![]() For one thing, they opted for a Proof of Staked Authority (PoSA) consensus mechanism as opposed to Ethereum’s current Proof of Work (PoW). Building a brand new blockchain from the ground up was seemingly not a good option for Binance, which was racing against time to take advantage of the decentralized finance (Defi) and the non-fungible token (NFT) craze.Įthereum is the de facto ‘ King of dApps,’ and the availability of its code in the open-source space may have made it easy for Binance to fork it.īinance forked the Go Ethereum (Geth) client to create Binance Smart Chain but made a few adjustments to differentiate it from Ethereum. The best option for Binance was to launch a parallel blockchain to host smart contracts with added compatibility with Ethereum, the leading dApp network. Smart contracts have a history of bogging down their host networks, as witnessed in the December 2017 CryptoKitties crisis on Ethereum and recently, the Solana network. According to the exchange, introducing the smart functionality to the BC blockchain would have bogged down the network speed making it less efficient. It’s interesting to note that Binance opted to launch a second blockchain after Binance Chain instead of upgrading it, given that it was possible. It is a smart contract platform mimicking the functionality of Ethereum and other dApp platforms such as Tron and EOS. What is Binance Smart Chain (BSC)?īinance Smart Chain (BSC) launched in September 2020, about a year and a half after the launch of its older sibling BC. eToro USA LLC does not offer CFDs, only real Crypto assets available. ![]() The value of your investments may go up or down.
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