Binance announces the launch of the beta phase of the new Binance Smart Network
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Answer Binance announces the launch of the beta phase of the new Binance Smart Network
About a month and a half ago, we spoke in Arab Bitcoin about Binance’s plan to compete with the Ethereum network by introducing a network that supports smart contracts:
Binance intends to compete with Ethereum by launching a new blockchain… Details here
to be andofficially The beginning of testing the new network from Binance, which supports many features, the most important of which is the support of smart contracts.
#finance Smart Chain Testnet – Rialto Live.
Check it out for yourself here:
➡️ pic.twitter.com/CoKDz8g07i
Read:The start of the third phase of the sale of Sheba lands in Metaverse..Payment in Sheba currency soon
– Binance (binance) May 29, 2020
Binance has launched a new smart blockchain network abbreviated as “BSC” that works in parallel to the existing Binance network to maintain the high performance of the decentralized “DEX” network of Binance in addition to enabling smart contracts feature.
According to Binance, the current stage is the testing phase of the “BSC” network, and this version bears the name “Rialto” and is the “initial version” of the new network.
With Rialto, developers will test the cross-chain transfer of BEP2 tokens, design and launch smart contracts, BNB signing, and test validators.
Old Binance Network vs. New Binance Smart Network:
The proposed network will run parallel to the company’s existing Binance network.
But by comparing the old Binance network that was launched in April 2019, with the new Binance smart network, we find that the latter brings many features to the Binance ecosystem, and the main feature is the support for smart contracts.
The current Binance network supports fast and secure decentralized digital asset trading and is based on a high-performance distributed consensus matching engine.
Read:Ethereum “Shanghai” upgrade begins…Learn what features this upgrade entails
As for the new Binance Smart Network “BSC”, it carries a dual-chain architecture that enables its users to build decentralized applications and manage their digital assets on one blockchain and benefit from the rapid trading of the exchange platform on the other.
The BSC network is a standalone blockchain compatible with the existing Ethereum mainnet.
Most dApps, ecosystem components, and tools will work with the BSC network for zero or very low fees.
The operation of the Binance Smart Network “BSC” requires high hardware specifications and similar technical skills.
The new network from Binance, compared to the Ethereum network, has a higher speed and requires less time to confirm transactions.
Binance’s smart network will combine Proof of Stake (DPoS) and Proof of Authority (PoA).
Because of this combination, blocks will be produced by a limited set of validators in a programmatic manner.
Ethereum competition:
The new Binance network will enable developers to build bridges with a reliable transfer of assets to the Ethereum blockchain.
It will add more functionality to BNB tokens, as users can eventually participate BNB in the new network to vote on BSC validators and collect a percentage of transaction fees.
Read:Binance Invests $200 Million in Media Company “Forbes”…Why?
However, some are skeptical about Binance’s initiative.
For example, in April, after Binance released a BSC working paper, Messari analysts wrote:
The Binance Smart Chain network looks like another Ethereum competitor in an already crowded space.
+ Features EOS-like DPoS with 21 nodes voted on by BNB holders.
+ Details of the white paper are fully compatible with Ethereum.
“Binance Smart Chain” looks like another ETH competitor in an already crowded space
+ EOS-like DPoS features with 21 nodes rated by BNB Dollars pregnant
+ White Paper Details Full Ethereum compatibility
– Messari (MessariCrypto) April 19, 2020
At the same time, others believe that Binance will outperform its competitors in terms of asset integration and user engagement.
Read also:
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