Disclaimer: This article does not constitute any investment advice.Editor: Remember to follow meAuthor: Sun YaoAccording to the announcement from Coin Security, the migration of BNB to BinanceChain was originally planned to start at 10:00 today, indicating that the switching of BNB's main network should already be in progress
Disclaimer: This article does not constitute any investment advice.
Editor: Remember to follow me
Author: Sun Yao
According to the announcement from Coin Security, the migration of BNB to BinanceChain was originally planned to start at 10:00 today, indicating that the switching of BNB's main network should already be in progress. Starting today, BNB will be converted from ERC20 tokens to BEP2BNB for the BinanceChainEvolutionProposal2 (BEP2) protocol.
After the main network switching program is started, the preselected verifier node will be launched online, and after Genesis Block, the block will be started based on consensus, and the original token BinanceCoin (BNB) based on BEP2 protocol will be created. Mars Finance (WeChat: hxcj24h) has learned that the new BNB has the same circulation, destruction, and freezing volume as the original ERC20BNB, except for different usage protocols and main chains. In addition, 5000000 BNBs will be transferred to the main network address of Coin Security Chain belonging to Binance.com for the purpose of switching to the main network for existing ERC20BNB users, but these BNBs will be destroyed later. Like other token main network switching processes, users' BNBs in the exchange and supported wallets will automatically be exchanged. In addition to BNB conversion, users should be most concerned about decentralized exchanges running on BinanceChain.
On March 3, 2018, the Coin Chain Exchange, which had been online for less than a year, announced its development plan for BinanceChain. After nearly a year of polishing, on February 20, 2019, the Coin Safety Chain Test Network was officially launched to meet users, along with the BinanceDEX, which runs on Coin Safety Chain.
Decentralized exchanges, as the name suggests, no longer store users' funds in the total wallet of centralized exchanges, but in the wallet that supports DEX held by users. Control is fully in the hands of users, and the exchange has become a true trading platform. Mars Finance (WeChat: hxcj24h) believes that through decentralized exchanges, users can obtain safer transactions, as well as freedom from blockchain decentralization, governance, coin sharing, and trading.
The public chain ecosystem that this DEX relies on requires an important value exchange for transaction fees, payment of node commissions, and shoulder coin fees, which is reflected in the new BEP2BNB. Mars Finance (WeChat: hxcj24h) has recently conducted multiple studies on BNB and used BNB as a topic to infer the development of Coin An. It has been learned that BNB, previously used as an ERC20 token, has developed a huge consumer market in the past year through Binance's operation and expansion, including use cases such as exchange fees, Launchpad redemption, third-party online payment, and offline payment, However, the conversion from ERC20Token to public chain Coin will bring more intrinsic value to BNB.
As a result, Coin Safe DEX will officially begin the listing process. After successfully initiating proposals through community members, submitting deposits by community members, voting by Coin Safe Chain validators, and submitting for listing after voting, new trading pairs will be listed in DEX for trading.
Coin security has developed rapidly in the centralized system, but from the perspective of the work environment and community environment where coin security is distributed globally, it has a pursuit of maximum decentralization. DEX is one of the most important infrastructure in Coin security's implementation and construction, and it is also the beginning of a new ecosystem for this trading empire.
In addition, the official versions of BinanceChain and DEX will be accessible through binance.org after launch.
Related information:
BinanceDEX testing online line, the decentralized exchange of Coin An has emerged (with translation of Coin An Chain FAQ)
Exclusive Experience on Coin AnDEX Testing Network: Can Coin AnDEX, which has driven BNB's new round of growth, meet the trading needs?
Explanation on the main network switching of BinanceChain
Notes on BinanceChain Coin Issuance and BinanceDEX Coin Listing
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