Introduction of Binance Smart Chain
Binance Smart Chain is an innovative solution to bring programmability and interoperability to Binance Chain. Binance Smart Chain relies on a system of 21 validators with Proof of Staked Authority (PoSA) consensus that can support short block time and lower fees. The most bonded validator candidates of staking will become validators and produce blocks. The double-sign detection and other slashing logic guarantee security, stability, and chain finality.
The Binance Smart Chain also supports EVM-compatible smart contracts and protocols. Cross-chain transfer and other communication are possible due to native support of interoperability. Binance DEX remains a liquid venue of the exchange of assets on both chains. This dual-chain architecture will be ideal for users to take advantage of the fast trading on one side and build their decentralized apps on the other side. The Binance Smart Chain will be:
- A self-sovereign blockchain: Provides security and safety with elected validators.
- EVM-compatible: Supports all the existing Ethereum tooling along with faster finality and cheaper transaction fees.
- Interoperable: Comes with efficient native dual chain communication; Optimized for scaling high-performance dApps that require fast and smooth user experience.
- Distributed with on-chain governance: Proof of Staked Authority brings in decentralization and community participants. As the native token, BNB will serve as both the gas of smart contract execution and tokens for staking.
Comparision Between BC and BSC
|Binance Chain||Binance Smart Chain|
|No. of Validators||11||up to 21|
|Mean Block Time||<1s||~5s|
|Programmability||BEPs||Support EVM-compatible smart contracts|
|Cross Chain||BEP3 introduces Hash Timer Locked Contract functions and further mechanism to handle inter-blockchain tokens peg.||BSC comes with efficient native dual chain communication; Optimized for scaling high-performance dApps that require fast and smooth user experience.|