Binance Smart Chain (BSC) is a second generation of blockchain technology. Although Bitcoin (BTC), Litecoin (LTC), Dogecoin (DOGE) and others are among the best known cryptocurrencies, they are only the first generation of blockchains, and whose sole purpose is to generate a only product: a digital currency.
For its part, Binance Smart Chain is a general blockchain platform ready to deploy smart contracts. These are automated snippets of code that can codify any logic imaginable, including traditional banking services such as trading, borrowing and lending. Technically, the development of bsc token generator BSC smart contracts is possible thanks to the EVM system : Ethereum Virtual Machine.
Just as there are engines in the video game industry that power titles, such as Unreal Engine or Source, there are blockchain engines. Due to its decentralized nature, an EVM system must operate as a decentralized computer, executing smart contracts scattered across thousands of computers — the network nodes.
Binance launches an audit program to better protect its users.
Cryptocurrency exchange giant Binance today announced the launch of Project Shield, the latest level of protection designed to protect Binance users and give them access to secure projects. Project Shield is the third plan put in place from Binance’s side to provide greater security to those using the marketplace after making their security research and investigations program and security tool accessible to users. According to Binance, Project Shield should lead to thorough auditing of projects against strict standards of security, legal and regulatory compliance, and continuous performance reviews.
The Singapore-based marketplace says this is the first time a cryptocurrency platform has implemented this level of protection.The audited projects are based on the BEP-20 and ERC-20 token standards that trade on the Binance exchange (BEP-20 being the token standard for create bep20 token currencies on Binance’s Smart Chain platform, while ERC- 20 is the standard used for all smart contracts on the Ethereum blockchain to administer tokens). Binance, however, noted in its announcement that stablecoins and mainnet tokens are not included in its program.
Binance says blockchain security firms CertiK and PeckShield will help provide “thorough security audits” when reviewing project tokens that are listed on the exchange, auditing some 150 project tokens by end of the year. At the same time, Binance says it will provide real-time security assistance to teams of listed and in-listing projects, helping project owners improve and harden any vulnerabilities that may have surfaced as a result of audits. .
With this shared EVM environment, the BSC can easily support smart contracts written on other EVM-enabled blockchains. Again, this is comparable to porting a PC game to PlayStation or Xbox and vice versa. Engine compatibility is key.
According to Changpeng Zhao, CEO and Founder of Binance, the number of people interested in the cryptocurrency market — and its potential for profitability — has increased in recent years, making it riskier for more people, in especially those who lack the appropriate knowledge and research, to invest in this area. According to him, Project Shield will offer protections to these users. “With the increased security standards for projects, we believe the industry will become healthier, which will allow bep20 token development service for greater mass adoption in the near future,” he says.
Binance’s audit program is being launched just as industry leaders are voicing the need for increased security measures and greater regulation. It also comes days after the AscendEX exchange platform was hacked, which resulted in the theft of funds totaling $77 million from Ethereum Chains ($60 million), Binance Smart Chain ($9.2 million) and Polygon ($8.5 million). Last week, cryptocurrency exchange BitMart reported being hacked, with an estimated $150 million worth of tokens, although other figures put the loot at $200 million.
In November, Binance launched an advertising campaign to help guide regulatory discussions and further develop and secure cryptocurrency markets, resulting in its 10 Basic Rights for Cryptocurrency Users. “Securing our platform is one of our top priorities,” said Tigran Gambaryan, VP of Global Intelligence and Investigations at Binance in response to the launch of Project Shield, adding that it will help leverage partners sector and strengthen its defences.
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