The world’s leading cryptocurrency exchange Binance continues to add a new currency, product, or division even during the market turmoil. Launched in 2017, the exchange has grown to become an ecosystem that is looking more and more like the Amazon of crypto with its hands in every pot.
Now, the latest addition to its long list of offerings is Binance Smart Chain. It will be a parallel blockchain to the current Binance Chain that will offer the functionality of Smart Contracts.
With this solution, the company will bring the interoperability and programmability of the Ethereum Virtual Machine (EVM) to Binance Chain.
Binance Chain was launched a year back on April 18, 2019. In such a time, it generated “much interest” and had hundreds of developers and contributors join in and build on its blockchain.
Binance Chain is currently home to its native Binance DEX but because it doesn’t provide enough flexibility or freedom to decentralized apps (dApps) developers, they decided to launch Binance Chain 2.0.
No date is yet marked for its release but Changpeng Zhao, founder and CEO of Binance CEO said, “This took a while, but let’s see if we can get this 2.0 out soonish.”
Binance to Give Ethereum Strong Competition
Binance has already achieved success as an exchange becoming a leading spot exchange. In Q1 of 2020, Binance Futures also turned up the heat with record volume and has started to climb up closer to the top position.
“In our Q1 report, we saw how Binance is totally crushing it in the crypto market – dominating the spot market, catching up rapidly on the derivatives market, and having the most web traffic amongst all exchanges,” said CoinGecko, a crypto ranking website.
Now, with its latest move, Binance is all set to give competition to the leader in the smart contract sector, Ethereum.
Both the Binance Chain and Binance Smart Chain will empower the users of Binance DEX. As per the official announcement, this latest product will be offering fast block times and cheap transaction cost. Moreover, it will be providing EVM-compatible programmability and native cross-chain communication.
Other benefits to this will be enabling the creation of new digital tokens, dual-chain trading, and BNB staking.
Binance’s native token BNB will be up for staking which the exchange calls “an attractive opportunity for all BNB holders who are interested in staking BNB to support the development of Binance Smart Chain and earn rewards.”
Binance Smart Chain is also unique from others in the manner that its sovereign blockchain will provide security and safety to all users and with 21 validators Binance wants to ensure decentralization and significant community involvement.