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Binance CEO: Binance Chain will support Delegated Proof of Stake [DPoS] in the future

Akash Anand

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Source: Unsplash

The world of cryptocurrencies is still reeling from the ongoing bearish market which has become the longest continuous market spiral in the history of Bitcoin [BTC] and other cryptocurrencies. This, however, has not stopped cryptocurrency organizations and companies increasing the pace on updates and developments with the Chanpeng Zhao led Binance being an example.

Just recently, Zhao stated that the Binance Chain will support DPoS in the future and will be a combination of DPoS and pBFT. The Binance Chain was created to shift the Binance Coin from the Ethereum blockchain to its own blockchain. CZ had said:

“The Binance DEX also lives on the Binance chain that allows you to trade in a decentralized manner… Cryptocurrency is supposed to be cheaper to transfer as supposed to be instantaneous, I think initially it did that but… I think the current decentralized exchanges are either slow or have relatively difficult to use UI.”

The Chief Executive Officer of Binance had also said that BNB will swap from the Ethereum blockchain and move to their main net after the DEX launches in early 2019. In a recent blogpost Binance further elucidated on the Delegated Proof of Stake that Binance is planning to implement. The blogpost describes it as:



“A DPoS-based blockchain counts with a voting system where stakeholders outsource their work to a third-party. In other words, they are able to vote for a few delegates that will secure the network on their behalf. The delegates may also be referred to as witnesses and they are responsible for achieving consensus during the generation and validation of new blocks.”

The DPos algorithm creates a voting system that is directly dependent on the delegates’ reputation. If an error is encountered on the node, it will be quickly expelled and replaced by another node. According to reports, DPoS blockchains are more scalable because of its ability to conduct more transactions when compared to Proof of Work [PoW] and Proof of Stake [PoS].

CZ was also in the news recently when he classified exchanges into three types: fiat to crypto exchange, DEX and crypto to crypto centralized exchanges. In his words:

“Most of the guys in the core community are heavy power users and they’re loud, they speak more and they want to use DEX. So we see that not really competing, we’re just offering different solutions to different people and we always let the user choose and we let the market choose.”





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Binance coin [BNB] registers growth over 5% following Binance’s DEX launch hint; XRP too spikes by over 5%

Namrata Shukla

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Binance coin [BNB] note growth over 5% following Binance's DEX launch hint; XRP too spikes by over 5%
Source: Pixabay

The cryptocurrency market as of April 18, saw a rise in the price of XRP, the third largest cryptocurrency, along with Binance Coin [BNB], which stands on the seventh place, on CoinMarketCap list.

XRP

At press time, XRP noted 5.47% of growth in the past day. The growth is speculated to be the result of Coinbase pro opening services at 11 more countries including, Argentina, Mexico, Colombia, India, Hong Kong, and New Zealand. At press time, XRP was valued at $0.3415 with a market cap of $14.33 billion. The 24-hour trading volume was noted to be $1.31 billion, as XRP noted a minimal growth of 0.37% within an hour. In the past seven days, it has noted the growth of 1.22%.

Source: Trading view

Source: Trading view

The third largest cryptocurrency was highly traded on ZBG exchange with XRP/USDT pair and the reported volume of $204 million. However, the trade volume comparatively fell to $82 million on BW.com with XRP/USDT pair. The third exchange to note $70 million in volume was Bit-z with XRP/USDT pair.

Binance Coin [BNB]



At press time, BNB was spiking by 5.48% over the past day, after the Twitter post by Binance that hinted at the launch of its DEX. At press time, BNB was valued at $20.73 with a market cap of $2.92 billion. The 24-hour trading volume of BNB was noted to be $270 million, as the coin noted a 0.41% rise in its price within an hour. In the past seven days, BNB noted tremendous growth of 18.58%.

Source: Trading view

Source: Trading view

Binance Coin was highly traded on Bit-Z, as it noted a trading volume of $74 million with BNB/BTC pair. The second and third place was taken by the coin’s home exchange Binance with BNB/USDT and BNB/BTC pairs, respectively. The BNB/USDT pair was traded with a volume of $56 million, while on the BNB/BTC pair registered $41 million in trading volume.





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