Hello and welcome to this blog post about Binance Coin BNB White Paper. I am very excited to know that you are interested in this amazing technology, you will be going to amazed by the incredible potential of the blockchain.
There is a lot to learn about this futuristic tech, lets get started to dive into the Binance Coin BNB white paper and start to leverage it to build a more secure and trusted ecosystem for Industry 4.0 applications.
The aim of this blog post is to help you quickly understand about the philosophy behind the Binance Coin (BNB).
I can ensue you that, you will be able to understand every bits and pieces related to Binance Coin (BNB) after going through the Binance Coin BNB white paper.
Without wasting any further time lets get started to dive right in and lets understand white paper first.
What is white paper?
A white paper is an informational, influential, well-structured document, usually published by an organization, to provide in-depth information about a specific solution.
A white paper is used to provide a good insight into the challenges for a specific problem and a proposed solution for the same.
Binance Coin BNB White Paper
Binance Coin BNB white paper will be going to provide you, all the information that is needed to get started with Binance Coin (BNB), including the inspiration for creating, the problem it is trying to solve and the solution proposed by Binance Coin (BNB).
“The goal of Binance Smart Chain is to bring programmability and interoperability to Binance Chain. In order to embrace the existing popular community and advanced technology, it will bring huge benefits by staying compatible with all the existing smart contracts on Ethereum and Ethereum tooling. And to achieve that, the easiest solution is to develop based on go-ethereum fork, as we respect the great work of Ethereum very much.
Binance Smart Chain starts its development based on go-ethereum fork. So you may see many toolings, binaries and also docs are based on Ethereum ones, such as the name “geth”.
But from that baseline of EVM compatible, Binance Smart Chain introduces 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.
Cross-chain transfer and other communication are possible due to native support of interoperability. Relayers and on-chain contracts are developed to support that. 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-sovreign 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.”
White Paper Link: Binance Coin BNB White Paper
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