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World’s Largest Crypto Exchange Launches its Own Blockchain and Cryptocurrency

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World's Largest Crypto Exchange Launches its Own Blockchain and Cryptocurrency

Global cryptocurrency exchange Binance, that operate the worlds biggest bitcoin exchange and altcoin crypto exchange in the world by volume, has launched its own blockchain “Binance Chain mainnet” and Binance Coin (BNB) as the main cryptocurrency of Binance Chain, reported CCN.

Additionally, Binance will also launch a decentralised exchange sometime in the next week.

Aimed at supporting decentralised exchanges (DEX) with low latency and high throughput, Binance Chain will provide a more efficient protocol for decentralized applications (Dapps) that require higher transaction capacity.

With this, Binance expects to inspire more economic freedom and more projects participating in Binance DEX which will help further the long-term vision of peer-to-peer cryptocurrency trading.

Citing Binance team, the report said, “Binancce Chain was created to support the issuance and exchange of digital assets. Any project can issue new tokens on Binance Chain, and existing tokens that don’t depend on smart contracts are welcome to migrate to Binance Chain, to natively exchange on Binance DEX and gain the benefits from this low latency and high throughput network. This will inspire more economic freedom, and more projects participating in Binance DEX will help further the long-term vision of peer-to-peer cryptocurrency trading.”

Reports further suggest that BNB will be created on Binance Chain with a fixed supply of 200 million, and the exchange will burn 11,654,398 BNB to replicate the supply of BNB on Ethereum.

The first batch of 5,000,000 BNB will be allocated and deposited into an address belonging to Binance.com in order to convert the ERC20 BNB for existing owners. Binance will burn 5,000,000 ERC20 BNB as well, to keep the total supply of BNB constant

Since last year, Binance is considered as the biggest cryptocurrency exchange in the world in terms of trading volume and trading more than 100 cryptocurrencies the exchange has over 10 million users.

Founded in China, by Changpeng Zhao, Binance moved its servers and headquarters out of China to Japan, as Chinese government imposed ban on cryptocurrency trading in September 2017. However, as both Japan and China became stricter in regulations, Binance announced its intentions to open an office in Malta and had established offices in Taiwan too.

To recall, Indian cryptocurrency exchange Zebpay, which had to shut down in September last year due to India’s central bank’s ban on crypto currency, had too set up two companies last year — one in Singapore and another in Malta.

Malta, a a small, island country in Europe, is known for its crypto-friendly ecosystem, where cryptocurrencies are not legal tender but are recognized by the government as “a medium of exchange, a unit of account, or a store of value”.

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Vardaan
Founding editor at IndianWeb2, he's been writing at IndianWeb2 since 2007. Apart from blogging he had a professional career of software developer, Ux developer and search engine marketer in past. His vision of IndianWeb2 has been laid down so as to showcase, encourage and propagate Indian startups, innovation and entrepreneurship ideas.

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