The launch that many have been waiting for since April of this year is finally here: Binance Smart Chain (BSC) is live on the main network.
Binance Smart Chain
Today Binance announced the launch of Binance Smart Chain through a press release on its blog.
„Five months since it was first introduced in April 2020, the Binance Chain community has activated the Binance Smart Chain (BSC),“ the statement said. These were undoubtedly months of hard work for the Binance team to improve Binance Chain’s capabilities.
Binance announces Smart Chain Blockchain: Competition for Ethereum?
For those who do not know, BSC has been created to run in parallel to Binance Chain. The main objective of BSC is the creation of Smart Contracts for tokens in the Binance Blockchain.
„With the introduction of the Proof of Staked Authority (PoSA) consensus mechanism, BSC creates an ecosystem where validators, token holders, developers and users benefit from a rewarding Blockchain that offers high performance and ample space for new innovations,“ the statement said.
Without a doubt the launch seems to be the right time to take advantage of the DeFi revolution. In fact, now with Binance Smart Chain live on the mainnet, DeFi projects can take advantage of the best that Binance Chain has to offer.
„Therefore, the Binance Chain and Smart Chain community welcomes all dApp developers and projects to try out this new arena,“ the statement said.
In summary, let’s remember the main attributes that were initially announced for Binance Smart Chain.
Compatible with Ethereum Virtual Machine (EVM)
Proof of Stake Authority consensus which, as you can imagine, is a variant of Proof of Stake.
Blocking time approximately 5 seconds which is much faster than the 13 seconds of Ethereum.
Transfers between strings, interoperability is key.
Therefore, in its statement Binance pointed out some benefits that its users will be able to enjoy from now on.
It has an assorted and growing ecosystem of digital assets driven by Binance DEX.
Super low transaction fees: Just 1 cent!
Cross-channel DeFi mechanism that favors interoperability
Binance Futures launches perpetual contracts for DeFi
Do you already have employees at BSC?
Thus, the press release stated that „numerous crypto projects have been working with the Binance Chain community to help make BSC a robust Blockchain platform“.
In this sense, some of the collaborators it already has are ChainLink, Band Protocol, Swipe, Aave, dForce, RenVM, Ontology, Traval, among others.