Binance Coin has increased in value by 27% in the past 24 hours and has hit a high of $11. This is after it was announced that they will launch their own ‘tailored blockchain’ specifically for the exchange.
In the world of blockchain, we have always believed that actions speak louder than words. Thus, a tailored blockchain is the best way to communicate ourselves.
Binance is continuing their way to become the greatest exchange since mid-2017 when they released an ICO that has raised approximately $15 million, and an early user base was established by a heavy geographic concentration in China.
The Binance team has conducted extensive research on decentralized exchange infrastructure, leading them to believe that “significant improvements can be made in providing Binance users with a level of trading experience to which they are already accustomed.”
In such a way, the concept for Binance Chain was born. The public blockchain “will mainly focus on the transfer and trading of blockchain assets, as well as provide new possibilities for the future flow of blockchain assets.” Further, Binance hopes that the project will provide users with liquidity, an easy-to-use platform, and superior performance compared to other exchanges. As one might expect, Binance’s BNB coin will serve as the native currency for the blockchain, but the team will first have to upgrade BNB to migrate it to the new network.
The exchange also believes that, in the future, decentralized and centralized exchanges alike will “co-exist” and complement one another. As such, it’s unclear whether or not Binance intends to migrate to a strictly decentralized exchange or implement some hybrid model, for the post does not explicitly state that the exchange intends to adopt a fully decentralized system. Moreover, if Binance does make the move to a decentralized platform, it’s unknown how the exchange plans to execute this infrastructural overhaul and if it will run via smart contracts.
Binance has worked incredibly hard, and have now become the world’s highest-volume cryptocurrency exchange that does not support fiat trading pairs, and frequently outpaces those exchanges that do offer fiat pairs. And is very supportive of Asian blockchain projects in general, and very trusted one which makes it a great bridge for investors of the west that are willing to invest in Asian projects.
Their statement about the progress:
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 futures belongs to the new us, together. Thank you for your unwavering support.