Binance declared a new blockchain, based on BNB token. A blockchain named Binance Smart Chain (BSC) is going to support the functionality of smart contracts.
“Ethereum is the first widely used smart contract platform. To take advantage of its relatively popular applications and community, the BSC will be compatible with the airtime,” Binance stated about the whitepaper of BSC.
The platform already uses its blockchain called Binance Chain (BC), which runs the Binance DEX. But since it “does not provide sufficient freedom and flexibility to decentralized application developers,” Binance decided to launch another one.
Trending: Dubai World Trade Center To Become a Crypto Hub and Regulator
BSC will communicate and work in parallel with BC. “Binance DEX will remain a liquid place for the exchange of assets between blockchains. This architecture will allow users to build their dApps and digital assets on one blockchain and trade on another, ”says Binance.
BNB buyers will have an opportunity to use tokens for a stake in the Binance Smart Chain. The exchange noted that staking at BSC will be “an attractive opportunity for all BNB holders who want to support the advancement of the BSC and receive rewards.”
The platform says BSC is going to support all current Ethereum tools along with quicker and more affordable transactions.