Binance, the world’s biggest cryptocurrency market plans to establish its own blockchain, termed as Binance Chain in the coming months. The historic blockchain system is all set to become the competitor of Ethereum. They aim to take forward Initial Coin Offerings (ICOs) as well as providing crypto token issuance on its platform. Additionally, the organization has also launched a sneak look of its decentralized trade.
Since a day ago, the crypto market responded back to BNB, the native token of Binance by driving its price up by 9 percent. And since December 3, the coin is holding its high position by more than 20 percent.
The organization gave a clear statement through a tweet that Binance is going to push blockchain acceptance and is doing numerous things to support the advancement of the digital industry. Binance CEO Changpeng Zhao has given a brief detail about their goals in a recent interview that they will perform every possible thing to make Binance chain ready by the next few months on which a lot of projects would be able to easily issue tokens. He added that the new goals will really commence on the old version of crypto tokens which will boost its adoption on the worldwide level.
Changpeng Zhao stated that the organization is working extremely hard to increase the blockchain adoption and expect to see a high rise in its acceptance. The new blockchain should make it simpler for the keen individuals to digitize their resources and probably allow them to raise their assets in non-conventional ways. For example, they can raise their funds via Security Token Contributions (STOs) or ICOs (Initial Coin Offerings) without being restricted to the current existing choices on which Ethereum is catching all the attention.
Since last quarter, the ICO exchange has been moving the attention on various sorts of tokens. Seeing this, the ICOs raised fund around USD 1.8 billion dollars in Q3 – a high fall as compared to Q2. Yet, Binance is playing a major role in the ICO market that could draw the attention of new faces and can influence more faith into the hard controversial fundraising mode.
In the meantime, Binance has additionally released a sneak look of its decentralized trade (DEX) that is all set to launch by first quarter of 2019. With the DEX, brokers would be able to receive and send Binance’s own BNB tokens and different coins through exchanging pairs. Binance stated including that while BNB is right now an ERC-20 token, soon it will be shifted to Binance Chain by its main net launch.
