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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.