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LINKS FOR ADDITIONAL READING FOR THIS VIDEO & ALL INFO IN TEXT DOWN BELOW:

Binance Chain Testnet and Storage info: https://coincodex.com/article/3082/binance-chain-testnet-goes-live/

Binance blog 2019 roadmap: https://www.binance.com/en/blog/284296426230820864/2018+Binance+Year-End+Review

Binance Chain GitHub: https://binance-chain.github.io/

How to Run a Full Node: https://binance-chain.github.io/fullnode.html

Binance, an exchange that has gained a lot of popularity over the past several months is now expanding. They are releasing their own blockchain called Binance chain, along with a decentralized exchange called Binance DEX. Today I want to take a look at this new blockchain and DEX and what is being said about it.
There has been a lot of hype surrounding Binance recently, specifically regarding their new decentralized exchange. I will be creating a tutorial on how to use this DEX in my next video that will also cover more details on that DEX as well so if that’s something you’d like to know more about, be sure to hit subscribe and click on the bell icon to receive notifications when I post new videos.

Here are some stats on this new Binance Chain:
* The blockchain is public
* Consensus model is DPOS, so think Bitshares, Steem, EOS
* 11 validator nodes which will be chosen among Binance’s “close partners”
* One confirmation required for a transaction to be final

CZ has said many times that he doesn’t necessarily believe more decentralization means more security. In fact, he tends to favor centralized solutions instead. Additionally, he (much like other figure heads of “decentralized exchanges”) is quick to say that a perfectly decentralized exchange is a myth at this point. I would be remiss if I didn’t interject here that the very installment of a position like a CEO for an exchange claiming to be decentralized is a bit oxymoronic. I’m going to keep this video on the Binance blockchain today and I’ll be going over the DEX in more detail in my tutorial video that is yet to come.

So with that being said, the Binance blockchain is a public chain, meaning anyone can take part in it by transacting in the soon-to-be native coin, BNB. And I believe you are also free to help secure the network by running a node. However with it being a Delegated Proof of Stake system, only the eleven elected validator nodes will receive payment for their services.
So the blockchain itself is public, but let’s not forget that the company Binance is a private company, one that is successful if it sees good profits. For those of you who hold decentralization near and dear to your heart, this set up might seem disheartening. I want you to know that I feel you. But, consider this a reminder that we are witnessing solutions that address issues from different angles and with different motivations. Understanding those motivations are what help you to make sound investment choices and ultimately help support a solution that you believe in.

So, getting back to it, CZ is claiming that the Binance chain is faster, requiring only one confirmation for the transaction to be final and cheaper. So far it sounds like all of the same promises made by many new blockchains. It also looks like Binance is looking to mirror what Ethereum had begun years ago with the ability to create unique tokens on top of their blockchain.
In fact, CZ is encouraging other projects to make the switch from Ethereum to Binance chain if they are only using the ERC20 protocol for token creation. If the projects on Ethereum are using Ethereum’s smart contracts for things unrelated to issuing tokens, CZ says at the moment they are better off staying with Ethereum. Reason being that Binance chain will not support those advanced tools yet.
The native coin for Binance chain will be Binance coin of course, BNB. At the moment BNB is still an ERC20 token. This one will migrate to Binance chain once the mainnet is launched.

For those of you who are concerned about your BNB coins moving from Ethereum’s ERC20 status to the Binance chain native coin, Ledger and Trust wallets will be supporting the Binance chain, so you can use these options to store your migrated BNB coins. Once the specific date of the mainnet launch is announced and more information is provided regarding how exactly to go about securing your BNB coins, I will provide you with another video that goes over that process.
For now, the testnet was launched a little over a month ago and the only date announced for the mainnet launch is vaguely sometime in 2019.

source

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50 COMMENTS

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  8. I'm generally a bitcoin maximalist but I did pickup about 1200 USD worth. I plan to hold it for a couple years. I don't plan to put much into it though.
    My accumulation period for crypto is nearly over now though. I got the ball rolling on selling my house and I'm going to pull the plug on my job and hang out in Mexico for a couple years while I wait for the next bull run. I can live a long time on what I can get for my house (all the way to retirement age if necessary) but once bitcoins start to ramp up into the next bull run I'll be able to go anywhere. Good times!

  11. The Binance mob profit at your expense – always. There is no win-win game plan in this. Know that this has been setup to give a chosen few insiders a lot of cover to profit from manipulation with little possible recourse by BNB token holders or users of the exchange or blockchain. There's a lot of downside here. BNB can justifiably fall 80 to 90% in value from its current level and there is a heck of a lot of triggers that could make that happen as Binance is a big target on many dangerous fronts. Be very careful people. There is a lot more to this thing than meets the eye.

  15. I chose Tezos, Xlm over Binance, Binance is fake and there DeX is not decentralized!! They extort companies, plus Binance doesnt have an office in the USA!!

  20. Thanks for the great video. I watched multiple videos about Binance and I think they are a bit shady with their Binance / Africa initiative and other stuff. I think some projects will go to Binance chain in order to facilitate their listing.

  29. My advice to people in the crypto space is to not waste energy gating on Binance and their "DEX.". If you do not agree with their business model, simply don't use their service. The market will determine which companies and which DEXs will survive. Make your $$$ speak.

  35. Binance could give a way bags of diamonds. No thank you!!!!! They are extorting companies for listing fees and printing more money for themselves with their coin

  36. Decentralisation comes before anything in the world of crypto, that's why it was born. If the new chain can solve a problem but switches to centralisation then there's no point using it.

  38. So this is a freaking blackmail. Come join our platform or we will delist you from binance. That's what CZ does. His mafia must stop before binance gains too much power. He sleeps in the same bed with Justin Sun, so this is an attack from 2 shitcoins to eth. I still wonder who is holding bnb and tron, useless garbage coins.

  48. Why do I even need a centralized company then? I could just use paypal and credit cards and what not.
    I have much more security, much more trust, much more insurance, much more everything than trusting some company in another country
    with much less regulations and no guaranty if I lose my money. The only reason we are here and accepting all the extra risks, is for decentralized solutions, otherwise this entire industry and space is just obsolete. What is the point of a centralized chain? It has absolutely no benefits for a user, only for the CEO, while at the same time having 10x more risks than all the "old" centralized solutions for the user. BUT, I don't blame Binance, they're smart and they're using their popularity to make as much money as they can as fast as they can as long as they can. Binance exchange, Binance coin, Binance chain, maybe soon they make their Binance Ledger Nano, Binance wallmart, Binance Amazon aaaaand Binance Bank, and we're back to where we started.
    I blame the user, the so called crypto enthusiasts who don't even know what they're here for and why and just follow the herd, as usual. Thats why real decentralized solutions with almost no profit for those who are working on them are so unpopular and nobody hears about them, invests in them, supports them, but as soon as you hear "binance" everyone is like: yeah, they're good, I trust them, CZ is cool, or whatever. This space has become kind of a joke tbh and if you really and deeply think about it. Nothing is what its meant to be. Its all about the same old system, just much more memes and twitter. Thats all.
    Maybe decentralization is really not made for humans, and people just need someone else to do the job. Maybe they just want somebody to buy them some coins, coins gain some extra dollars, sell coins, get out and spend the dollars on some BS. But then please spare us the "banks are evil" BS, just stay with your banks and paypal and goverments and don't act like you are doing something different and revolutionary. Just say you're here to gamble with some coins and get out if you make some nice old dollars cause some other poor fella bought those coins from you hoping the same,,,, then at least you're believable and its OK, just like Las Vegas

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