Binance Chain is a blockchain platform of the Binance cryptocurrency exchange of the same name, on the basis of which the Binance DEX decentralized trading platform operates, and BNB Coin is the native currency of the network.
The launch of the main Binance Chain network took place on April 18, 2019, starting April 23, the process of transferring BNB tokens from the Ethereum blockchain begins. The main functions of the Binance Chain: BNB translations; release, transaction and burning of new tokens; creating trade pairs between coins within the network; creation and processing of purchase / sale orders.
Blockchain Binance works on the basis of the Tendermint protocol and is currently fully controlled by the exchange. In the future, it is planned to make the Binance Chain a decentralized platform, transferring control over the network to validators that are not directly connected with crypto-trading.
It is noted that Binance Chain does not aim to compete with Ethereum and similar blockchain platforms, because they do not plan to support smart contracts and dApps. Emphasis will be placed on fast and cheap trading with high liquidity and convenient use. At the same time, Binance invites developers of various blockchain projects to transfer their tokens to their network if they are interested in being listed in the Binance DEX listing.