Binance Smart Chain blockchain launched with smart contracts

Binance cryptocurrency exchange announced the launch of a test network for its new Binance Smart Chain (BSC) blockchain.

According toAnnounced, the Rialto test network is the "very initial version" of BSC. According to information from the blockchain observer, block releases in the test network began a week ago.

Unlike the already functioning Binance networkChain, used to issue BEP2 tokens and support the operation of the non-custodian Binance DEX exchange, BSC brings smart contracts compatible with the Ethereum virtual machine (EVM) to the Binance ecosystem.

#Binance Smart Chain Testnet — Rialto is live.

Check it out for yourself here:
➡️ https://t.co/kL2ZijunFe pic.twitter.com/CoKDz8g07i

- Binance (@binance) May 29, 2020

Another difference is the planned support for BNB token staking and the possibility of using them to select validators based on the Proof of Staked Authority consensus mechanism.

By launching Rialto, the developers intend to test the following aspects of the new blockchain:

• Transfer of BEP2 tokens between chains;
• Development and launch of smart contracts;
• Experience in installing nodes for candidates for validators;
• Staking BNB and the choice of validators.

After the publication of white paper BSC in the middleOn April, a number of participants in the cryptocurrency community criticized the new Binance project due to the expected problems of centralization and similarity with existing blockchains with support for smart contracts.

“Binance Smart Chain is like anotherrival Ethereum in an already crowded space. She will use an EOS-like consensus mechanism where 21 validators will be selected by BNB holders. ”, - wrote analysts at Messari.

At the same time, supporters of the idea expressed confidence that, with its resources, Binance can outperform its closest competitors from the perspective of asset integration and community participation.

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