Binance launches its new network and bets on decentralized finance (DeFi)
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Answer Binance launches its new network and bets on decentralized finance (DeFi)
Binance has announced the launch of the Binance Smart Chain mainnet, which is a parallel blockchain network designed to support decentralized finance (DeFi) applications.
stated Changpeng Zhao, CEO of Binance:
The Binance Smart Chain Network allows developers around the world to build DeFi services and various decentralized applications within the Binance ecosystem.
Offering various advantages such as a completely new way to get BNB, high performance, low fees, direct connection to DEX, speed and many more features.
The new network announced by Binance called “Binance Smart Chain” works alongside the old Binance blockchain.
The main difference is that the new blockchain contains smart contracts (such as Ethereum) and allows users to run decentralized applications on the blockchain.
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While the “Binance Smart Chain” blockchain operates in a decentralized manner, there are central elements in it that help the blockchain to operate at high speeds and capabilities.
According to Binance, the platform has very fast block production rates – once every three seconds – and transaction fees for decentralized finance protocols and decentralized applications are significantly lower.
The Binance ad stated:
The Binance Smart Chain is designed to run in parallel with the legacy Binance network, with the new network offering fast execution times and low transaction fees while adding smart contract functionality to support compatible decentralized applications.
One of the main features of the new BSC network is the ability for users to share BNB, both on the original Binance network (old) and the (new) Binance Smart Chain.
Using the authority’s Proof of Bet consensus mechanism, validators will be able to earn BNB rewards to help maintain the BSC network.
Binance Smart Chain is Ethereum Virtual Machine compatible, which means that it supports applications that currently run on Ethereum.
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In addition, Binance Smart Chain is distinguished by having partnerships with strong companies in the crypto and blockchain space such as Chainlink, Band Protocol, Swipe, Ontology, Trust Wallet…
Read also:
A comprehensive guide to the Binance Smart Chain
The “Stacking” BNB coin is now available on the Binance Demo Blockchain
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