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.
What’s In It For Users
To blockchain users, you are welcome to a new decentralized machine with many valuable assets brought in by Binance Chain and Binance.com.
Some of the benefits of Binance Smart Chain include:
A rich and growing digital asset ecosystem powered by Binance DEX, the leading decentralized exchange
Cheap transaction fees that reach as low as 1 cent
High performance with a network capable of producing a block every 3 seconds
Cross-chain DeFi mechanisms that increase DeFi interoperability
A supportive Binance ecosystem that funds and bootstraps many DeFi projects
A growing ecosystem of millions of users across Binance.com and Binance DEX
A network of major crypto projects already collaborating with BSC
Binance Smart Chain communities are wrapping up to release many handy tools this month, for functions such as token issuance and transfer, BNB staking, and dApp creation and usage. Please stay tuned!
From Whitepaper to Live Solution
The mainnet launch of Binance Smart Chain is the result of months of relentless work in enhancing the capabilities of Binance Chain. Here’s a brief timeline of how BSC evolved from concept to reality.
April 2020: The Binance Chain community released a whitepaper outlining how a smart contract blockchain can run parallel to Binance Chain and introduce staking for its native token BNB.
May 2020: BSC launched its first testnet, developing decentralized apps and the use of Proof of Staked Authority consensus.
July 2020: BSC reveals its initial lineup of collaborators, including Ankr and Chainlink. Meanwhile, a new testnet introduced enhanced security measures.
August 2020: Binance sponsored the Stake Wars event to exhibit how BNB staking works. Band Protocol starts collaborating as well.
Late August 2020: Binance Chain completes an upgrade in preparation for the launch of BSC. The main infrastructure for BSC was launched.
September 2020: Binance Smart Chain launches. BNB staking is now enabled.
A Growing Network of BUIDLers
Even before the mainnet launch of Binance Smart Chain, numerous crypto projects are already working with the Binance Chain community to help make BSC a robust blockchain platform.
Here are some of our collaborators:
- Blockchain Infrastructure and Tools: ChainLink, Band Protocol, Trust Wallet, Ankr, BSCScan, Bitquery.io, MathWallet, MyWish, CertiK, Torus
- DeFi: Swipe, Aave, 1inch.exchange, WazirX,DODO, dForce, Bounce.finance, Spartan Protocol, MCDEX
- Cross-Chain Liquidity: RenVM, pNetwork, Thorchain, Ferrum.Network, Alpha Finance
- Others: Dapp.Review, Ontology, Travala.com, Republic.co, Clutch, BCA
We’ll share more about these collaborations soon.
