One of the world’s largest cryptocurrency exchange, Binance has decided to launch it’s very own blockchain during the early half of 2019.
From a newly released Medium post, Binance states that it will migrate its digital asset Binance Coine (BNB) from its current Ethereum network to its proprietary blockchain – Binance Chain. Binance further says, “details on when Binance Coin will transition from ERC20 token to native Binance Chain asset will be revealed soon.”
Binanace elaborates that the new blockchain will allow millions of entrepreneur and developers worldwide to issue coins.
#Binance is pushing for blockchain adoption and doing many things to help advancement of the industry. E.g. we will have the Binance chain ready in the coming months, on which millions of projects can easily issue tokens. @cz_binance @ForbesAsia #ForbesBlockchain pic.twitter.com/0pc0r1lXd2— Binance (@binance) December 4, 2018
The new blockchain will also support Binance’s upcoming decentralized exchange Binance DEX. Since Binance Chain will be capable of doing more tan just issuing coins, the new blockcain may be designed as a fully-fledged smart contract platform similar to Ethereum.
While Ethereum developers have finally come to an agreement for the launch date of its upcoming system-wide upgrade that will help with scalability and other critical issues, CEO of Binance, Changpeng Zhao believes that Ethereum as well as other leading blockchains that support smart contracts, are too slow when it comes to adoption of said methods.
By Developing their own blockchain, Binance plans to fulfill it’s broad mission of developing a centralized financial system while expanding its current ecosystem, these include it’s venture capital firm Binance Labs, its educational platform, Binance Academy and multiple cryptocurrency exchanges globally.
Binance Dex has been set to launch during the early parts of 2019 as well. The company published a new video showcasing DEX, which also includes allowing user to forego private keys in exchange for a 24-word mnemonic speed phrase. The Dex will also contain a feature known as “blockchain explorer,” where users will be able to search individual blocks, transactions, address or order IDs.
Binance has commented that it’s focus is on security with a constant focus on decentralization.
“User funds on the DEX will be secured with decentralized wallet applications like Trust Wallet, which has a server-free infrastructure that stores private keys only on the user’s device, meaning only users have access to their funds.”
Binance is going to grow quickly in power during the coming 2019 year. With all of these release coming out during the early parts of 2019, it’s going to be quite interesting to see what else they’ll come up during the following year.
What are your thoughts on this blockchain news?