HomeNewsBinance plans to launch sidechain for BNB: report

Binance plans to launch sidechain for BNB: report

- Advertisement -


BNB Chain (formerly Binance Smart Chain) plans to introduce a sidechain to offload network congestion and improve scalability, media outlet The Block reported Monday.

Citing a source familiar with the matter, the report noted that the separate blockchain is designed to operate specifically for each application, resulting in higher transaction speed for strenuous activities such as gaming.

The chain, called the BNB Chain Application Sidechain (BAS), will allow for a reduction in gas fees, increase transaction throughput, and improve scalability. A Binance spokesperson said in the interview:

“The BAS is an infrastructure introduced to help developers and node operators build and run their own blockchain as their internal value system for a massive number of users while still maintaining a close connection with BNB Chain.”

The highlight of the new sidechain is its ability to operate independently from the main chain. The spokesperson revealed that the teams and projects leveraging the product will be able to select their validators instead of counting on mainnet protocol for security. The developers will have the ability to deploy their own BAS on the network.

Binance, a popular crypto exchange and founder of the BNB chain, changed the blockchain name from Binance Smart Chain to BNB chain in an attempt to demonstrate decentralization efforts. Binance’s native token BNB, which was previously referred to as Binance Coin, now stands for Build and Build.

At the time, Binance noted that the rebranding will also come with substantial changes in its blockchain ecosystem. The exchange coined a new term called ‘MetaFi’ which is an amalgamation of metadata and DeFi. Binance claims to be building an infrastructure that powers various projects in the field of GameFi, SocialFi, the Metaverse, and the overall virtual economy.



Source link

- Advertisement -
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,580FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 47,407.00
ethereum
Ethereum (ETH) $ 3,398.01
tether
Tether (USDT) $ 0.999191
bitcoin-cash
Bitcoin Cash (BCH) $ 374.78
litecoin
Litecoin (LTC) $ 129.74
eos
EOS (EOS) $ 2.91
okb
OKB (OKB) $ 22.04
tezos
Tezos (XTZ) $ 3.82
leo-token
LEO Token (LEO) $ 6.04
cardano
Cardano (ADA) $ 1.21
monero
Monero (XMR) $ 219.98
stellar
Stellar (XLM) $ 0.235288
chainlink
Chainlink (LINK) $ 16.94
huobi-token
Huobi Token (HT) $ 9.35
tron
TRON (TRX) $ 0.071535
usd-coin
USD Coin (USDC) $ 0.999761
dash
Dash (DASH) $ 130.88
neo
NEO (NEO) $ 26.71
iota
IOTA (MIOTA) $ 0.873933
nem
NEM (XEM) $ 0.117615
zcash
Zcash (ZEC) $ 195.70
maker
Maker (MKR) $ 2,108.96
paxos-standard
Pax Dollar (USDP) $ 0.998723
ethereum-classic
Ethereum Classic (ETC) $ 47.87
vechain
VeChain (VET) $ 0.073374
true-usd
TrueUSD (TUSD) $ 0.999485
ftx-token
FTX Token (FTT) $ 52.07
kucoin-shares
KuCoin Token (KCS) $ 20.42
waves
Waves (WAVES) $ 47.82