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Bloomberg: Binance Launches Its Own DLT Platform to Outperform Ethereum

  • Alex Dovbnya
    📰 News

    ⚙️💪🚀On Thursday, the world’s biggest virtual exchange released its own DLT platform, Binance Chain. Experts assume Binance will now start competing with Ethereum


Bloomberg: Binance Launches Its Own DLT Platform to Outperform Ethereum
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On Thursday, April 18, Bloomberg reported that Binance, under the lead of Changpeng Zhao, has finally released Binance Chain. This platform has been in beta trials for the past few months.

Binance Chain comes to life

Bloomberg states that after making Binance Chain go live, the fast expanding exchange, a leader in the crypto currency trading area, will attempt to get DLT developers to leave rivalling platforms, like Ethereum or EOS, and start working with Binance’s blockchain.

This will enable crypto firms to issue their own digital coins based on Binance, similarly to what Tron is doing at the moment.

Also, the P2P exchange (DEX) whose official release is planned by Binance later this year, will be running on Binance Chain with BNB being the ‘fuel’ for the DEX.

BNB’s recent success

Recently, BNB has been spiking quite a lot in the market. One of the reasons is that Binance now conducts Exchange Token Offerings on Binance Launchpad. Token sales are conducted with BNB as the means of payment. The first projects to offer their projects’ coins to investors there were BitTorrent and Fetch.AI.

This use case of BNB adds liquidity both to the token itself and to Binance in general.

Bloomberg says that Binance Chain is going to become a major rival to Ethereum, since it is currently doing what once made Ethereum a popular platform – helping other crypto projects emit their coins.

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Will CZ rival Vitalik and Ethereum?

Also, since this is the initial goal of Binance Chain, all the necessary aspects to do with token launches, such as speed, operation fees, etc, are going to be made better than on Ethereum, when Vitalik Buterin started off with his platform.

As per Bloomberg, Binance CZ says the bigger part of Binance’s trading volume will move to the Binance P2P exchange from the centralized one.

As reported by U.Today previously, Binance soon plans to conduct a token swap from Ethereum to Binance Chain. Many famous projects have done the same in the past – Tron, EOS, etc. Now, Binance is to follow their suit.

Cover image via 123rf.com
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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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