XSL Labs will use the Binance Smart Chain
XSL Labs is pleased to announce that the first phase of deployment of its SDI and all its services will be on the Binance Smart Chain (BSC).
Contrary to previous announcements, it is not on the Ethereum network that XSL Labs will deploy its ecosystem but on the Binance Smart Chain (BSC). Several reasons led to this decision to move to a more efficient network.
Indeed, the increasingly high transaction costs of the Ethereum network, sometimes reaching up to 10% of the transaction amount, does not allow an optimization of the SYL ecosystem. The generalized network congestion, implying slowness and lack of fluidity, does not allow us either to answer satisfactorily to the quality criteria we have set ourselves for the SYL ecosystem. This is why XSL Labs has studied all technological options in order to provide the best possible service to its users.
The commissioning of the Binance Smart Chain last September disrupted the blockchain world to such an extent that the network very quickly established itself as the most efficient alternative to the Ethereum network. As the world’s leading exchange, Binance was equipped with the most advanced technology to give its original Binance Chain the power to compete with the most influential players in the market. By adding the programmability and interoperability of the Ethereum virtual machine to support its network, Binance was able to create a coherent and extremely fast ecosystem.
Thanks to the rapid and massive adoption of the network, the number of BSC’s unique active wallets has reached the third rank among the largest blockchain with over 50,000 active wallet per day. The importance of this activity is particularly underlined by the strong growth and historical records achieved by the network’s native token, the BNB.
The number of daily transactions on the Binance Smart Chain surpassed that of the Ethereum network on February 10, 2021, with 1.6 million daily transactions compared to 1.3 million for Ethereum. This flippening was made possible mainly thanks to the outstanding results of the BSC and its Delegated Proof of Stake (DPoS) system.
Indeed, the network makes it possible to carry out transactions with costs 1,000 times inferior and at least 10 times faster. In addition to this incomparable performance, the BSC is capable of producing approximately one new block every 3 seconds. Its compatibility with the Ethereum tools and in particular its Virtual Machine also allows the network expansion to all the dApps of the Ethereum network and the migration of all these dApps on the BSC. This dense fabric of dApps and services on the network, combined with its status as the world’s leading exchange, will enable it to claim a future hegemony among the competing blockchains. Binance could very soon become the “Google of Crypto”.
For all these reasons, and in order to be able to offer all its users the best possible service, XSL Labs has decided to develop in its first phase on the Binance Smart Chain network and thus ensure the quality and speed of a service on a platform quickly destined to become one of the references in the blockchain world.
To follow all the ongoing technical development phase of the SDI, we invite you to visit XSL Labs’ GitHub at www.github.com/XSL-Labs.
For more information about the project visit www.xsl-labs.org.