Binance announces Binance Chain, a decentralized exchange
Breaking news from the Binance headquarters. The popular exchange will launch its own blockchain called Binance Chain that will be used to create a decentralised exchange.
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.
The existing Binance Coin will become the native currency of the new project.
Immediately after the announcement, the Binance Coin surged more than 30%.
BinanceCoin price chart
Announcement on Binance.com:
https://support.binance.com/hc/en-us/articles/360001668872
The announcement does not contain many details yet, but I'm looking forward to it.
The big advantage of a decentralized exchange is that it can not be hacked. All tradable assets will be stored on the blockchain and can be accessed directly without a middleman.
Since STEEM is traded on Binance I regularly use the exchange and I am very satisfied with this trading platform. Particularly about the communication from the team and the way in which they communicate on controversial topics such as a recent hack whereby their API was used indicates a reliable and strong organization.
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This is good news. I hadn't seen this yet. Thanks for sharing. Perhaps if a few of the US based exchanges go this route they can avoid the long arm of the SEC?
It doesn't seem fair that Binance will promote their own coin on Steemit while not willing to list Steem Dollars (SBD). They have listed just all kinds of coins, just not SBD. Binance also list Yoyow which is a Steemit competitor. Yoyow is ranked 307 while SBD is ranked 260.
Come on Binance...
Intriguing development for sure.
If Binance decided to go with a POS/dPOS chain where the BNB can be staked, things could get very interesting.
BNB might turn out to be one of the best investments for next few years.
Great news. Decentralized exchanges are the future, but the ones recently haven't been too user friendly. This should help change things big time. Binance is a great exchange, and if they can carry over their success to a decentralized exchange, then I think we will have a new winner in the exchange market. Thanks for sharing.
Great post and thanks for the update. I'm currently holding multiple positions on Binance and this news will help me sleep a little better at night.
This is exciting news to see! We need more secure and reliable exchanges and this is a step in the right direction. I did notice them moving up the chart today and now I now why! Thanks for the post! Resteem
That is great new. I am more interested in binance coin now.
Nice! I have a great experience with binance and I always was hoping that a decentrelized exchange would be something like binance. I did not expect that binance it self was planning to do so. Just after it was "hacked" people looking for a safe way to trade their coins.
1-0 binance smart move to let them think you were hacked....
It is a awesome new...
Also i am waiting to See Sbd On Binance
So many people hating on Binance nowadays, because of the exchange rates, but in my opinion, Binance still is the best and safest Exchange around at the moment and improves the name of Cryptocurrency in the real world. Really good news, for all Binance supporters!
Slightly higher fees in exchange for better customer support, better security, and a better exchange in general. I'll take it.