Blocks are produced by a limited set of validators (supported by delegators)Ģ. The new PoSA consensus combines DPoS and PoA so that:ġ. The PoSA consensus relies on 21 community validators supporting short block time and lower fees. PoSA combines the best of Proof-of-Authority (PoA), used by MATIC Bor, TOMOChain, GoChain, or xDAI, and Delegated Proof of Stake (DPoS) used by EoS or Cosmos. To achieve decentralization and technical superiority, the BSC Whitepaper introduced a new Proof of Staked Authority (PoSA) consensus, which the team eventually implemented. The main benefit of using open-source code is that it doesn’t rely on a centralized entity to protect it, but the whole community can contribute, review the code, use it, and assess security. Independent researchers and projects interested in building on BSC can review the code on Github. The Binance Smart Chain code is fully open-source and verifiable. To achieve our goal, BSC is on the way to grow into a stable and decentralized infrastructure. (CEX) helped finance and support the initial infrastructure and bootstrap growth with expertise and knowledge sharing.Īs the network grows, the ecosystem becomes more independent and decentralized, resistant to malicious attacks and attempts to control the network. There’s no easy way to build a fully decentralized network from scratch without an existing community of projects, developers, validators, delegators, and users. BSC’s goal is to develop an infrastructure for a DeFi ecosystem accessible to everyone anywhere worldwide with access to a computer or phone and internet connection. Individuals participating in the BSC ecosystem benefit from borderless access to financial products and services with lower costs and better opportunities. A few months later, in September 2020, they launched the mainnet of the new Binance Smart Chain and invited community validators to help BSC on our mission to build the infrastructure and ecosystem for the evolving world of finance.īinance Smart Chain was designed with the vision of a decentralized and censorship-resistant blockchain that provides the financial infrastructure that has new functionalities and lower operating costs than existing options. A team of developers formed shortly after and published the BSC White Paper. In early 2020, the Binance team approached the developers from the existing Binance Chain community intending to fund and support the development of an infrastructure to address these questions. What do we have to do to provide everyone with access to more opportunities? How can we create a fair and decentralized financial system that treats all users as individuals without bias or censorship? This address can be used to send BNB or BEP20 funds via the Binance Beacon Chain (BEP2) network.We often lead extensive discussions about the future of money and decentralized finance (DeFi). Click the copy or Receive button to generate and verify your account address on your Ledger device.
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