Binance has been in the news a lot this past week after there was a phishing/hack attempt against some of its users, which they resolved perfectly and they also followed up with the first official exchange issued bounty against hackers.
Now Binance came out with another huge announcement, Binance Coin (BNB) will be upgraded to exist on its own network labeled Binance Chain. This means that the formerly in-house coin only used for lowering fees and paying coin voting bounties will have a wider purpose in the future.
They hinted that the project will provide new possibilities for the future flow and trade of blockchain assets. Will the Binance Chain be a new protocol token for decentralized exchanges? Who knows, but the future seems bright.
Official Binance statement regarding Binance Chain.
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.
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.
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. 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.
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.
We know how hard it is to create a business, however, creating history is even harder. The real enemy is often ourselves. We need to continuously improve and disrupt ourselves. We need to work together to create a better version of ourselves. The futures belongs to the new us, together. Thank you for your unwavering support.
Thanks for your support!