Bitcoin, Crypto currency, Blockchain

Away from Ethereum or NEO and to Binance Blockchain

Away from Ethereum or NEO and to Binance Blockchain

Home News away from Ethereum or NEO and to Binance Blockchain

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Marcel Knobloch –
08.02.2019

Binance is one of the world’s leading cryptocurrency exchanges has announced last year the development of a decentralized exchange. The Launch of the Exchange is imminent, according to the latest statements briefly and to enter into direct competition with Ethereum and NEO.

The CEO of Binance, Changepeng Zhao describes in a new Interview that the developers of Binance DEX expect to be able to the Blockchain within the next two weeks. The new Blockchain will be called Binance Chain and the decentralized stock exchange Binance DEX to be used. The Binance is migrated Coin from the Ethereum network, and not more than ERC20-Token function.

The Binance Chain is based on the tender mint Protocol from the Cosmos and is using the Delegated Proof-of-Stake, with the Binance Coin owners can vote for the Block Producer to drive the network. Zhao argues that the new Blockchain will be more like NEO, and XRP will be structured and far less validators as the most public block chains. This is necessary to achieve the necessary power and performance (freely translated):

It will be more like NEO, or even Ripple a smaller number of nodes and each node will be quite large.

According to Zhao Binance has screwed something on tender mint Code around the functionality of the Smart Contracts removed, in order to focus fully on the processing of a high number of transactions per second. In addition to the Binance Coin also some other Token ready for a change to the Binance Chain, however, only those tokens which are not dependent on the use of Smart Contracts (freely translated):

If you use only ERC20 as a Token, you have no reason to stay with Ethereum. In the Binance-Chain, you will receive a second confirmation of the transaction. A confirmation is final. It is, therefore, a much faster Blockchain and the transaction fees are cheaper. There are so many benefits to switching to the Binance Chain, which uses a native DEX…

If you do not use a feature of Smart Contracts for Ethereum, which applies to the issuance of the Token, we do not support the Binance Chain. So you need to probably remain in ERC20.

Featured Image: Nadezda Murmakova | Shutterstock

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