Binance to release its own blockchain and decentralised exchange
One of the world's largest cryptocurrency exchanges is taking an enormous leap forward.
Binance has announced that it will be creating a decentralised exchange, operated across its own blockchain.
"We want to promote decentralized exchanges and advance the technology in that space. That way we can ride a bit off their innovation later on and push our own tech forward," he explained in a previous interview with Bitcoin.com.
"Decentralized exchanges have the advantage of anonymous trading and you don’t have to have coins in custody of the exchange... [but] the current decentralized exchanges have low volume and are tricky to use. You have to send to a smart contract and then you have to wait. It’s not high frequency trading," Zhao explained in a previous interview with Bitcoin.com.
And now the time has come. Binance's newly announced decentralised exchange framework includes its own blockchain, focused on the transfer and trading of blockchain assets.
"As a public blockchain, Binance Chain will mainly focus on the transfer and trading of blockchain assets, as well as provide new possibilities for the future flow of blockchain assets. Binance Chain will focus on performance, 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."
The markets wasted no time reacting to the news, with an almost immediate surge in Binance Coin price and volume. This might be due to general interest, as well as the possibility of Binance Coin acquiring new use in the near future as gas for the smart contracts that might operate the decentralised exchange.
"After extensively researching decentralized exchange frameworks and analyzing existing implementations, we believe significant improvements can be made in providing Binance users with a level of trading experience to which they are already accustomed. Centralized and Decentralized exchanges will co-exist in the near future, complementing each other, while also having interdependence," the announcement reads.
"We know how hard it is to create a business, however, creating history is even harder. The real enemy is often ourselves. We need to continuously improve and disrupt ourselves. We need to work together to create a better version of ourselves. The future belongs to the new us, together."
Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VEN, XLM, SALT, BTC, XRB
- Tim Draper: Bitcoin ahead of schedule to hit $250,000, may be as early as 2022
- France to pilot national digital currency in Q1 2020, the first in Europe
- Bakkt CEO Kelly Loeffler appointed to US Senate, will depart Bakkt
- Dash cryptocurrency: How Moocowmoo’s alleged exit scam could destroy Dash
- Self-sovereign cryptocurrency private key recovery introduced by Squarelink