On April 23, it was decided to activate Binance Coin (BNB) in Binance Network
Binance, the world's largest crypto money exchange, is launching the new block chain Binance Chain. In a recent announcement, the company announced the dates to run Mainnet Swap. On April 23, Binance Coin (BNB), now operating in Ethereum, will be activated in the new network.
On April 18, Binance announced the launch of the Binance Chain, a block chain network. A few hours later, the stock market was announced by the Non-Central Stock Exchange (DEX).
According to the announcement, Binance Coin will be created in the genesis block.
On April 23, Binance's new network decided to activate Binance Coin. While the old Ethereum-based markers are destroyed, new BNB coins are created to help ensure continuous supply at Binance Chain.
He also gave information on how to manage the stock market BNB. The first total amount for the coins is 200 million, 48 million will freeze and burn at 11.654.398 Binance Chain.
The explanation from Binance:
Bin In order to convert the ERC20-based BNB, it will initially be allocated to 5,000,000 BNB binance.com, and these BNBs will be allocated to 148 addresses of Binance.com. In order to keep the BNB supply constant in total, Binance will burn 5.000.000 ERC20 BNB. When more users turn to BEP2 BNB, more BEP2 money will be released and a proportional amount of ERC20-based BNB will be burned while the total supply is kept constant on both networks. "
In addition, on April 23, Binance Chain Explorer and Web Wallet will be available and Binance.com will help users in the main network swap process. Users can obtain a Binance Chain address for their BNB withdrawal request and this withdrawal address serves as a mechanism for converting the ERC20 BNB tokens to the BEP2 BNB tokens into the Binance Chain for withdrawal.
Another option for users is to keep their BNBs on the address of 148 addresses belonging to Binance.com on April 23 at 2 am before 2 pm to keep the ERC20-based BNB tokens. After that, Binance.com will not support ERC20 BNB tokens.
More About Binance Chain
Binance Chain aims to facilitate faster coin supply and simple transfer of assets. Specially designed for DEXs with one-second block times with a large processing capacity. Binance Chain also focuses on performance, ease of use and liquidity.
Binance CEO Changpeng Zhao said:
Iyor With Binance Chain technology, the Binance DEX can handle the same transaction volume as Binance.com today. This solves problems facing speed and strength on many other decentralized exchanges. "
As for Binance DEX, it is based on the Peer-to-Peer (P2P) protocol and allows users to share their crypto assets directly with each other. The main advantage of Binance DEX is the matching system. The Binance DEX was also created in the aynı Tendermint Core ı, a high-power block chain engine with one-second block times, providing the same speed as the central changes.
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Source: Coinspeaker