A public blockchain was introduced by the Binance with an aim to aid the development of the novel decentralized exchange. The move is said to be the part of the plan to transit from a company to a community. This new development led by Binance Chain will be deployed to trade or transfer various blockchain assets. Moreover, the company declared that it will shift its (BNB) Binance Coin which at presents functions on the ethereum network to self-owned native blockchain. The coin is at present an ERC20 token.
The company hasn’t cleared the curiosity of the users whether there will be a provisional alternative for those currently owning ERC20 tokens. With respect to blockchain-based asset exchange, the token will be just an option and will be kept together with the centralized offerings of Binance.
The cryptocurrency exchange in a statement said:
“We consider noteworthy development can be made by delivering next level of trading understanding to the Binance users to which they are already familiar with. Along with interdependence, the centralized and decentralized exchanges will exist supportively in the coming future, balancing each other.”
The launching of new blockchain came immediately after the Binance revealed about a bounty program to catch hold the attackers who just made an attempt to snatch funds from users associated with the exchange.
Moreover, the company has also committed to giving $250,000 valued BNB token to the one who will provide the information of the offenders and be leading to the arrest.
As per the data provided by the CoinMarketCap, the price of the BNB token has spurred by 20%, which was anticipated. The token that was traded at the price of $8 constant for long days, touched the mark of $10 in just last two hours. According to the latest figures BNB is trading at $9.70 per token.