Upon withdrawal, the cryptocurrency will be converted to Binance Chain native tokens - which are transferable to users’ new crypto wallets. The token swap process may be performed by depositing BNB ERC-20 tokens to ’s trading platform. Since Binance Chain is now operational, all BNB ERC-20 (Ethereum-based) tokens can be exchanged for Binance Chain coins, the exchange’s website explained. īNB ERC-20 Tokens May Seamlessly Be Converted to Binance Chain Native TokensīNB coins have been created without performing any mining which is required for minting proof-of-work (PoW)-based cryptocurrencies such as bitcoin ( BTC ) and bitcoin cash (BCH).Īs confirmed by the Binance team, the exact number of BNB will be burned based on “the same number of BNB ERC-20 tokens” that have previously been destroyed. BNB’s total supply has been capped at 200 million coins and its circulating supply is managed by burning (destroying) a certain number of coins, or freezing them, after certain conditions have been met. Once a trading pair is supported by Binance Chain, users may submit buy or sell orders for a particular pair of cryptos on the chain itself.īinance Coin, the Native Cryptoasset of Binance ChainĪs explained, the Binance Coin ( BNB ) is the native cryptoasset of the Binance Chain ecosystem. The blockchain -based trading platform also lets users make suggestions regarding new trading pairs which may be created between two different crypto tokens. Īdditionally, users may burn or “mint” and “freeze/unfreeze” tokens on Binance Chain. In a manner that allows for the integration of improved technology stacks and various other upgrades to the trading plaform’s architecture.īinance Chain May Be Used to Issue New Tokensīinance Chain users may send and receive Binance Coins (BNB), the native cryptocurrency of the exchange (now widely adopted by the larger crypto ecosystem), and they may also create and issue their own tokens. Notably, Binance’s management has designed its exchange platforms (including Binance Chain) Moreover, users may expect the same easy and intuitive user experience (UI) on Binance Chain as they would when transacting on, according to the exchange operator’s management. The Binance Chain is reportedly designed to ensure fair trading by “minimizing” front-running as much as possible. As a non-custodial crypto platform, only traders have access to their funds because the Binance Chain has been designed to facilitate cryptocurrency transfers without accessing users’ private keys.Īs a low latency, high throughput blockchain-powered platform, the Binance Chain lets users conduct low-cost transactions - while also providing access to “high liquidity trading.” As mentioned on Binance’s official website, the exchange operator aims to settle transactions with only 1 confirmation finality and block times of just 1 second.īinance Chain May Be Easily Upgraded with New Technology Stacks īinance Chain: A High-Performance Blockchain Network for Crypto Transactionsīinance’s DEX has been built on top of a blockchain network, called the Binance Chain. In addition to developing a centralized trading platform, the Binance team has created a decentralized exchange (DEX) module - which allows users to trade cryptoassets without having to share their private key. As a private crypto firm based in Malta, Binance ’s web-based platform allows users to securely trade a wide range of cryptocurrencies. Founded in July 2017, Binance is the world’s largest cryptocurrency exchange in terms of trading volume and the overall scope of its business operations.
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