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Binance to Launch its Own Decentralized Trading Platform
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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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The Crypto Space Once Again Divided Over Bitcoin SV

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Bitcoin SV
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The crypto community is a strong one, one that managed to bring digital currencies from nothing to an industry worth hundreds of billions of dollars. However, while its strength in this regard is undeniable, the crypto community can be just as fragile given the appropriate conditions. With that in mind, the conditions seem to have been set for a new divide, although the cause is once again the same — Dr. Craig Wright and his Bitcoin SV (BSV).

Craig Wright vs. the (crypto) world

Dr. Craig Wright, the chief scientist at nChain, and the creator of Bitcoin SV. has been a well-known and very controversial figure in the crypto industry. Wright was suspected of being Bitcoin’s creator several years ago, which is possible because no one knows who is behind the name ‘Satoshi Nakamoto.’

Wright was believed to be him, and one theory claimed that he and his friend were responsible for giving life to BTC. However, the theory quickly died out, but not before Wright seemingly liked the idea of assuming the mantle of Nakamoto. He himself started claiming to be Bitcoin’s mysterious creator ever since.

Of course, he managed to gather up some followers, but the majority of the crypto community — while confused — did not believe him. Luckily, there is no need for trust, and Wright should easily be able to prove that he…

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Are XRP and Ripple Going to Be Worth Anything by the End of 2019?

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One surprise recently was when XRP took over Ethereum’s long-held second place in the Market Cap leaderboards. It quickly went back to its traditional and respectable third place behind Ethereum, but it could be a sign of things to come.

XRP has a lot of clout in the market because of the platform it is based on, which is Ripple. A coin that is used for a very specific purpose and with a long term goal in mind is always going to fare better than others. Litecoin, Bitcoin Cash and others have come about because of disagreements in Bitcoin. Therefore they offer nothing except an alternative to Bitcoin as a pure cryptocurrency, while Ripple (and XRP along with it) has something tangible behind it.

Big Banks Back Ripple

Ripple was created in 2012 for a specific reason. It aimed to become a faster and more efficient method to transfer value between banks and countries. This value can be almost anything from currencies to other instruments. While initially, banks were cautious about investing in the company, recently they have been lining up. The crypto winter has helped with innovation int he industry and Ripple has benefitted immensely for it.

The various payment solutions based on Ripple such as xRapid and xCurrent are seeing a large uptake, and this is having an amazing effect on XRP as a whole.…

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Bitcoin, Litecoin, Ethereum, and Ripple On the Rise

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Bitcoin
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The recent development in the cryptocurrency industry is a rise in price for many of the core digital coins. We believe that the unexpected price hike is due to the renewed interest of the key players in the industry. Many investors, speculators, and traders are rushing into the number one cryptocurrency; Bitcoin like never before. Other altcoins such as Ethereum, Ripple, and Litecoin are not dormant either. The effect of the influx is the soaring prices of the digital coins within seven days.

The price of the crypto leading giant-Bitcoin has increased at 25.74 percent in one week. Ethereum also gained 18.76 percent increase in its price. Litecoin and Ripple also recorded some percentage increase in the tune of 53.20 percent and 16.12 percent respectively. It is no just these few popular coins that have gained in one week. From what we have gathered, 94 digital coins amongst the leading 100 cryptocurrencies are also experiencing the rise in price. This information is according to what TradingView published in April 2019.

According to them also, other cryptocurrencies gained in value while others declined. From their calculations, six digital currencies advanced while ninety-four was on the decline. Also, another information shows that the increase in Bitcoin price has reduced the value of other assets such as bonds and stocks.

The possible reason for the rally

Many people are wondering…

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