What is Binance Chain?


Binance - In Simple Words

Binance is one of the most popular Cryptocurrency exchange that offers trading in more than 45 digital coins such as BITCOIN, ETHEREUM, LITECOIN, etc. Binance native coin called as Binance Coin (BNB), Binance network is launched their own blockchain network such called as Binance Chain which increases the flexibility and speed-ability of the blockchain network.

What Is Binance Chain - The Native Blockchain For Binance DEX

Binance Chain is a type of blockchain project which was initiated by the Binance community in April 2019 it brings a new level of freedom for traders, as well as to projects that are looking to raise money or liquidity. 

It aims to carry the best features for exchanges in a decentralized platform!. Binance DEX is the decentralized exchange module developed on the top of the Binance Chain and it allows for the exchange of digital assets that are issued and listed on the DEX. 

Binance Chain has instant transaction facilities it contains a one-second block time, Compared with other blockchains this is a much faster blockchain today. Its primary focus is to facilitate fast transactions. 

Due to the Smart contract functionality, it may be optimized for fast trading and significantly secure the Binance Chain network. Binance Chain is a community-driven development project and builds by developers from all over the world.

Binance DEX was designed to handle the equal amount of transactions that the current Binance platform handles, Binance DEX can handle the trading volumes more than centralized exchanges, this can easily fix the speed issues in the DEX Platforms

What Is The Design Principle Of The Binance Chain?

  • It is mainly designed for no custody of funds that is traders can maintain the control of their own private keys and funds
  • It performs in high throughput for a large user base and also contains a high liquidity trading.
  • It contains very low cost for both in fees and liquidity.
  • It also minimizes front-running to the extent of fair trading.
  • It is able to improve the technology stack, ideas, and architecture.
  • What Can You Do On Binance Chain?
  • By using Binance Chain you can easily send and receive BNB
  • You can issue new tokens on Binance Chain
  • Users can also send, receive, mint their tokens
  • You can send orders to buy or sell assets through trading pairs that are created on the chain

you can create trading pairs between two different tokens.

How Does Binance Chain Work?

Binance Chain will work on a Proof of stake consensus algorithm, specifically called a Proof of Staked Authority (POSA) Where the participants can stake BNB to become a validator. If they propose a valid block they can receive transaction fees from every transaction. Digital assets such as BTC, LTC, ETH, EOS already exist on Binance Chain and they are called "Peggy coins" and these tokens are pegged to assets on their native chains, if you have invested 10 BTC then you can receive 10 BTCB on the Binance chain. You can also store your asset in the crypto wallet, The wallet which supports the Binance chain is

  • Trust Wallet
  • Meta Mask
  • Ledger
  • Trezor etc...

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