Binance Announces Launch Of Testnet Of Binance Smart Chain Solution

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Working as a market leader in the crypto community, Binance DEX has announced the launch of a brand-new and advanced testnet of the Binance Smart Chain ecosystem. The testnet will involve the launch of two chains named Chapel testnet and Ganges testnet. The chains will be launched on July 9, 2020. The official Binance DEX Twitter post read:

Binance Smart Chain Ganges Testnet Announcementhttps://t.co/DeyS3SlN8s pic.twitter.com/WMdu4JEJXx

— Binance DEX (@Binance_DEX) July 6, 2020

According to the official blog post, two chains will be unveiled by the Binance team, which will be branded as:

• New Chapel testnet of Binance Smart Chain designed to substitute Rialto.
• New Ganges testnet of Binance Chain created to substitute Kongo.

The new testnet will be available for access by the community only after it gets successful in clearing the comprehensive testing mechanisms. Once the team is done with all the procedural requirements by July 10, they will inform the users by another announcement. Binance has urged its users to have backup support of all the important data on Rialto testnet as they will lose it after the latter is replaced by the new chains.

Salient Upgradations and Changes

1. Important Additions to Binance Chain Node

• New features of v0.7.2
• Introduction of BEP8 Token.
• Listing and Trading of BUSD Pairs
• Major improvements
• BEP-67- Introduction of different expiration span in the Binance DEX network. Launch on-chain governance for assessing the global operations of BSC Chapel Testnet. A proposal-vote process depending upon the staking of validators and delegators will set the BSC parameters, including cross-chain transfer charges, relayer fee, pool fund, etc. Additional parameters will be chosen by corresponding system contracts through cross-chain communication as and when required.

2. Upgradations of Binance Chain CLI

• Launch of Binance Chain Client with BEP8 Support. The users can now use tbnbcli to bind BEP8 assets.
• Addition of governance command of sidechain in tbnbcli.

3. Additions To Binance Smart Chain

• Facilitate native cross-chain transfer of BEP8 token
• Seamless binding, transfer, and unbinding of BEP8 tokens across two chains
• Allow unbinding of BEP2 and BEP8 token
• Offer governance of parameters on system contracts
• Improvements in cross-chain communication
• Users can unbind tokens on two chains at their will
• Provide efficient cross-chain communication implementation with better protocol stack, improved scalability, and error management

4. API Additions

• SDK update
• Go-sdk: Release v1.2.3-bscAlpha.0
• Java-sdk: Release v1.1.0-bscAlpha.0

Future Plans of Binance 

The next phase of Binance Smart Chain will lay emphasis on:

• Launch Staking UI.
• Launch Millau testnet of Binance Smart Chain to substitute Chapel.
• Launch new Binance Chain testnet Danube to substitute both Ganges and Nile.
• Unveil a Staking game to encourage the staking of Binance Smart Chain.
• Host a hackathon to bloom the Binance Chain ecosystem.
• Release “bug bounty” programs for Binance Smart Chain.

In the last phase, the Binance team will upgrade the mainnet of Binance Chain and will launch the mainnet of the Binance Smart Chain ecosystem.

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