Introducing Binance Chain
Binance just announced plans for its own blockchain, a public chain curated specifically for the exchange.
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“In the world of blockchain, wij have always believed that deeds speak louder than words,” Binance explains ter a March 13th blog postbode. “Thus, a tailored blockchain is the best way to communicate ourselves.”
The Binance team has conducted extensive research on decentralized exchange infrastructure, the postbode exposes, leading them to believe that “significant improvements can be made te providing Binance users with a level of trading practice to which they are already acquainted.”
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Thus, the concept for Binance Chain wasgoed born. The public blockchain “ will mainly concentrate on the transfer and trading of blockchain assets, spil well spil provide fresh possibilities for the future flow of blockchain assets.” Further, Binance hopes that the project will provide users with liquidity, an easy-to-use toneelpodium, and superior spectacle compared to other exchanges. Spil one might expect, Binance’s BNB coin will serve spil the native currency for the blockchain, but the team will very first have to upgrade BNB to migrate it to the fresh network.
Binance wasgoed growing too quickly, and too busy to begin anything else. So, all wij could do is, to just begin one more Binance. https://t.co/r5RjPNyrDq
— CZ (not providing crypto away) (@cz_binance) March 13,
While Binance conveys that decentralized exchanges are the impetus for Binance Chain, the exchange also believes that, ter the future, decentralized and centralized exchanges alike will “co-exist” and complement one another. Spil such, it’s unclear whether or not Binance intends to migrate to a rigorously decentralized exchange or implement some hybrid specimen, for the postbode does not explicitly state that the exchange intends to adopt a fully decentralized system. Moreover, if Binance does make the budge to a decentralized toneel, it’s unknown how the exchange plans to execute this infrastructural overhaul and if it will run like an Ethereum-powered DEX via brainy contracts.
Thesis developments come just a week after Binance users were klapper by a mass scale phishing attack, one that the Binance team caught ter time before the hackers could make off with funds. If the exchange implements a decentralized framework, that will give a defense buff to its already impressively airtight security system. Spil developments on Binance Chain proceed, expect to see updates that will skin out the logistics of the coming switches.