The Binance Chain team has just announced the launch of the Binance Smart Chain mainnet. This parallel blockchain, which works together with the Binance Chain, adds new features such as smart contract creation and the ability to stake BNB, Binance Chain's native token, according to a press release shared with iHodl.
The Binance Smart Chain allows developers to create decentralized applications (dApps) in the Binance Chain ecosystem, enabling the creation of decentralized finance products and solutions (DeFi).
It must be noted the mainnet has gone live just 5 months after the project was unveiled.
The Binance Smart Chain, which is compatible with the Ethereum Virtual Machine, will likely increase the utility of both the Binance Chain and the BNB.
The blockchain is based on the Proof of Staked Authority (PoSA) consensus algorithm, and as a result, validators, token holders, devs as well as users will enjoy a powerful blockchain that will offer high performance and great innovations.
Some of the new features the mainnet offers include:
- A rich and growing digital asset ecosystem powered by Binance DEX.
- Cheap transaction fees.
- High performance network able of producing a block every 3 seconds.
- Increased DeFi interoperability.
- A supportive Binance ecosystem.
- A growing ecosystem of millions of users across Binance.com and Binance DEX.
- A network of popular crypto projects that are already collaborating with the BSC.
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