Technology

What are Blockchain Nodes

Nodes are the electronic devices that communicate with each other on a particular blockchain, Binance has recently announced they will contribute $250k for the Binance Smart chain nodes development to build up Binance chain which is based upon Binance’s native public blockchain Binance Chain. Currently there are 876 live nodes running on Binance Chain and 563 nodes under deploying process.

Binance Chain is an independent blockchain developed by Binance and designed for optimal speed and performance for handling the large volume of daily transactions. The project was ready in March 2018 but wasn’t launched at that time due to undisclosed circumstances which needed further improvements before it could be launched. Binance says Binance Chain will be used to transfer Binance Coin (BNB) and other future Binance-related tokens. BNB investors should not need to worry about the transition, Binance CEO Zhao Changpeng said, ” BNB will still be BNB after it’s moved over; nothing changes.”

Blockchain node & its role in blockchain ecosystem:

In simple words a node is a machine running on Blockchain network. Nodes are involved in many processes of Blockchain ecosystem such as verifying transactions by solving complex mathematical equations, receiving new transactions from users and passing them on to other nodes, broadcasting completed transactions across the network, helping the network stay synchronized, and participating in governance related decision making. A node can communicate with other nodes on the same blockchain network directly through a peer-to-peer connection or through a designated node that acts as an intermediary. If a node is unable to find peers or intermediaries, it will establish connections to other nodes across internet , this is called “outbound” connection .

A Binance smart chain node deployment (taken from Binance’s Github) is essentially Binance’s own fork of Tendermint Core, which is written in C++. This codebase takes advantage of Binance Chain’s native BNB token and Binance Coin will be used for fees paid for transactions and resource pricing , different than Ethereum or NEO where gas limits are needed for most transactions. The Binance executive team including Changpeng Zhao Binance CEO, Yi He Binance CFO and Binance co-founder, Roger Wang Binance CTO have been developing Binance Chain from scratch. 

In simple words a node is a machine running on Blockchain network. Nodes are involved in many process of Blockchain ecosystem such as verifying transactions by solving complex mathematical equations, receiving new transactions from users and passing them on to other nodes, broadcasting completed transactions across the network, helping the network stay synchronized, and participating in governance related decision making. A node can communicate with other nodes on the same blockchain network directly through a peer-to-peer connection or through a designated node that acts as an intermediary. If a node is to find peers or intermediaries, it will establish connections to other nodes across internet , this is called “outbound” connection .

Binance smart contract node Explainer Binance Chain is Binance’s native public Blockchain which is a community-driven and open-sourced project based on Binance’s BNB currency. Binance has recently launched their own blockchain platform Binance Chain, the protocol powering Binance DEX, to start “Binance Ecosystem Growth Program” by contributing $250k for development of nodes from the community who possess the following criteria: – Developers must have experience developing and deploying smart contracts and building decentralized applications (Dapps) on top of Binance Chain. – Applicants must be willing and able to work closely with Binance exchange engineering teams through the course of this program. – Applicants should be able to demonstrate prior contributions in their field. – Applicants should be at least Binance Chain developers/contributors who are willing to work with BEP2 standard interface ( BEP-2 ). Binance is now focusing on helping the community build Binance Chain by supporting them through this program. Binance DEX will act as the underlying decentralized platform that Binance users can trade crypto assets on. The Binance team also announced that they will give out $250,000USD per year for node support and expects at least 100 Binance Chain Nodes in 2019 . Blockchain nodes are computers or devices connected to the blockchain network.

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