alternative financial solutions powered by blockchain. With BSC’s launch, DeFi projects and the bigger blockchain community can leverage the best that Binance Chain has to offer, fortified by smart contract support, cross-chain interoperability, and more advantages that BSC brings. So the Binance Chain and Smart Chain community welcome all the dApp developers and projects to try on this new arena.