Binance Launches Its Own Blockchain For Its BNB Cryptoactive
The criptoempesa Binance announced Thursday 18 the creation of a blockchain for its own BNB crypto, Binance Chain.
In the new core network of Binance Coin (BNB) , the mining of its genesis block is scheduled for April 18 , using a group of pre-selected validators. According to information shared by Binance , the new main network will create BNB, which will henceforth be known as its native tokens.
Binance Chain will emerge with a total supply of BND 200,000,000, currently quoted at USD 21.72, according to CoinMarketCap . The developers also explained that, as with the launch of the ERC20 token, 11,654,398 BNB will be burned; while 48,000,000 BNB will be frozen by Binance.
In addition, the announcement states that the first batch of 5,000,000 BNB generated will be transferred to a Binance address with the objective of converting the funds into ERB20 BNB tokens from the users through the exchange house. This triggers the burning of another 5,000,000 BNB, but this time from those hosted in the Ethereum network .
This Thursday, the CEO of Binance, Changpeng Zhao, announced on Twitter the completion of the first transaction in Binance Chain.
For the next Tuesday, April 23, the platform exchange is planned to carry out the migration of the tokens. Once the process is finished, users must provide a Binance address in the withdrawal request of their ERC20 BNB tokens, to convert said tokens into Binance native cryptoactives (BEP2).
It is important to note that users interested in maintaining their balances in tokens ERC20, must make the withdrawal before April 23; After this date the exchange house will not be processed . However, Binance clarifies that the ERC20 tokens will only be temporary, since all the BNBs will be migrated from the Ethereum chain, where they are staying since 2017 .
Published: 19-04-2019, 08:55