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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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Altcoins

Binance coin pumps by over 6% in an hour; breaks its all-time high

Namrata Shukla

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Source: Pixabay

On June 20, Binance coin [BNB], a coin ranked seventh on CoinMarketCap, surged by a massive 6.38% over the past hour. The coin also broke its all-time high and was trading at $36.47, at press time.

Source: Trading view

Source: Trading view

At press time, BNB was being traded at $36.47 with a market cap of $5.097 billion. The 24-hour trading volume of the coin was reported to be $571.64 million, as it spiked by 2.35% over the day. Over the past seven days, the coin noted a rise of 2.03% in its price and continued to rise by 6.38% within the hour.

This hike follows Singapore-based cryptocurrency exchange, KuCoin, listing Binance coin [BNB] and Binance announcing the launch of Elrond project on Binance launchpad. Binance funded the sharding-based public blockchain network in a private funding round, as the company closed the round with $1.9 million. It will be the next project supported by Binance launchpad and the token sale will be carried out in a lottery fashion. The token sale is scheduled to begin from June 22, 00:00 AM [UTC].

The coin was highly traded on Binance exchange with BNB/USDT pair and BNB/BTC pair. BNB/USDT took the first place as it noted a 24-hour trading volume of $137 million, followed by BNB/BTC which reported a volume of $126 million. The third position was taken by LBank exchange, which registered a trading volume of $120 million with BNB/USDT pair.





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