Back in March, Binance, one of the worlds largest cryptocurrency trading platforms announced plans for a decentralized exchange. The decentralized exchange, or ‘DEX’ for short will be known as Binance chain. This was exciting news for Binance investors and the general cryptocurrency world. But what is Binance chain release date? or when can we expect to see Binance chain? and what is Binance chain hoping to achieve.
What is Binance chain?
Binance chain is an ambitious update by the Binance company in which they will be launching their own blockchain mainnet with a decentralized exchange to run alongside their current exchange. Binance chain will have the Binance token as the native token on its own blockchain rather than running on the Ethereum blockchain. Binance also identified that decentralized exchanges will run alongside centralized exchanges in the near future. One of the main issues right now is that decentralized exchanges have poor liquidity, low user base and therefore have low trading volume. Binance is looking to address this problem though launching their own DEX.
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. Binance Coin (BNB) will be upgraded to exist on its own blockchain mainnet, becoming a native coin. At the same time, Binance will transition from being a company to a community.
Founder of Binance, Chapeng Zhao, revealed; the decentralized exchange, which needs more computing power for many computers to verify and record trades, will be slower and have higher fees than the centralized platform. However, will have more of a focus on anonymity for users and will allow the trading of a greater range off assets.
Binance chain release date
When can we expect to see Binance chain?
Although there is no official release date for Binance chain, Chapeng Zhao has stated that he expects Binance Chain to launch later on this year. Binance has come such a long way in such a short space of time and this development will be one of many huge developments for the overall Binance project.
One thing we do know for sure is that Binance are working on this already through their “Binance Dexathon – Decentralized Exchange Coding Competition“. They have invited coders form all over the world the chance to win a share of $1,000,000 and to become part of the Binance team. The goal of the competition:
The objective of this project is to solicit prototypes of a decentralized exchange with a focus on speed and capacity, or more precisely, a dex blockchain that is low-latency and high-throughput.
The final date which entries must be submitted by is June 30th, 2018 23:59 UTC. although this gives us no clear idea on the actual release date of Binance chain, we can assume it will be the last half of the year and given that it will take some time to announce the winner, and then work on development of their native blockchain and DEX. We can expect the realistic release date of Binance chain to be the last quarter of 2018.
Just another on of the many reasons why Binance coin (BNB) could be a great investment throughout 2018. See also about the Binance coin burn