Hearing of blockchain launches have become an everyday occurrence and it doesn’t come with much surprise to hear Binance’s stance on issuing it’s own blockchain. The growing exchange has a noticeable record of profit amidst the Crypto community and is now on it’s way to launch a blockchain that will help it with it’s multiple usage.
Binance does not have much work for a blockchain. As any other Cryptocurrency exchange, the transactions are updated on the servers. The BNB tokens are again off chain transactions and hence doesn’t require much of the Blockchain technology. However, the deposits and withdrawals might need an assistance with blockchain and the company announced on 13th of March that a blockchain proprietary was about to be launched.
“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”,announced Binance. They have also stated that Centralized and Decentralized exchanges will exist together and depend on each other for progressing.
Binance Chain will look after the transaction of blockchain assets and check on the performance, liquidity and easier trading. Binance coin shall have its upgrade and turn into a native coin with it’s blockchain. It will gradually turn into a community from just a company.
The CEO of Binance, Changpeng Zhao tweeted something which aroused speculations that a decentralized exchange will be introduced besides the ones existing. Binance has earned global acclaim for it’s rapid progression and the way it has been proactive in solving the viacoin pump and dump.
Even about twelve months ago this would have been a dream for Binance. But now it has leapt all boundaries and transitioned itself to a global phenomenon. The users of Binance are overwhelmed with this news but a few of the lot seems to worry about turning it into overtly centralized and the shortcomings it shall bring along with it.