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Binance Launches Smart Contract-Enabled Blockchain, Adds Staking for Its Coin

Binance CEO Changpeng “CZ” Zhao (CoinDesk archives)

Cryptocurrency exchange Binance said Tuesday it launched the mainnet of its smart contract-enabled blockchain and is introducing staking for its native Binance (BNB) token. 

  • In a press statement emailed to CoinDesk, the crypto exchange said it hopes to foster the development of decentralized apps (dApps) and decentralized finance (DeFi) products by adding these features. 

  • The new blockchain will use a “Proof-of-Staked” Authority (PoSA) consensus mechanism, which Binance claims will allow the validators to receive rewards for their work on the chain without sacrificing transaction speed.

Disclosure

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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