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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