Crypto Analyst Says Clear Competitor to Ethereum Emerging As Binance Reveals Plan to Launch Smart Contract Platform
Binance is the most advanced decentralized exchange in the world. With the new mobile app, users can make instant trade and exchange between cryptocurrencies and fiat currencies in real-time with just a few taps. We are confident that Binance has the power to quickly revolutionize the $5 trillion cryptocurrency market and fuel cryptocurrencies' recent surge. With Binance's users having access to all the most popular coins in the market, we see a bright future for cryptocurrency and the money that powers it
After working on another cryptocurrency exchange last year, the exchange now aims to create a smart contract blockchain ecosystem, but is still taking some time to decide how to make that happen. The blockchain will implement the new trading models on the platform and will allow both merchants and traders to execute the trading.
Binance Smart Chain is designed to work in parallel with the existing Binance Chain, which is already up and running, powering Binance’s decentralized exchange. The new standalone blockchain will have self-contained technical and business functions so that it can continue to run even if the Binance Chain stops working for a short period.
According to the newly released white paper, the Binance Smart Chain blockchain is compatible with Ethereum, expanding the blockchain ecosystem and allowing it to work with most decentralized applications with zero or minimal charges.
Included are various new trading models, such as price quotation and limit orders, option-specific orders, stop orders, ring bids and support strategies. This is very useful for liquidity and it also allows the trading to move easily among certain markets like market cycles, pivot points or spot market movements.
An agreement with leading blockchain technology company NEO was also announced earlier. With support for a wide array of new features including NEO branding, e-money and digital asset support, the NEO token smart contract is expected to allow users to trade between the NEO system and any decentralized application.
We have an opportunity to make cryptocurrency accessible to everyone, on a worldwide scale, as traditional payment methods become less common. We hope to build a long-lasting relationship with our community." The company will also be establishing its decentralized application team to provide an access point for developers. Moreover, the company announced that it is now starting to support smart contract soon on binance chain
The smart contract layer from Binance will combine the EOS delegated proof-of-stake and proof-of-authority systems to power a faster network performance and increased scalability. According to the development team, it will offer several key features: smart contracts, Binance Coin (BNB) staking, an open source platform, Ethereum compatibility, fast block times and low transaction costs.