As per an update coming via Binance statement, there will be a new blockchain platform, known as Binance Chain, as well as an upgraded version of its cryptocurrency. The official blog read,
“In the world of blockchain, we have always believed that actions speak louder than words. Thus, a tailored blockchain is the best way to communicate ourselves.”
After the major hack attempt on Binance Exchange, it appers that the team behind Binance is now alarmed and looking for some solutions to prevent any hack attempts in future.
The Binance team is said to have done an extensive research on the decentralized exchange infrastructure while also keeping in mind the existing implementations and believes that “significant improvements can be made in providing Binance users with a level of trading experience to which they are already accustomed,”
The digital asset company also mentioned to upgrade its own token Binance Coin (BNB), which came in the market last year, existing on the public blockchain. Binance’s crypto coin, ERC-20 token built on Ethereum, has benefited from the exchange’s explosive success and is now listed among the top 30 cryptocurrencies as per the market capitalisation.
The public blockchain “will mainly focus on the transfer and trading of blockchain assets, as well as provide new possibilities for the future flow of blockchain assets.” The project aims to provide its users with :
- Easy to use platform
- Superior performance compared to other exchanges.
Thus, Binance’s BNB coin will serve as the native currency for the Binance blockchain, but the team will first have to upgrade BNB to migrate it to the new network.
While Binance mainly conveys the that the roots of the exchange are going to be decentralized, they also stated that at one point of time in the future, centralized and decentralized exchanges will co-exist and complement each other.
With an already existing user base of several millions, the opportunities for the Binance Blockchain and BNB cryptocurrency seems enormous.
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Rohit Kukreja is a Commerce graduate with Financial Markets expertise involving Stocks, Forex, Futures & Options Market and now Bitcoins & Cryptocurrency Markets. Blockchain Enthusiast but not a techie, Rohit is an active member of various Blockchain & Crypto communities all over India.