Binance Makes Another Move Against Ethereum, Looks To Move BNB Coin Off The ETH Blockchain
Cryptocurrency Exchange Giant Reveals Timeline For Its $3Billion BNB Cryptocurrency’s Move Off Ethereum
Cryptocurrency Exchange Giant Reveals Timeline for Its $3Billion BNB Cryptocurrency’s Move Off Ethereum.
Binance which is one of the leading cryptocurrency exchanges in the world released new and exciting details about the impending launch of its custom blockchain, Binance Chain, which is specially designed to power its $3 billion BNB Coin that currently runs on the Ethereum smart contracts network, according to reports on April 18 released
Migrating To Binance Chain
The exchange giant while announcing the latest development revealed that the migration will take place between April 19 to 22, at which point all BNB balances should be effectively transferred to the new network.
Binance has also revealed that all old Ethereum-based BNB tokens will be destroyed and new BNB tokens will be created on Binance Chain.
Consequently, the initial total supply will be capped at 200 million, out of which 48 million will be frozen, while 5 million will be burned.
The company has further made it clear that it will be completing the all-important migration process to its new distributed ledger on April 23, 2019, and users will be able to provide a Binance Chain address for BNB withdrawals requests.
A statement by the firm also hinted that ‘’The withdrawals would then act as a mechanism to convert ERC-20 BNB tokens into BEP2 [Binance Chain] BNB tokens’’.
However, users who are interested in keeping the ERC-20 version of the BNB tokens are required to withdraw their BNB holdings into an Ethereum wallet before April 23.
After that, the company won’t be supporting any withdrawal of any ERC-20 BNB tokens.
Binance also plans to launch a dedicated blockchain explorer and web wallet shortly.
In related news, as reported by Bitcoin Exchange Guide on March 13, 2019, the Binance Chain has been under development for quite some time now.
In a blog post announcing the development, the exchange said:
‘’As a public blockchain, Binance Chain will mainly focus on the transfer and trading of blockchain assets, as well as provide new possibilities for the future flow of blockchain assets. Binance Chain will focus on performance, ease-of-use, and liquidity’’.
As part of the Binance chain announcement, the exchange also plans to migrate the Binance Coin to its mainnet where it will become native crypto.
A press release by the company reads:
‘’We need to continuously improve and disrupt ourselves, we need to work together to create a better version of ourselves.’’
What Is Binance Chain And How Does It Work
Binance Chain is specially designed to be a public blockchain that will focus mainly on the transfer and trading of blockchain assets.
It will also provide new and endless possibilities for the future flow of blockchain assets.
The Binance Chain is also designed to focus on performance, ease of use and course liquidity. The company also sees the new Binance Chain as an opportunity to migrate itself from a centralized company into a formidable blockchain community.