Binance Coin (BNB/USD) price has rebounded strongly today as the buyers attempt to erase losses from the past few days. The exchange rolled out the Binance Smart Chain (BNS), which is a parallel blockchain to the Binance Chain utilized for smart contracts.
Fundamental analysis: BNS helping dApp developers
As Invezz reported a few days ago, Binance presented Binance Smart Chain to provide dApp developers with more freedom to create on the network. In a blog post, Binance noted that the idea of launching the new smart chain was presented in April last year.
The new blockchain will provide dApp developers with more freedom to create on the network. In the blog post, Binance noted that the idea of launching the new smart chain was presented in April last year.
‘’In April, the Binance Chain development team proposed the idea of a parallel blockchain of the current Binance Chain to retain the high performance of the native DEX blockchain and to support a friendly Smart Contract function at the same time,’’ wrote Binance in the post.
The key objective of the parallel blockchain is to enable EMV-compatible programmability and cross-chain communication on the Binance Chain, as noted in the Binance Smart Chain whitepaper. The exchange initiated the first testnet for the new project called Rialto which included the faucet and open-source of the codebase.
Rialto was followed by Chapel testnet which brought the native cross-chain transfer of BEPS tokens. This testnet then underwent a hard fork as a part of the Ramanujan update.
One of the key advantages of the new parallel blockchain is its incredible performance, thanks to the use of Delegated Proof of Stake (DPoS) and Proof of Authority
