Guarda Wallet team is ready for the big events – the launch of Binance Chain. The genesis block of this cryptocurrency exchange giant has already been mined – now the cryptocurrency society is waiting for BNB swap and the Mainnet being available to the public.
No matter how deep in the crypto space you dive, everyone – from the very beginner to the most dedicated cryptocurrency user has heard of Binance. No surprise – this exchange is the largest if measured by trading volume.
According to the official blog of Binance, the platform developers have been envisioning a creation of their own blockchain from the moment Binance was created. No matter where the focus has been at the moment, the thoughts of launching a chain and stating a new page in the history of the exchange platform. Now, in 2019, it is here.
Working closely with the community and working hard on every detail of the project, Binance has made a blockchain that is meant to become a new home for a variety of digital assets.
In the next several paragraphs, let’s look deeper into the work of Binance Chain and its use cases.
The first major use case of the newly established Binance Chain is Binance DEX – a decentralised exchange. If you are asking about the difference between the existing exchange platform and the DEX, the latter should take up the most noteworthy features of Binance and combine them with the security of a decentralised exchange.
DEX is considered to be Binance’s contribution to spreading the freedom of money. The idea is quite simple – when operating on a DEX, a user is fully in charge of their cryptocurrencies and personal data. Also, decentralised exchanges are functioning through nodes located around the world. Hence, they are prone to being a subject of downtimes.
At this point, you may think of a logical question – what are the benefits of Binance DEX in particular? Well, let’s try to break it down. There are several options of decentralised exchanges users can choose from now. The thing is, they are a bit less user-friendly, understandable and intuitive when compared to the Binance solution. Besides the convenience issues, Binance is aiming at solving the problems of speed and liquidity – the points that are usually considered to be weak links of DEX platforms.
The goals of Binance Chain and DEX
With launching both the blockchain and the DEX, Binance finds an ultimate asset exchange solution. As Changpeng Zhao (CEO of Binance) said, Binance blockchain is simple but can process massive loads. Loads, in this case, are more important than the features. As we can see, the main thing at the moment is starting the project and showing that it indeed works. Binance Chain and Binance DEX will start with the very basic functions, allowing users to exchange crypto assets and sent/receive BNB. Also, the main features will include creating tokens on Binance blockchain and managing them. After introducing these uses, DEX will grow and develop further.
Another important event connected to the blockchain launch is that the infamous Binance Coin (BNB) is migrating from Ethereum to Binance and becoming the native coin. BNB is already on the top of cryptocurrency lists and having its own blockchain will only add to BNB’s popularity and variety of use cases.
When it comes to users, Binance Chain will become the place that incorporates the most user-friendly functions of Binance in general. As the official website states, the users will be able to participate in the chain in many various ways once the platform is running.
Of course, the launch of Binance Chain and DEX is surrounded with loads of hype in social networks and blockchain-related media. Such a massive and rapidly developing platform is Binance deserves all the buzz around the novelties. Maybe, Binance Chain will become the ultimate realization of the freedom of money. Time will tell as we at Guarda Wallet are waiting for the Mainnet as impatiently as the community.