Testnet Online, Blocks Generated Every 3 Seconds! What are the differences between Binance Smart Chain and Binance Chain?

At around 3 am today (30th), Binance announced the launch of its Binance Smart Chain testnet. As of press time, there are 306 wallet addresses on the testnet, with a block time of 3 seconds, 8,529 transactions, and 216,530 blocks mined. The features align with the previously reported plans for the smart contract chain, but with additional updates.

What are the differences between Binance Smart Chain and Binance Chain?

According to official sources from Binance, Binance Smart Chain (BSC) allows for smart contract deployment and is designed to be closely integrated with the previously launched Binance Chain (BC), forming what is known as a parallel chain structure.

This dual-chain architecture enables users to build their decentralized applications (DApps) and digital assets on one blockchain (BSC) while conducting transactions swiftly on another blockchain (BC).

The key highlights of Binance Smart Chain include:

• Ethereum Virtual Machine (EVM) compatibility, meaning that code from Ethereum can be easily ported over without issues, with the intention of attracting developers from other blockchains.
• Utilization of Proof of Stake (PoS) mechanism, which eliminates the need for mining power and allows users to stake a certain amount of BNB, Binance's native token, on BSC to receive block rewards.
• Interactions with BC through cross-chain protocols
• Block time of less than five seconds (compared to Ethereum's 15 seconds)

Key features of Binance Chain include:

• Utilization of its native token protocol BEP2, such as the current use of BNB under this protocol
• Ability to generate pegged tokens on its blockchain, allowing for the creation of BEP2 versions of anchored tokens by collateralizing cryptocurrencies like Bitcoin and Ethereum
• Governance structure (voting, listing)

For further information, you can read the BSC Whitepaper.