Binance plans to launch sidechain for BNB: report

BNB Chain (formerly Binance Smart Chain) plans to introduce a sidechain to offload network congestion and improve scalability, media outlet The Block reported Monday.

Citing a source familiar with the matter, the report noted that the separate blockchain is designed to operate specifically for each application, resulting in higher transaction speed for strenuous activities such as gaming.

The chain, called the BNB Chain Application Sidechain (BAS), will allow for a reduction in gas fees, increase transaction throughput, and improve scalability. A Binance spokesperson said in the interview:

“The BAS is an infrastructure introduced to help developers and node operators build and run their own blockchain as their internal value system for a massive number of users while still maintaining a close connection with BNB Chain.”

The highlight of the new sidechain is its ability to operate independently from the main chain. The spokesperson revealed that the teams and projects leveraging the product will be able to select their validators instead of counting on mainnet protocol for security. The developers will have the ability to deploy their own BAS on the network.

Binance, a popular crypto exchange and founder of the BNB chain, changed the blockchain name from Binance Smart Chain to BNB chain in an attempt to demonstrate decentralization efforts. Binance’s native token BNB, which was previously referred to as Binance Coin, now stands for Build and Build.

At the time, Binance noted that the rebranding will also come with substantial changes in its blockchain ecosystem. The exchange coined a new term called ‘MetaFi’ which is an amalgamation of metadata and DeFi. Binance claims to be building an infrastructure that powers various projects in the field of GameFi, SocialFi, the Metaverse, and the overall virtual economy.

The post Binance plans to launch sidechain for BNB: report appeared first on Our Bitcoin News.