Binance Chain is a blockchain platform developed by the Binance exchange. Unlike many new blockchains, Binance Chain is not a DApp platform and does not support smart contracts, but only focuses on being an efficient platform for issuing and trading tokens. To know more information about this platform, you can check the article content below.
What is Binance Chain?
Binance Chain is known as a blockchain researched and developed by the Binance exchange team. Similar to Ethereum Network, it focuses on trading applications, so exchanges and transactions will be optimized for processing speed and user-friendly and faster liquidity when using this blockchain. After the platform officially launches the mainnet, the Binance Coin (BNB) token will no longer use the Ethereum (ERC-20) blockchain, but will switch to the Binance Chain. If that happens, BNB will be the base currency of Binance Chain similar to ETH from Ethereum Network. So, demand for BNB will increase after Binance DEX, an application on this platform, is put into operation. As a public blockchain, Binance Chain is primarily focused on converting and trading Blockchain assets.
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What is Binance Chain for?
The first use of this platform is as a blockchain for the Binance DEX exchange (decentralized exchange) to implement the best features of the current Binance exchange on a decentralized platform, providing the security benefits of a DEX. Despite being very simple in terms of practical application system, this platform has a strong processing speed.
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The purpose of this blockchain is to create an alternative market for issuing and exchanging cryptocurrencies with a decentralized solution. Through Binance Chain you can:
- Send and receive BNB coins
- Issue new tokens to digitize assets and serve as the underlying exchange/transfer network for that asset.
- Allow sending, receiving, writing/creating and freezing/freezing tokens
- Support creating trading pairs between two different tokens
- Send orders to buy or sell currencies via on-chain generated trading pairs
- Confirm the price and market activity of certain currencies
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Binance Chain is an open blockchain with features similar to the Ethereum Network but is optimized for application purposes for transactions. Therefore, it promises to be a powerful and highly applicable blockchain platform in the future.
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Projects launched on Binance Chain
At the time of writing, there are around 86 active projects on the Binance network. Several projects launched on the Ethereum platform were previously moved to Binance Chain in 2022. This is quite an impressive number with a new platform, predicting more projects to be launched in the future.
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Epilogue
The birth of this platform partly shows Binance's great ambitions for the global cryptocurrency market. Here is the article "What is Binance Chain? Learn more about Binance's own Blockchain platform” hope it brings you a lot of useful information about this new product from Binance exchange. I wish you to have interesting experiences with this blockchain platform.
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