World leader in trading volume Binance cryptocurrency exchange has officially disclosed the development of a public Blockchain aimed to provide a decentralized exchange, based on Binance’s announcement on March 13.
In an effort to push digital currency exchange’s evolution from a company into a community, Binance has introduced a tailored Blockchain project that will concentrate on transfer and trading of Blockchain assets. The development of Binance Chain was born out of the exchange’s vision that “centralized and decentralized exchanges will co-exist in the near future, complementing each other.” As Binance stated:
“We believe that continuously supporting high-quality blockchain projects is the best way to develop this industry. We will continue to improve this part, as we committed in our whitepaper.”
As initially intended, Binance Coin (BNB) will be anchored on Binance Chain, thereby becoming a native coin hosted on its own Blockchain network.
Binance’s move, as it would appear, comes as an initiative to protect investors by minimizing risks of hacking incidents, as centralized platforms have been increasingly becoming a prime target for cryptocurrency heists that leverage on the platform’s vulnerability. Decentralized platforms, as it stands, are far less susceptible to cryptojacking as digital assets are stored in the users’ digital wallets. Even Binance has also been recently targeted by a massive phishing incident that attempted to steal the exchange’s digital assets, prompting the exchange to declare a $250,000 bounty to any individual who can provide information that would lead to the arrest of the perpetrators.
Decentralized exchanges like Binance Chain are not entirely novel platforms, as other exchanges have also geared towards decentralization including BitShares, NXT, Waves DEX, and CounterParty.
For now, no further details have been released as to when Binance Chain is slated to go live.