Binance to separate from ERC20 Status:
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LINKS FOR ADDITIONAL READING FOR THIS VIDEO & ALL INFO IN TEXT DOWN BELOW:
April 23rd Announcement: https://www.coindesk.com/binance-reveals-timeline-for-bnb-cryptocurrencys-move-off-ethereum
Community Announcement: https://support.binance.com/hc/en-us/articles/360027114471
Details on Upcoming Switch: https://community.binance.org/t/binance-chain-mainnet-swap/1094
For those of you who have been following the events of Binance and their new blockchain with the corresponding native coin BNB, the date has now been set to expect when the BNB coins will move out from under Ethereum and its ERC20 token status and into its new role as the native coin for Binance Chain. That date is April 23. Only hours ago the main net for Binance chain has been launched and the few selected validator nodes have mined the genesis block. Now, this coming Tuesday the 23rd will mark the time the general public can gain access to this main net and it’s also the time that you can switch your BNB coins from ERC20 tokens and register them as BEP2.
Don’t forget to do this if you value your BNB coins. Keep watching to learn why.Because Binance Chain is aligning itself to host other tokens much like Ethereum does via its ERC20 token protocol, Binance Chain will have its own BEP2 token protocol.
You’ll need to switch your BNB coins because soon the BNB ERC20 tokens will be useless. The new BNB BEP2 coins (also known as BNB, the native coin for Binance Chain) will be required if you want to interact with the Binance Chain. Much like how you are required to pay gas fees on the Ethereum blockchain with Ethereum coins, the same is now said of Binance Chain.
Although the date of April the 23rd has been announced, it is not set in stone and this date is subject to change pending any unplanned disruptions proceeding the main net launch.
So getting to the good part: How to register your BNB and change their status when the time does come.
If you store your BNB coins on Binance the exchange, the process is very simple. According to the announcement published by Binance, on April 23rd, or which ever date the main net is released to the public, you can log onto your account on Binance and under the funds tab, select the balances option. Here you’ll find a list of coins, find your balance of BNB coins and request to withdraw them. You will be prompted to provide an address. The address you want to provide will be the address of your new Binance Chain BNB coins. How you obtain this particular address is not quite clear, but it is explained that Binance.com will be a helpful resource in understanding how to complete this process.
So it’s really as simple as withdrawing your BNB ERC20 tokens out of their Ethereum address and sending them to their new home in a Binance Chain address. Keep in mind this needs to be done even if you store your coins on the exchange at the time of the new release. For those of you who know better than to store coins that you value on an exchange for a long period of time, it has also been announced that Ledger hardware wallets will support this new Binance Chain and will therefore be providing an option to store your newly registered Binance Chain BNB coins there.
Keep an eye out for additional information released by Binance to be sure that you understand exactly what the process requires and that you complete it correctly.