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Bitcoin exchange Binance announces Genesis Block of Binance Chain: DEX stands in front of the door

the The Bitcoin exchange Binance announced on 18. April the Genesis of the Binance Chain. Binance Chain forms the basis for the decentralized trading platform

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Bitcoin exchange Binance announces Genesis Block of Binance Chain: DEX stands in front of the door
the The Bitcoin exchange Binance announced on 18. April the Genesis of the Binance Chain. Binance Chain forms the basis for the decentralized trading platform Binance DEX. The rate of the BNB-Token, which will play a Central role in the DEX, responded to the announcement with the gains.

By Christopher clover
18. April 2019BTC$5.251,00 0.70%part Facebook Twitter LinkedIn xing mail

Binance celebrates a birthday today. The Bitcoin exchange announced on Twitter the first Block on the Blockchain Binance Chain.

today is a day Of Blocks marked the birth of a new Genesis. Who's ready?

Thus, it should not be long before the Bitcoin-exchange-opens the decentralised trade on the Binance DEX. Indeed, the next announcement from rather than the word "soon" (dt.: followed two hours after the announcement soon) and the Logo of the Binance DEX

on February 22. February launched Binance the Testnet of the DEX. Even if the announcement of the Binance DEX was no date, it means that the Bitcoin exchange is fully on schedule. Stock market boss Zhao has already announced at the beginning of April, that the Mainnet, the DEX is still to go in this month.

The Launch of the Mainnets the DEX also means that the Binance Coin (BNB) – Token has, as yet, an Ethereum-based ERC20 – on Binance Chain will move. There, the BNB acts as a native Token, without the will run on Binance Chain nothing. This is also true for Initial Coin Offerings (ICOs), which could experience on Binance DEX is a bit of a Revival. Listing fees, which are based, according to Zhao to the mark of US $ 100,000, to deter Scam ICOs. Thus less well-paying projects have a Chance can decide the users of Binance DEX about whether or not a Token Listing fee is included. Here, too, everything to BNB: The more BNB, a User stack, the harder his voice weighs.

BNB reacts with a price jump

Thus, the number of Use Cases to further increase the Binance Coin. And so it takes little wonder, then, that the NBB course attracted immediately after the announcement significantly:

The BNB exchange rate is according to the announcement (6 PM) in the height of flight

unlike, for example, in the case of the Ethereum block Chain, the functionality of the Binance Chain is limited to the crypto-trade and the issue of new tokens. Smart Contracts don't include, however, the new home of the BNB. A further difference to the Ethereum and the Bitcoin Blockchain is the consensus algorithm that is used. It's supposed to be a Hybrid of Tendermints BFT, and Delegated-Proof-of-Stake (dPoS).

This means that so-called Validator are Nodes responsible to confirm the correctness of transactions. In the Testnet eleven hand-picked validators come so far. This number is expected to increase after the Mainnet launch gradually. In addition to the Validator Nodes the Binance Chain has a so-called Witness Nodes. These do not take part in the Consensus, but only store the Binance block Chain and propagate the Status quo to the other Nodes.

for the time being, there will be no Cross-Chain compatibility. This means that there is no direct exchange with other block chains is possible. First of all, they wanted to focus on the launch of Binance DEX and make it accessible to the masses, as revealed by stock market boss Zhao in a Reddit AMA:

We still have not decided really on the Interchain-Operability. First, we will focus in the first Version to focus on Binance DEX to operate first, a decentralized stock exchange alone. So we will take care of us later to Interchain Cross-Chain functions. This probably comes in Version two or three.

so Far, numerous decentralized Bitcoin exchanges suffer from a lack of liquidity. Binance DEX will benefit in this regard from the brand's impact and reach of the Bitcoin stock exchange.

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