What are the primary functions you look for in crypto exchange? Is it speed or low fee commissions? Or do you primarily look for security and ease of use? Whatever it is, there is no shortage of exchanges on the crypto market and you might have already found the one that ticks all the right boxes. But If you are a pro cryptocurrency investor, even a beginner in the crypto market, there are good chances that you have heard the name Binance, and for good reason, since it is the popularized cryptocurrency exchange by trading volume.
One such platform, Binance, claims to use latest technologies to stabilize transactions and generally simplify operations. Launched in 2017, Binance crypto exchange is devoted to promoting blockchain’s main principles such as fairness, transparency, safety, and stability.
This guide takes a closer look at Binance Coin, Binance Chain, Binance DEX, how Binance Chain works, Where to trade Binance coin and what are the future may hold for this earnest project.
Table of the contents:
What is Binance?
What is Binance Coin?
What is Binance Chain?
What is Galileo?
What are the Features of the Binance Chain?
What is Binance DEX?
What are the benefits of Binance DEX?
What is Binance?
"The brand name “Binance” is the combination of two words: Binary and Finance."
It is one of the world’s leading cryptocurrency exchange platform.
The Binance Coin (BNB) is a cryptocurrency which can be used as an intermediary when exchanging money, from one crypto-coin to another.
Binance is the largest cryptocurrency exchange platform which was initiated in China but recently moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is most popular for its crypto to crypto exchange services. While the company is still getting more popular on the crypto market, it has handled to gain a lot of demand to its impressive number of Initial Coin Offering listings, skilled attitude and friendly CEO and also due to its low trading fees.
Binance Coin:
Binance coin was circulated during the ICO in July 2017. The main goal of coin creation was inviting funds to develop the Binance exchange. Mostly, Binance coin (BNB) was an ERC-20 standard based Ethereum token. April 18, 2019, Binance released its blockchain, and coins were exchanged on it.
Binance Coin was based on the ERC20 standard and used Ethereum blockchain until Binance own blockchain was created. Binance Chain was released in April 2019. It is a software system for Binance exchange, Binance Launchpad, and more to come.
Overview of BNB Token:
To fund the creation of the exchange platform, Binance team developed a token and raised funds through an ICO and raising some $15 million.
The BNB token can be used for paying the transaction fees obtain while exchanging the digital coins. For example, if you want to convert your one crypto coin to another crypto coin, you would need to pay some transaction fee.
The BNB Token was most innovative. Users who purchased the token and used it as a means of paying the transaction fees were rewarded with a 50% discount. Most users would take benefits of the tokens to buy more Bitcoin or other major altcoins – and got some high returns.
The superior management of the exchange platform helped bring in millions of users. The crypto coin exchange space was highly competitive, but Binance has risen to be among the top 3 on the crypto market. Still, it is the largest exchange platform globally by volume traded.
Where to trade Binance Coin (BNB)?
It’s easy to exchange BNB coin due to a rich number of platforms accepting this cryptocurrency. Yet, you can buy any coin given on Binance Exchange for BNB.
Some of the lists of exchange platforms are:
Binance
KuCoin
Gate.io
Bitrue
HitBTC
Exrates
BTCEXA
Roadmap of Binance
Binance team does not have an appropriate roadmap, but they share all the Binance based news and upcoming developments in their own blog. The CEO of Binance, Changpeng Zhao always announce all the Binance newness in his Twitter.
Binance Chain
Binance Chain is a blockchain software system originally developed by Binance and the community. Binance Chain is a community-driven development project with many professional developers and contributors from all over the world.
The Binance DEX is built on top of a Binance Chain blockchain with BNB as a native cryptocurrency. Therefore, any BNB transaction combined with the DEX could be found in Binance Chain explorer. There is no proof of a single Binance Chain whitepaper other than the official documents section.
Binance is released its own decentralized exchange which will allow users to fully control their funds. The funds will be stored on users’ wallets. BNB token will be moved from the Ethereum network on its own blockchain – Binance Chain.
After launched Binance Chain, this news has attracted the interest of even more investors than before.
In the binance chain, there will be no mining process due to some reasons. Binance chain uses a BFT (Byzantine Fault Tolerant) and PoS (Proof-of-Stake) consensus. This is similar to some popular blockchain systems, such as EOS, NEO, MINTER, TEZOS & TRON…
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