The leading cryptocurrency exchange Binance is adding another product to its long list of offerings. This new product is Binance Smart Chain which will be a parallel blockchain to the current Binance Chain and will offer Smart Contract functionality.
With this innovative solution, the exchange will bring the interoperability and programmability of the Ethereum Virtual Machine (EVM) to Binance Chain.
— Binance (@binance) April 17, 2020
Launched a year ago in April 2019, Binance Chain has generated “much interest” and brought together hundreds of developers and contributors who are building on the Binance Chain blockchain.
Binance Chain is currently hosting a native Binance DEX but doesn’t provide enough freedom and flexibility to the developers of decentralized apps (dApps).
Now, both the Binance Chain and Binance Smart Chain will allow transfers and together will empower the users of Binance DEX to build their decentralized apps and digital assets on one blockchain and avail the fast trading on the other.
2.0 will be coming soon
Binance is already a leading spot exchange and in Q1 of 2020, it has started to catch up in the futures market.
“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.
As per the official announcement, the Binance Smart Chain will offer fast block times and cheap transaction costs. Additionally, it will provide EVM-compatible programmability and native cross-chain communication.
Ethereum is the leader in the smart contract sector but with its latest offering, Binance is all set to give the second-largest network strong competition and a run for their money given Binance’s success.
Besides smart contract functionality and allowing the creation of new digital tokens and dual-chain trading, they will also offer BNB staking,
“an attractive opportunity for all BNB holders who are interested in staking BNB to support the development of Binance Smart Chain and earn rewards.”
What makes it different from others is that being a sovereign blockchain, it will provide security and safety to all users. Also, with 21 validators, Binance says, they will provide decentralization and enable significant community involvement.
For now, there is no date for its release but Binance CEO Changpeng Zhao tweeted, “This took a while, but let's see if we can get this 2.0 out soonish.”