From Binance’s push to create a decentralized revolution and a new blockchain ecosystem, to a potential partnership in the works at Ripple, here’s a look at some of the stories breaking in the world of crypto.
Binance says it’s just hours away from launching the public testnet for its own blockchain, called Binance Chain.
The blockchain will power Binance DEX, designed to be the first decentralized exchange that achieves mass adoption, moving huge sums of crypto at high speeds without a middleman. Binance Coin (BNB) will migrate from the Ethereum network onto Binance Chain to become the native currency on Binance DEX.
“Ever since Binance was created, we have envisioned the creation of a native blockchain for our platform. And during the months that passed since the launch of Binance, amid all the expansions we made for the Binance ecosystem, the blockchain project remained an important step in our goal of exchanging the world. After months of groundbreaking work, we’re hours away from the testnet launch of the all-new Binance Chain, set at February 20.”
Binance Chain is designed to create an entirely new token ecosystem for a variety of crypto projects, making it easy for companies to spin up their own tokens and add them to the DEX. Last month, Binance CEO Changpeng Zhao said a number of Ethereum-based tokens are already planning to switch to Binance Chain.
“If you’re only using ERC20 as a token, there’s no real reason for you to stay on Ethereum. Whereas on Binance Chain, you get one-second transaction confirmations. One confirmation is final. So it’s a much faster chain and the transaction fees are cheaper. So there’s a lot of advantages for them to move to Binance Chain,