Sunday, 05 July 2020

Binance to Enable Smart Contracts

Binance announced the introduction of Binance Smart Chain (BSC). It will run in parallel to the exchange’s current Binance Chain and will enable support for smart contracts.

The world’s largest cryptocurrency exchange by trading volume revealed that BSC will employ the interoperability and programmability features of the Ethereum Virtual Machine (EVM).

“BSC chooses to be compatible with the existing Ethereum mainnet. This means most of the dApps, ecosystem components, and toolings will work with BSC and require zero or minimum changes,” reads the whitepaper.

The Binance Chain Development Community will be responsible for maintaining the new blockchain. This community will work to entice developers and entrepreneurs to build their decentralized applications and digital assets on top of BSC.

Binance Coin (BNB) will help power BSC, similar to how Ether runs on Ethereum.

BNB will be used as the gas to perform any transaction or run contract on the new protocol. It will also allow holders to earn staking rewards.

“[This is an] attractive opportunity for all BNB holders who are interested in staking BNB to support the development of Binance Smart Chain and earn rewards,” reads the announcement.

Since BNB is a non-inflationary token, an expansion of its utility, as well as the number of holders on the network who seek to earn staking rewards, could have serious implications for the token’s price.


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