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- 1 The XFREE coin is set to be released on centralized exchanges in 2024
- 2 The future of Binance Smart Chain is the BSC (EVM) Financial Hub.
XFREE Coin (XFREE) is a digital currency introduced in 2022. It runs on the BNB Smart Chain (BEP20) platform. Production of new XFREE coins will end once the total number of coins reaches 10 billion. In 2024, XFREE will be available for trading on centralized exchanges.
What is Binance Smart Chain?
Binance Smart Chain is a standalone blockchain created by Binance that is compatible with Ethereum. It uses a Proof of Staked Authority consensus mechanism, making transactions faster and cheaper. Smart contracts are compatible with Ethereum dApps, and there are no communication restrictions between Binance Chain and Binance Smart Chain. Binance Smart Chain supports staking and community-based governance, allowing participants to stake BNB and vote on community protocols.
PoS is faster than PoW, making it more competitive with networks that still use full PoW schemes. Binance Smart Chain requires a validator quorum to secure its network. There are 21 validators in total, elected every 24 hours based on their BNB stakes.
Anyone can be a validator, but only the top 21 can serve as validators. This cycle repeats every 24 hours.
Platform validators can update the BSC network during the “epoch” period, consisting of 240 blocks that take approximately 20 minutes. BSC has implemented “slashing” to discourage malicious actors from approving or double-signing inaccurate transactions. Attackers who perform a slashing attack expose themselves and make their attempts extremely costly.
What is the Future of Binance Smart Chain?
Binance Smart chain has been the sweet home for the tokens like XFREE. The solution for the next phase of Binance Smart Chain, now called BNB Chain, is to take the best elements of its competitors and attempt to create something new.
It’s worth noting that blockchain development is typically built upon what came before it, so there is nothing inherently wrong with copying strategies.
In addition, BNB holders might have expected something genuinely innovative, especially if BNB is to reach its predicted price of $2,488 by the end of the decade.
The Beacon Chain is a foundation layer that coordinates all subsequent layers and shards. Validators will stake BNB and validate transactions. Validators will have the opportunity to validate individual BPC shards, similar to how the Beacon Chain and sharding will work on Ethereum.
BSC Partition Chains (BPC) are partitions (shards) of the core blockchain that run parallel with the Beacon Chain. It allows the BNB Chain to divide the cognitive load between shards, resulting in a significant increase in scalability. It is comparable to Ethereum’s sharding solution.
The future of Binance Smart Chain is the BSC (EVM) Financial Hub. It will continue to run an EVM but with an added twist, supporting BSC Application Side Chains. BAS is a type of sidechain that supports application-specific blockchains.
It provides applications with more optimal functionality while still being linked back to the BSC Hub and Beacon Chain. BAS is similar to subnets or parachains on Avalanche and Polkadot, respectively.
Conclusion
XFREE is a digital currency on the Binance Smart Chain with a total supply of 10 billion coins. It will be available for trading in 2024. The Binance Smart Chain is a blockchain compatible with Ethereum and offers faster and cheaper transactions. Validators stake BNB and validate transactions on the Beacon Chain.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
