Binance: Unveils Blockchain, New Exchange, & BNB Token Upgrade?

On March 13 Binance officially announced that they will be launching their own blockchain for the public to expedite the creation of a decentralized exchange.

(Binance is the worlds second most active crypto exchange according to coinmarketcap.com, with a 24-hour volume of 1.5 billion dollars.)

In the Binance announcement, they have stated-

“We believe significant improvements can be made in providing Binance users with a level of trading experience to which they are already accustomed. Centralized and Decentralized exchanges will co-exist in the near future, complementing each other, while also having interdependence.”

Binance Chain

The new blockchain platform that Binance announced will be called “Binance Chain”.

Binance Chain key is to focus on ease of use, liquidity, and performance which is based on its improved version.

Some uses for Binance Chain

-Speed up transaction settlement

-Trade blockchain assets

-Transfer blockchain assets

-Eliminate administration tasks using smart contract rules

This crypto exchange giant also has its own coin the “Binance Coin” (BNB), which is an ERC20 token built on the Ethereum platform that will be upgraded along the changes that are coming to this exchange.

The BNB token is currently used to trade among exchange traders and used to pay exchange fees. It can also be served as an investment within Binance’s ecosystem.

With the (BNB) upgrade, it is still unknown if there a token swap for users who hold the exchange’s current (BNB) token.

Binance Chain improved BNB token will represent the central motherboard that assists the entire Binance blockchain.

This news comes in days after Binance suffered a mass attempted phishing attack and ordered a 250,000$ Bounty reward in BNB tokens to anyone who can find the hackers.

The phishing attack caused BNB token to plummet a bit but after Binnnace Chain release BNB token went up 20%.

Binance’s statement additionally 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. Centralized and Decentralized exchanges will co-exist in the near future, complementing each other, while also having interdependence. We stand here today because we believe that Blockchain technology will change the world.‎”

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