The company is expected to move its native token, Binance Coin (BNB), to the newly launched blockchain platform.
Binance, the world's largest crypto exchange, launched its own blockchain on April 18. It is called the Binance Chain mainnet and aimed at supporting decentralised exchanges (DEX).According to a CNN report, a decentralised exchange is also in the pipeline for its more than 10 million users. It may be launched sometime in the next week.
Today marks the birth of a new genesis block.
Who's ready? pic.twitter.com/AF1hVtFXzt— Binance (@binance) April 18, 2019
With the Binance Chain, the exchange is hopeful of ushering a more efficient protocol for decentralised applications (Dapps) that require a higher transaction capacity.
"Binance Chain was created to support the issuance and exchange of digital assets. Any project can issue new tokens on Binance Chain, and existing tokens that don’t depend on smart contracts are welcome to migrate to Binance Chain, to natively exchange on Binance DEX and gain the benefits from this low latency and high throughput network," the Binance team told the new outlet.
"This will inspire more economic freedom, and more projects participating in Binance DEX will help further the long-term vision of peer-to-peer cryptocurrency trading," they added.
The company is also expected to move its native token, Binance Coin (BNB), to the newly-launched blockchain platform.
BNB is currently being traded on the Ethereum network, where it is the premier token with a market capitalisation of $2.95 billion.
The exchange believes that the switch will inspire other crypto projects to follow suit and migrate to Binance Chain mainnet.
Reports further suggest that BNB will be created on Binance Chain with a fixed supply of 200 million, and the exchange will burn 11,654,398 BNB to replicate the supply of BNB on Ethereum.“The first batch of 5,000,000 BNB will be allocated and deposited into an address belonging to Binance.com in order to convert the ERC20 BNB for existing owners. Binance will burn 5,000,000 ERC20 BNB as well, to keep the total supply of BNB constant,” the Binance team said.