Connect with us

News

Binance announces DEX mainnet launch; reveals date for mainnet swap

Namrata Shukla

Published

on

Biannce announces DEX mainnet launch; reveals the date for mainnet swap
Source: Pixabay

Binance, the world’s largest cryptocurrency exchange posted a tweet on April 18, hinting at the launch of its Decentralized Exchange; just a few hours later, Binance announced the launch of the DEX. Binance DEX announced this on their Twitter handle and said:

“@Binance Chain launches its mainnet and plans to execute Mainnet Swap on Apr 23, 2019. “

The exchange informed the community that on April 18, its pre-selected validators were online to produce blocks with consensus from the genesis block. According to the timeline provided by the exchange, Binance’s native coin, Binance coin, would be created on the genesis block. The Binance Chain explorer will be available for public access with the Web Wallet only by April 23.

The team presented how the Binance coin will be managed:

  • Initial total supply of BNB will be 200,000,000.
  • Same as the ERC20 BNB, 11,654,398 of the total BNB supply will be burned on Binance Chain.
  • Same as the ERC20 BNB, 48,000,000 BNB will be frozen.
  • The first batch of 5,000,000 BNB will be allocated and deposited into an address belonging to Binance.com in order to convert the ERC20 BNB for existing owners. Binance will burn 5,000,000 ERC20 BNB as well, to keep the total supply of BNB constant. As more users convert to BEP2 BNB (native), more BEP2 coins will be released and proportional amounts of ERC20 BNB will be burned while keeping the total supply across both networks constant.

The exchange will not list any trading pairs in the beginning to allow the conversion of the first batch of BNB. On April 23, Binance.com will assist the mainnet swap and the users will be able to provide Binance Chain address for BNB withdrawal requests. These withdrawals will enable the users to convert ERC20 BNB tokens into BEP2 BNB tokens native to Binance Chain.



The users who do not want to convert their ERC20 BNB tokens will have to withdraw them from Binance.com and move them to Ethereum wallet before 2 AM UTC on April 23, after which Binance.com will not support ERC20 BNB tokens. However, the team informed that the ERC20 BNB tokens will only have temporary usage. The same is implied for various exchanges dealing with ERC20 BNB tokens.

Binance coin [BNB] saw a spike in its price following the announcement. It spiked by a massive 8.51% over the past day, while continuing to register a growth of 2.23% in the last hour. The token was valued at $21.26 with a market cap of $3 billion. It reported a 24-hour trading volume of $323 million, with a noted seven-day surge of 23.46%.





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.

News

Satoshi Nakamoto is easy to get through; can be found by fools, claims John McAfee

Arijit Sarkar

Published

on

John McAfee refuses to reveal Satoshi Nakamoto owing to extradition fears
Credit: Pixabay

With Craig Wright filing for copyright on the original Bitcoin whitepaper and other big players publicly criticizing the move, the cryptocurrency ecosystem is divided again with respect to the debate on the real identity of Bitcoin’s creator. John McAfee was one of those who had previously voiced his opinion on the subject. On a recent online podcast, the software pioneer answered why he chose not to disclose the “real Satoshi Nakamoto’s” identity.

McAfee said that he chose not to reveal Satoshi Nakamoto’s real identity because “uncovering the secret” could potentially have him extradited, since going against the will of one of the richest men in the world would put him in “deep shit.” He added,



“I cannot tolerate any further legal activities pointed at me. But if you take the white paper and you run the modern analysis against it and analysis of other papers, assuming that satoshi wrote other things, which he did, it’s an open and shut case.”

During the interview, McAfee also boasted that “he/she/they (Satoshi Nakamoto) are so easy to get through, any fool could find them.” Further, he believes that the supposedly ‘big reveal’ will be a tragic disappointment as,

“The real Satoshi doesn’t want to anyone to know. It’s the same thing Craig Wright is doing.”

While dismissing anyone who has already claimed to be the pseudonymous creator of Bitcoin, McAfee hinted that the man in question may be hiding in a country with no income tax, such as The Bahamas. He added that he is certain of Bitcoin reaching $1 million by the end of 2020, which is the same reason for him going long. The technology veteran ended the podcast by glorifying the cryptospace, stating,

“This is a ‘new world’ demanding a ‘new paradigm’ starting from brand new location, which did not even exist 10 years ago. So wake up.”





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending