Binance has recently announced that it plans to launch its own blockchain at the beginning of 2019.
The exchange made their exciting announcement via a new Medium blog post, and they announced that the digital asset Binance Coin would be migrated from the Ethereum Network to the Binance Chain.
Binance announced that “details on when Binance Coin will transition from ERC20 token to native Binance Chain asset will be revealed soon.”
According to Binance, the new blockchain will allow millions of developers and entrepreneurs all over the world to issue tokens.
Binance also revealed that the new blockchain would also support the forthcoming decentralized exchange Binance DEX.
Oracle Times reported that “since Binance Chain will be doing more than issuing tokens, the new blockchain may be created as a fully-fledged smart contract, just like Ethereum. The Ethereum developers have agreed on a launch date for its system-wide update that will fix scalability and more issues.”
#Binance is pushing for blockchain adoption and doing many things to help advancement of the industry. E.g. we will have the Binance chain ready in the coming months, on which millions of projects can easily issue tokens. @cz_binance @ForbesAsia #ForbesBlockchain pic.twitter.com/0pc0r1lXd2
— Binance (@binance) December 4, 2018
Addressing Ethereum’s issues
Changpeng Zhao, Binance’s CEO believes that Ethereum is too slow to be involved in mass adoption and via the new blockchain, he plans to address, speed, scalability and more issues.
“While this criticism has long been leveled at Ethereum, CZ says any blockchain designed for general smart contracts (as the current competitors are) won’t be swift enough,” Zhao told Fortune back in August.
Via the brand new blockchain, Binance plans to achieve its complete mission to create a fully decentralized financial system, while at the same time expanding its existing ecosystem which includes various exchanges across the world, Binance Labs and Binance Academy.
Binance DEX is scheduled for launch sometime at the beginning of next year.
Binance was in the spotlight recently again after Tripio announced its partnership with Binance that will enable more than 10 million active users in the Binance ecosystem to use BNB as one of the main cryptos on the platform in order to process bookings.
