Binance to Launch its Own Blockchain, Upgrades BNB Token

Hong Kong-based Binance.com is in the works to debut both its own ‎Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term and an upgraded version of its cryptocurrency – this is according to its official blog. ‎

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The new blockchain platform will be called 'Binance Chain' and according to the company’s statement, it is to be based on an improved ‎version of the emerging technology that focuses on performance, ease-of-use, and liquidity.‎

Binance was the world’s second-most active crypto exchange over the past 24 hours, ‎according to Coinmarketcap.com, hosting $1.47 billion worth of cryptocurrency trades. ‎

The Binance Chain will be used to transfer and trading of blockchain ‎assets, eliminate administration tasks using smart contract rules and thus, ‎speed transaction settlement. ‎

The major crypto venue also said it will upgrade its own token Binance Coin ‎‎(BNB), which launched along with the exchange last year, to exist on its public blockchain. ‎Binance’s crypto coin, which is an ERC20 token built on Ethereum, has benefited from the exchange’s explosive success and is now ‎listed among the top 30 Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term in the world by market cap.

The improved version of Binance Coin ‎‎(BNB) is expected to represent the motherboard that serves the entire Binance blockchain, as well as other features that are yet to come. Among other things, BNB is currently used to pay for exchange fees and allow participants to make investments within Binance ecosystem.

With an already existing user base of several millions, the opportunities for ‎this Blockchain and cryptocurrency seem enormous.

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Binance chain logo (first voluntary submission). But damn, it’s good! Thanks.

A post shared by Cz (@changpengzhao) on Mar 13, 2018 at 7:53am PDT

Binance’s statement further reads: “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.‎”