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Ethereum Smart Contracts in a faster blockchain?! Binance Smart Chain
Binance recently released their White Paper on their new project called Binance SmartChain. Binance is probably the biggest cryptocurrency exchange in the world and has its own blockchain on which it runs the exchange. It recently released this new project called Binance Smart Chain, which is separate blockchain running in parallel with Binance Chain. A newer, modern blockchain with high transaction speeds, and it has several traits including it will host smart contracts and have cross blockchain swaps via a common currency BNB. This blockchain is carefully designed to be compatible with all the applications running on the Ethereum blockchain. This feature along with the set-up with smart contracts would allow decentralized applications on the Ethereum blockchain to migrate to this blockchain with no modification of their code.
While some may see this new blockchain with smart contracts and built-in blockchain compatibility as a direct competitor to the Ethereum blockchain, Binance Press Releases have some far only described it as an addition to the ecosystem, designed to work with the Ethereum blockchain.
This development, the first in the history of cryptocurrency of a high profile blockchain providing a faster alternative to Ethereum. I think many opportunities are presented by this development and I will be watching it closely.
Written by Shortsegments. ✍🏼
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