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In an era in which there’s a blockchain for everything and everyone is launching a blockchain, it’s not surprising that a cryptocurrency exchange should get in on the act. It’s even less surprising that Binance should be the platform to do so. The ambitious exchange, buoyed by record profits and substantial goodwill within the crypto community, is planning to launch a proprietary blockchain that will perform a number of roles. Also read: Binance Offers $10 Million Hacker Bounty Binance Goes It Alone Binance hasn’t had much use for blockchain to date. Like every centralized cryptocurrency exchange, all of its action takes place off-chain, with transactions settled simply by updating the order book stored on the company’s servers. Its own BNB token is an ERC20, but doesn’t have much use for the Ethereum blockchain it lives on since its only real use case is when using the Binance platform, where BNB transactions are again settled off-chain. The only exception is customer deposits and withdrawals. On March 13, however, the company broke the news of Binance Chain, a proprietary blockchain with a range of applications. Three paragraphs in, the statement 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.” This is confusingly worded, but seems to be implying that if Binance were to switch to a hybrid model, user experience would not be impacted, for the statement continues:…
Source: Binance Is Launching Its Own Blockchain
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