Encrypted Currency Exchange Binance has introduced a new custom blockchain Binance Chain. It will support the $3 billion BNB cryptocurrency currently running on Ethereum.
The exchange announced on Thursday that it will activate BNB on the new network on April 23, after which token holders are encouraged to transfer their balances to the new network. When a new BNB token is created in the Binance Chain, the old Ethernet-based token is discarded to maintain a constant supply on both networks.
The initial total supply of BNB tokens will be 200 million, of which 48 million will be frozen and 11,654,398 will be written to Binance Chain.
On April 23, Binance Chain Explorer and Web Wallet will be released publicly, and Binance.com will be able to use the main network for exchange. The user can specify the binary chain address in the BNB withdrawal request. At that time, the drawer was used as a “mechanism for converting ERC-20 BNB tokens to BEP2 BNB tokens.”
The company said that if users want to keep the ERB-20 version of the BNB token, they will need to withdraw to the Ethereum wallet by April 23. Subsequently, Binance.com will no longer support ERC-20 BNB token extraction. “All BNB tokens will be migrated to Binance Chain, so the recovered ERC20 BNB tokens are limited to temporary use,” Binance said. Said the gentleman.
Bin Si pointed out that the timetable for the above events may change.
Binance first announced the development of Binance Chain in March 2018. At the time, the exchange also said it would basically move the BNB token to its native blockchain.
But in Twitter’s recent AMA (Live Ask-Me-Any) chat, Bin Chang, CEO of Binance, explained:
“Binance Chain’s Binance Coin is the same as Ethereum’s Ethereum coin. You will have to use it as a natural gas to pay for online transactions.”