“Binance Chain will mainly concentrate on the transfer and trading of blockchain assets, spil well spil provide fresh possibilities for the future flow of blockchain assets.”
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Binance, the largest cryptocurrency exchange by trading volume, announced today that they are officially developing a public blockchain to create a fresh decentralized exchange. Known spil Binance Chain, the public blockchain will concentrate on the trading and transferring of blockchain assets and will complement their existing centralized exchange.
According to the announcement, Binance has bot researching decentralized exchange frameworks and feels a public blockchain-based toneelpodium is the next logical step given the potential.
After extensively researching decentralized exchange frameworks and analyzing existing implementations, wij believe significant improvements can be made ter providing Binance users with a level of trading practice to which they are already habitual. Centralized and Decentralized exchanges will co-exist te the near future, complementing each other, while also having interdependence. Wij stand here today because wij believe that Blockchain technology will switch the world. Te the face of adversity, wij have always elected to tackle issues head-on, instead of retreating. Spil such, wij have determined to officially launch the development of the Binance Chain.
Spil a public blockchain, Binance Chain will mainly concentrate on the transfer and trading of blockchain assets, spil well spil provide fresh possibilities for the future flow of blockchain assets. Binance Chain will concentrate on spectacle, 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.
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The main difference inbetween a decentralized exchange and a centralized exchange is that a decentralized toneelpodium does not rely on a third-party service to hold funds. Users transact directly with each other without the need for a central server, and there is no central authority that possesses order books or custody. Thus, decentralized exchanges are thought to be more difficult to hack.
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The concept is nothing fresh, spil decentralized exchanges like Swings, NXT and others have bot around for a while. However, the decision to develop a decentralized exchange to complement their existing centralized exchange makes Binance amazingly formidable, spil they already wield a userbase large enough to provide substantial liquidity.
The announcement outlined Binance’s plans to turn Binance Coin (BNB) into a native coin on its own blockchain mainnet. The news has sent the token, which is presently used for discounted exchange fees, up 28 procent to overheen $Ten.