Hong Kong-based Binance.com is in the works to debut both its own blockchain and an upgraded version of its cryptocurrency – this is according to its official blog.
The new blockchain platform will be called “Binance Chain” and according to the company’s statement, it is to be based on an improved version of the emerging technology that focuses on performance, ease-of-use, and liquidity.
Binance was the world’s second most active crypto exchange over the past 24 hours, according to Coinmarketcap.com, hosting $1.47 billion worth of cryptocurrency trades.
The Binance Chain will be used to transfer and trading of blockchain assets, eliminate administration tasks using smart contract rules and thus, speed transaction settlement.
The major crypto venue also said it will upgrade its own token Binance Coin (BNB), which launched along with the exchange last year, to exist on its public blockchain. Binance’s crypto coin, which is an ERC20 token built on Ethereum, has benefited from the exchange’s explosive success and is now listed among the top 30 cryptocurrencies in the world by market cap.
The improved version of Binance Coin (BNB) is expected to represent the motherboard that serves the entire Binance blockchain, as well as other features that are yet to come. Among other things, BNB is currently used to pay for exchange fees and allow participants to make investments within Binance ecosystem.
With an already existing user base of several millions, the opportunities for this Blockchain and cryptocurrency seem enormous.
Binance’s statement further reads: “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. We stand here today because we believe that Blockchain technology will change the world.”