BNB Chain will help innovation thrive as we open-source BNB Beacon Chain alongside the Binance decentralized exchange (DEX), making it accessible for developers to build on.
Open-source initiatives are at the very core of what makes Web3 such an exciting proposition and BNB Chain is acting on this idea. The broader community will benefit from the move as they gain the ability to put their ideas in motion. Developers are now free to utilize the DEX matching engine code to use and build on. What makes open-source software such an exciting approach is the time-saving and cost-effective process builders can utilize to benefit users.
BNB Beacon Chain is a blockchain developed by Binance and its community that implements a vision of a decentralized exchange for digital assets. As a beacon to the broader network, it utilizes tendermint for consensus and also runs the governance of smart chain. Its offerings encompass the aforementioned BNB Chain DEX, Binance Wallet and BNB Chain Staking.
The benefits of BNB Beacon Chain are broad, with a high-speed order book based DEX utilized to ensure lighting quick transactions. Harnessing native secure cross-chain support will open doors for blockchain interoperability and mean users can seamlessly navigate the chains they use. This interoperability is foundational to the broader aim of allowing the community to take full advantage of BNB Chain.
BNB Beacon Chain will open its validator set, inviting external parties to become validators and play an important role in governance. Users interested in contributing as delegators will also have an avenue to contribute through staking. As the BNB Beacon Chain is rolled out, different components will be reviewed to identify opportunities for more prospective validators and delegators to contribute and play an active role.
The culmination of these efforts will see more developers onboarded to contribute to an array of offerings such as oracles, wallets and exchanges among other components. The broader community can now utilize the code to develop their own blockchain, taking advantage of the high-speed DEX for their own purposes. The code can be customized to more effectively support their own specific endeavors such as a block data service or even a trading bot. The transparent nature of BNB Beacon Chain means the community can research the code and put forward their own ideas on further improving it. This communal approach will help strengthen the entire ecosystem.
The move comes at a significant time in the industry as developers deliberate over the most effective avenues of innovation, it also underlines BNB Chain’s determination to deliver on earlier roadmap promises. We are actively working toward ensuring innovation has every possible opportunity to thrive.