This blog is contributed by DIA team.
Binance Smart Chain (BSC) is a blockchain by Binance that runs in parallel to the Binance Chain, which is the home of Binance’ BNB currency. BSC boasts smart contract functionality and compatibility with the Ethereum Virtual Machine (EVM). The design goal of BSC was to achieve the high throughput designed into the Binance Chain, while introducing smart contracts into its ecosystem.
BSC operates side-by-side with the Binance Chain. It’s an independent blockchain that could run even if Binance Chain went offline, so it’s not a “layer two” or off-chain scalability solution. That said, both chains bear a strong resemblance from a design standpoint. Because BSC is EVM-compatible, it launched with support for the rich universe of Ethereum tools and DApps.
In theory, this makes it easy for developers to port their projects over from Ethereum. For users, it means that applications like MetaMask can be easily configured to work with BSC. With the Binance Smart Chain, Binance has created an efficiency geared blockchain to support decentralised finance applications.
DIA has executed the integration into the Binance Smart Chain, opening the path to bring DIA’s open source oracles to the efficiency-geared Binance Smart Chain. DIA provides a broader set of transparent industry grade financial data on BSC and by this enables the creation of new products and applications in one of the fastest growing blockchain ecosystems.
The move towards efficiency-geared blockchains that enable a faster and less cost intensive operations of DeFi applications is a positive development for the entire ecosystem and DIA is excited to support application use cases on Binance Smart Chain with price oracles and explore further opportunities.
DIA (Decentralised Information Asset) is an open-source, financial information platform that utilises crypto economic incentives to source and validate data. Market actors can supply, share and use financial and digital asset data.