Binance has risen to become one of the world’s most popular cryptocurrency exchanges. Now, they’ve launched Binance Chain. Find out what it is today in our review.
What is Binance Chain?
Binance Chain is a new project announced by Binance on March 13, 2018. It’s a public blockchain that will be dedicated to transferring and trading different blockchain assets.
Here’s how the company explained it in a blog post announcing the development:
“As a public blockchain, Binance Chain will mainly focus on the transfer and trading of blockchain assets, as well as provide new possibilities for future flow of blockchain assets. Binance Chain will focus on performance, ease-of-use, and liquidity.”
The price of Binance Coin (BNB) skyrocketed on the news, gaining almost 30% in 24 hours. The platform’s digital currency just reached a $1 billion market cap with a price of around $10.50.
As part of the Binance Chain announcement, the exchange also plans to migrate Binance Coin to its own blockchain mainnet where it will become a native coin.
“We need to continuously improve and disrupt ourselves,” explained Binance in a recent press release. “We need to work together to create a better version of ourselves.”
The new Binance coin and Binance Chain will add to other unique Binance products launched by the company, including Binance Labs (a blockchain technology incubator) and Binance Info (the platform’s codex).
How Does Binance Chain Work?
Binance Chain will be a public blockchain focused mainly on the transfer and trading of blockchain assets. The blockchain will also provide new possibilities for the future flow of blockchain assets.
Overall, Binance Chain will focus on performance, ease of use, and liquidity. The exchange also sees this change as a way to migrate itself “from being a company to a community.”
Binance Widely Praised After Last Week’s Hacking Attack Rumors
Sometimes, a hacking attack sinks an exchange – even if the hacking attack wasn’t serious.
On March 7, Binance suffered a hacking attempt. That attempt was not successful. However, Binance noticed the attack was part of a largescale, organized effort to penetrate the defenses of the popular exchange.
In the days following the attack, Binance has been widely praised for its response. The company’s customer service team remained communicative throughout the incident. They looked into the hacking attempt, analyzed the outcome, and informed customers of the results.
In the end, Binance didn’t suffer any apparent losses from the attack. However, the exchange has decided to go on the offensive by launching a hacker bounty. Binance is offering a $250,000 USD bounty (paid in BNB) to anyone who supplies information that leads to the legal arrest of the hackers involved in the attempted hacking incident on Binance on March 7.
The first person to supply information leading to the arrest of the hackers in any jurisdiction will be paid $250,000.
Furthermore, Binance also allocated the equivalent of $10 million USD in crypto reserves for future bounties against any illegal hacking attempts on Binance.
It’s all good news for Binance this week. Binance Chain is yet another way in which the company seeks to differentiate itself from competition in the cryptocurrency exchange space.
You can read the official announcement here: https://support.binance.com/hc/en-us/articles/360001668872