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.”
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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.
Image courtesy of Rachel via Flickr
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