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Binance CEO announces: BNB will be a native gas, reveals more on DEX

Priyamvada Singh

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Binance CEO announces BNB will be a native gas, reveals more on DEX
Source: Pixabay

On 29th September, Changpeng Zhao aka CZ, the CEO, and Founder of the biggest cryptocurrency exchange by trading volume, Binance made an announcement regarding its new upcoming decentralized exchange, DEX. CZ stated that BNB will be acting as the native gas where the platform will not control user funds on the new platform.

“Just had a productive meeting for #Binance #DEX (decentralized exchange), where $BNB will be native gas, and the exchange don’t control user funds. Aiming for a public beta end of the year/early next year. Yes, we work on Saturdays, non stop!”

Earlier this month, Binance ran into a bit of controversy after the release of New York AG Barbara Underwood’s report on virtual currencies. In one of her Twitter posts, Underwood revealed that Binance was one of the three cryptocurrency exchanges [the other two being Gate.io and Kraken] that were suspected of operating illegally in New York.

In a recent interview, Binance CEO also spoke about the regulatory environment in the United States. He said that his exchange is focused in all directions other than the US, unlike other big cryptocurrency exchanges such as Coinbase and Gemini.

In the same context, he also stated that the world outside the US is a bigger market for the company. Furthermore, the regulatory environment in each country is different, thus many authorities will take their time in bringing a suitable framework as they are still in the process of learning and adapting.

ACap, a blockchain space, and Binance follower implied that the news is good for BNB but will be a crowded year for DEX. The user wrote:



“+1 for bnb but Dex will be crowded the first half of 2019”

Here, CZ replied and stated:

“people said the same thing when we started Binance, ‘the exchange space is very crowded, why…'”

Another Twitter user named Eatbeef Getstrong wrote:

“So much liquidity would go their way if they allowed transaction privacy layers natively as well. I want to see a ‘privatise through NIX’ tickbox natively on each individual DEX as well as integration into the DEX Manager.”





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Altcoins

Bitcoin SV [BSV] gets hit with another reorg as multiple blocks get orphaned, including a 128 MB block

Akash Anand

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Bitcoin SV [BSV] gets hit with another reorg as multiple blocks get orphaned, including a 128 MB block
Source: Pixabay

Bitcoin SV [BSV] and its proponents have been making headlines over the past couple of weeks, either due to developments or because of comments made by its major proponents, Craig Wright, the chief scientist at nChain, and Calvin Ayre.

The network was also hit with several members of the cryptocurrency community alleging that the cryptocurrency itself is a sham without any use cases, as evidenced by its delisting on several popular cryptocurrency exchanges like Binance, Kraken and Shapeshift.

The latest news added salt to BSV’s wounds after it was revealed that the network went through another blockchain reorganization on a 128 MB block. This fact was pointed out by Nikita Zhavoronkov, the lead developer of Blockchair, who had tweeted:

“Whoops! $BSV has experienced yet another reorg, this time 6 (six!) consecutive blocks were orphaned (#578640–578645), this chain included a 128 MB block #578644 🤦‍♂️ The network was basically stuck for 1.5 hours, and this shows that even 6 confirmations are not enough.”

Orphaned blocks are valid blocks which are not part of the main chain. There are ways that they can occur naturally when two miners produce blocks at similar times or they can be a result of an attacker with enough hashing power using it for nefarious activities like reversing transactions.

A major reason why this reorg event made news was that a major 128 MB block was stuck in transaction, something that was not supposed to occur according to the initial claims made by the SV camp. Supporters of the cryptocurrency, however, have stated that despite being slower than promised, the transactions on the block settled faster than that on a Bitcoin Core block.



One supporter of BSV, mboyd1, tweeted:

“Orphaned blocks are a feature, not a bug”

To this tweet, Zyo, another cryptocurrency enthusiast replied:

“yes, but orphaning 6 blocks in a row is not good, that means that 6 confirmations is not safe. It’s a bug because the 100+ MB take way too long to propagate and validate. There is a reason why BCH doesn’t have [yet] 100+ MB blocks.”





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