SOUTH BEND, IN Jul 07 2020 SIMBA Chain, a blockchain disruptor that is making its name by democratizing the complex decentralized, distributed ledger technology for users of all skill sets, is now working to support Binance, the world’s leading cryptocurrency exchange, as it seeks to launch a second blockchain that gives developers of decentralized apps (dApps) greater freedom and flexibility.
Binance recently announced the new Binance Smart Chain, which will run in parallel with the exchange’s original blockchain, Binance Chain. The latter has attracted hundreds of developers and contributors since its launch in April 2019. Although Binance Chain has made significant progress as a fast and secure decentralized digital asset exchange, it doesn’t provide enough freedom and flexibility dApp developers. Binance Smart Chain brings the interoperability and programmability of the Ethereum Virtual Machine (EVM) to Binance Chain.
The addition of SIMBA Chain’s Smart Contract as a Service (SCaaS) platform to Binance Smart Chain provides the desired flexibility. At its core, the SIMBA platform auto-generates Representational State Transfer (REST) APIs. This provides REST-based access to smart contract methods that transact on the blockchain ledger and enables access control groups for reading or writing.
SIMBA Chain CEO Joel Neidig says his platform provides the intuitive version of smart contracts functionality sought by Binance and its legions of dApp developers in the crypto world. This is particularly important as DeFi —decentralized finance—gains momentum as an alternative to traditional centralized financial instruments.
“Binance is the largest cryptocurrency exchange in the world and now that they are allowing smart contracts, SIMBA Chain can provide crypto entrepreneurs an amazing opportunity to develop their own DeFi solutions on many different blockchains with Binance's capabilities of supporting cross chaining,” he says.
Both Binance Chain and Binance Smart Chain will allow transfers and other communication due to the native support of interoperability. The Binance DEX will remain a liquid exchange venue of assets on both chains. This dual-chain architecture will empower its users to build their decentralized apps and digital assets on one blockchain and take advantage of the fast trading to exchange on the other.
Neidig is impressed with Binance’s interoperable blockchains that leverage the advantages of each. “Binance is enabling fast block times and cheap transaction costs, which is great news for users. At the same time, the EVM-compatible programmability and native cross-chain communication will enhance the functionality for developers. As we’ve seen at SIMBA Chain, the easier it is for developers, the faster the adoption rate,” he says.
The Binance Smart Chain will be serving all developers who want to build applications with smart contracts functionality, especially the dApps focused on exchangeable digital assets, as the Binance Smart Chain allows the creation of new digital tokens and dual-chain trading. SIMBA Chain’s SCaaS platform will accommodate developers new to blockchain as well as more advanced users seeking a strategic build partner.
SIMBA Chain provides a generic API to multiple blockchain systems and thus is not dependent on a single blockchain or distributed ledger technology. SIMBA Chain currently supports Ethereum, Quorum, Stellar, RSK, Quant, Hyperledger Fabric, Hyperledger Burrow, and now Binance, with more are on the roadmap.