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Binance to Launch its Own Decentralized Trading Platform

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Binance
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When so many companies are launching new blockchains and crypto coins it is not surprising that a cryptocurrency exchange has decided to launch its own blockchain. On 13th March, Binance had revealed that it would soon unveil its own blockchain. The ambitious Hong Kong-based cryptocurrency exchange has announced that their blockchain will arrive with many new features. Currently, Binance.com is working on the upgraded version of its cryptocurrency.

Up till now, Binance like rest of the centralized cryptocurrency exchanges did not see the need to use blockchain. This is because all the activities take place off-chain. The transactions occurring through the exchanges are updated in the order book that is stored on the exchange’s servers. Even though the BNB token of Binance is an ECR20 it does not always depend on the Ethereum blockchain. It is utilized when BNB transactions occur using the Binance platform. These transactions too are settled off-chain.

The Reasons for the Launch

Binance envisions that in the near future the centralized and decentralized cryptocurrency exchanges will complement each other and exist in harmony. This is what led the developers of Binance to create a new blockchain. Binance Chain will be utilized during the transfer and trading of blockchain assets. The cryptocurrency experts say that the move will direct the crypto exchange from being a company to a community. The reason behind the launch of the Binance Chain has been quite clearly stated in the announcement of Binance.

“In just six short months, Binance has transformed into one of the world’s most popular cryptocurrency exchange platforms. Additionally, we completed Binance Labs (a blockchain technology incubator), Binance Info (our Codex), as well as many other components that comprise the Binance ecosystem. We believe that continuously supporting high-quality blockchain projects is the best way to develop this industry. We will continue to improve this part, as we committed in our whitepaper. However, for Binance, this is far from enough.”

“As a public blockchain, Binance Chain will mainly focus on the transfer and trading of blockchain assets, as well as provide new possibilities for the future flow of blockchain assets. Binance Chain will focus on performance, ease-of-use, and liquidity. Binance Coin (BNB) will be upgraded to exist on its own blockchain mainnet, becoming a native coin. At the same time, Binance will transition from being a company to a community.”

Current Status of Binance Exchange

From the tweet of Changpeng Zhao, the CEO of the company, it seems that Binance Chain and the existing centralized exchange will work side by side. Other than improving the experience of trading digital assets, the new decentralized exchange will most likely be used as a launchpad for ICOs and new coins. Recently, in February 2018, Binance was lauded worldwide for the way it handled incidents like the viacoin pump and dump. A year ago, Binance was an unlikely contender in the competition of crypto exchanges. Today, Binance is on the way to become the leading cryptocurrency exchange. According to coinmarketcap.com, Binance currently ranks first (as of 14th March 2018) in the 24-hour volume rankings (exchange) and hosts nearly $1.61 billion worth of cryptocurrency trades.

The updated version of BNB (Binance Coin) will, in future, be a crucial aspect of the system that serves the Binance blockchain. At present, Binance Coin is used to make investments within the Binance ecosystem. Binance, in fact, is always on the lookout for new improvements in their framework in order to better the level of trading experience. The announcement also states, “After extensively researching decentralized exchange frameworks and analyzing existing implementations, we believe significant improvements can be made in providing Binance users with a level of trading experience to which they are already accustomed.”…” We stand here today because we believe that Blockchain technology will change the world. In the face of adversity, we have always elected to tackle issues head-on, instead of retreating. As such, we have decided to officially launch the development of the Binance Chain.”

We will be updating our subscribers as soon as we know more. For the latest on BNB, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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Bitcoin crash
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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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