Singapore-based decentralized crypto storage application MathWallet announced on Monday that it had received an invitation from Binance to explore the testnet of Binance Smart Chain (BSC). The standalone parallel blockchain to the existing Binance Chain (BC) will be compatible with Ethereum, and will also be available for cross-chain communication with BC.
MathWallet has been invited by Binance Smart Chain（BSC）to explore BSC testnet！Looking forward to the mainnet launch of BSC which will support more assets with DeFi/Staking ability through the smart contract！ https://t.co/Sl5zvJm0QE@binance @bepalliance #binancesmartchain pic.twitter.com/zcrZNcU3XW
— MathWallet (@MathWallet) June 15, 2020
In an official announcement on its website, MathWallet said that the launch of the BSC mainnet would bring support for more assets with DeFi and staking ability through smart contracts. The White Paper for Binance Smart Chain was launch in April this year, which argued that the need for a parallel blockchain was unavoidable. It was stated that digital asset issuers and owners were struggling to add new decentralized features for the assets, or introducing fresh community guidelines. The white paper also added that the demand for programmable extendibility, Smart Contracts, and Virtual Machine functions was growing by the day.
Compromising the speed of the exchange function, the network could straightaway introduce a new Virtual Machine specification based on Tendermint, the white paper mentioned. However, that would require advance learning on the part of the existing dapp communities, and that according to Binance, wouldn’t be a welcome move. Further, the BSC will be based on the Proof-of-Stake mechanism, rather than the widely acclaimed Proof-of-Work.