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Cryptocurrency News Articles
Binance Launches Its Own Blockchain – the Binance Chain Mainnet
Jun 28, 2024 at 07:00 pm
By CCN.com: Binance, the world's largest crypto exchange with over 10 million users, has launched its own blockchain – the Binance Chain mainnet today
Binance, the world’s largest cryptocurrency exchange with over 10 million users, has finally launched its own blockchain – the Binance Chain mainnet on April 18. The highly anticipated blockchain protocol is designed to support decentralized exchanges (DEX).
The launch of Binance Chain will also see the decentralized exchange opening next week.
“Today marks the birth of a new genesis block.
Who’s ready? pic.twitter.com/AF1hVtFXzt
— Binance (@binance) April 18, 2019”
Binance Coin (BNB), the native token of Binance, will operate as the main cryptocurrency of Binance Chain. It will also be moved from the Ethereum network.
Top 5 most valuable tokens on the Ethereum blockchain network (source: etherscan.io)
Currently, BNB remains as the most valuable token on Ethereum as an ERC20 smart contract token with a market capitalization of $2.95 billion.
Floodgate For Crypto DEX to Open
Speaking to CCN in an exclusive interview, the Binance team said that Binance Chain is custom-built for decentralized exchanges with low latency and high throughput, providing a more efficient protocol for decentralized applications (Dapps) that require higher transaction capacity.
The team expects the large capacity of Binance Chain to attract more Dapps and DEX with economic freedom, stating:
“Binance Chain is a blockchain software system developed by Binance and the community. It is a high-performance blockchain optimized for decentralized digital asset exchanges. The Binance Chain is designed to support high throughput, low latency trades, and to facilitate the creation and operation of decentralized exchanges and other decentralized applications.”
The launch of Binance Chain is significant for the cryptocurrency exchange industry, as it will pave the way for more decentralized exchanges to be launched. This will, in turn, increase the liquidity of smaller tokens and provide traders with more options to trade their cryptocurrencies.
The full story is available on CCN.com.
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