Binance, one of the largest crypto exchanges in the world, has just announced it is launching a new blockchain compatible with Ethereum.
The blockchain, which is dubbed « Binance Smart Chain » (BSC) and whose native token will be the BNB, will support smart contracts just like Ethereum.
According to the official press release that was shared today, « the first practical and widely-used Smart Contract platform is Ethereum. To take advantage of the relatively mature applications and community, BSC chooses to be compatible with the existing Ethereum mainnet. »
Per the project’s whitepaper, « this innovative solution brings the interoperability and programmability of the Ethereum Virtual Machine (EVM) to Binance Chain. »
Binance claims it has decided to launch this new blockchain because even though it already operates its native blockchain Binance Chain (BC), which powers its decentralized exchange Binance DEX, « it doesn’t provide enough freedom and flexibility to the developers of decentralized apps (dApps). »
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