{"id":561842,"date":"2020-05-30T16:32:03","date_gmt":"2020-05-30T14:32:03","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=561842"},"modified":"2020-06-30T12:43:50","modified_gmt":"2020-06-30T10:43:50","slug":"binance-smart-chain-is-designed-to-be-compatible-with-ethereum","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/binance-smart-chain-is-designed-to-be-compatible-with-ethereum\/","title":{"rendered":"Binance Smart Chain is Designed to be Compatible with Ethereum"},"content":{"rendered":"<p><strong>In summary:<\/strong><\/p>\n<ul>\n<li><strong>Binance has launched the Testnet version of its Smart contract blockchain.\u00a0<\/strong><\/li>\n<li><strong>Dubbed Binance Smart Chain, it will run parallel to the Binance Chain.<\/strong><\/li>\n<li><strong>Additionally, it will be compatible with the Ethereum Virtual Machine (EVM).\u00a0<\/strong><\/li>\n<\/ul>\n<p>The founder and CEO of Binance, Changpeng Zhao, has informed the crypto community via twitter that the Testnet of the highly anticipated Binance Smart Chain is now live.<\/p>\n<p>https:\/\/twitter.com\/cz_binance\/status\/1266442762636849152<\/p>\n<h2>Binance Smart Chain to Run Parallel to Binance Chain<\/h2>\n<p>The team at the exchange has a reputation of continually building and releasing new features associated with Binance. With respect to the Smart Chain, <a href=\"https:\/\/dex-bin.bnbstatic.com\/static\/Whitepaper_%20Binance%20Smart%20Chain.pdf\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">its whitepaper<\/a> was released in mid-April and it clarified that the new smart chain will operate parallel to Binance Chain. The team further explained that adding a Smart contract function to Binance Chain would slow down the exchange function and add other issues to trading.<\/p>\n<p>To solve the issue of potential lag, they decided to build the Binance Smart Chain parallel to the Binance Chain as explained in the following excerpt from the whitepaper.<\/p>\n<blockquote><p>Despite this high demand for adding the Smart Contract function onto Binance Chain, it is a hard decision to make. The execution of a Smart Contract may slow down the exchange function and add non-deterministic factors to trading&#8230;<\/p>\n<p>We propose 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.<\/p><\/blockquote>\n<h2>Binance Smart Chain is Ethereum Compatible<\/h2>\n<p>One of the objectives by the team when building the Binance Smart Chain was to make it easier for developers to use the network and even migrate some of their DApps to it. For this to be achieved, the design for the Binance Smart Chain had a proposal to make it <a href=\"https:\/\/en.ethereumworldnews.com\/category\/news\/latest-ethereum-eth-news\/\" target=\"_blank\" rel=\"noopener noreferrer\">Ethereum Compatible<\/a>.<\/p>\n<p>This goal has been accomplished as seen in the screenshot below from <a href=\"https:\/\/www.binance.org\/en\/smartChain\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">the blog post<\/a> by Binance announcing the release of the Testnet version.<\/p>\n<p><a href=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/05\/Binance-Smart-Chain.jpg\"><img src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2020\/05\/Binance-Smart-Chain-1024x396.jpg\" alt=\"\" width=\"1024\" height=\"396\" title=\"\"><\/a><\/p>\n<h2>Binance Smart Chain was Never Meant to Compete with Ethereum<\/h2>\n<p>The compatibility of the Binance Smart Chain with the Ethereum Virtual Machine aligns with <a href=\"https:\/\/www.coindesk.com\/binance-unveils-smart-contract-blockchain-but-claims-its-no-ethereum-rival\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">the exchange&#8217;s earlier clarification<\/a> that the smart contract platform does not intend on competing with Ethereum. The team at Binance has <a href=\"https:\/\/en.ethereumworldnews.com\/binance-x-huge-boost-to-open-source-blockchain-development\/\" target=\"_blank\" rel=\"noopener noreferrer\">continually emphasized<\/a> that the two blockchain networks are more suited in complementing each other rather than competing.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In summary: Binance has launched the Testnet version of its Smart contract blockchain.\u00a0 Dubbed Binance Smart Chain, it will run parallel to the Binance Chain. Additionally, it will be compatible with the Ethereum Virtual Machine (EVM).\u00a0 The founder and CEO of Binance, Changpeng Zhao, has informed the crypto community via twitter that the Testnet of the highly anticipated Binance Smart Chain is now live. https:\/\/twitter.com\/cz_binance\/status\/1266442762636849152 Binance Smart Chain to Run Parallel to Binance Chain The team at the exchange has [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":561847,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[826,108073,823],"tags":[1119,1518,1236,1322],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/561842"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=561842"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/561842\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/561847"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=561842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=561842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=561842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}