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Binance Smart China was equipped with a new version of “parallel computing”.

The development of the Binance Smart Chain network (recently renamed to BNB Chain) continues. The most recent addition is the improvement in the “parallel execution” feature.

According to Wallex and quoted by Bein Crypto, in simple form, EVM (Ethereum Virtual Machine) parallel to Binance Smart Chain is a way to improve the performance of nodes and the network by simultaneously executing transactions.

Parallel execution is a concept that Binance Smart China developers have been working on since late 2021. Due to the technical complexities of applying parallel computing on Ethereum virtual machine architecture (and networks using this architecture such as BSC), the implementation steps of this change are planned in several phases.

Yesterday (January 31), NodeReal, which is one of the main developers of this architecture, announced that the codes of the second version of Parallel EVM have been published on the GitHub platform.

The first phase of the development, which included foundation laying, architectural design and workflow, was implemented in May 2022. The second phase, a version with improved performance, was implemented in November. Phases 3 and 4 are currently under development.

This developer stated that with the implementation of this new method, the cost of the entire block formation process (execution, confirmation and registration) has been reduced between 20 and 50%.

In addition to this technical development, the Binance Smart China (BSC) indicators remained stable during the bear market and did not decline much. According to data from BscScan, the number of daily transactions in this network is 3.28 million, which is three times more than Ethereum’s layer 1 network.

Also, since the beginning of this year, the number of transactions in this network has grown by 45%. The number of daily transfers of BEP20 tokens reached 6 million on January 31. This figure has doubled since the beginning of January, but since November 2021, it has been in a downward trend.

The number of unique addresses of the Binance smart chain reached a record of 247 million. The number of daily active BSC accounts is 974,187, which is the same average as in mid-2022.

Also, currently 756 new smart contracts are confirmed daily in the BscScan browser, which is almost on par with Ethereum – 741 contracts on January 31st.

The price of Binance Coin (BNB), the native currency of China Smart Network, managed to maintain most of its value growth during the recent bullish wave. The price of BNB at the time of writing is $312 and shows a 4% improvement compared to last week.

Recently, there have been some large transfers of Binance Coin by cryptocurrency whales. In one of these transactions, 800,000 Binance Coins worth more than 251 million dollars were transferred from the Binance exchange to an unknown account.

The price of Binance Coin has fallen by 54.4% compared to its historical high ($686), but still has a better price performance than Bitcoin and Ethereum during the same period.

The post Binance Smart China is equipped with a new version of “parallel computing” appeared first on Wallex Blog. appeared.


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