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Binance CEO Changpeng Zhao announces February launch date for Binance Chain testnet

Biraajmaan Tamuly

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Binance [BNB]: CEO Changpeng Zhao announces February launch date for Binance Chain testnet
Source: Pixabay

Binance Coin, the native currency of Binance exchange has been able to pull through the bear attack during this cold cryptocurrency winter and is sitting impressively on the back of a 75% price pump upwards over the past one month.

It was recently announced by the CEO of Binance Exchange, Changpeng ‘CZ’ Zhao, that the cooperation has decided to take off their organization’s native token off Ethereum’s decentralized network as they prepare to launch their own dedicated Binance decentralized exchange or DEX.

On February 12, Changpeng Zhao tweeted through his official Twitter page that a date has been fixed to launch the Binance chain testnet [Binance DEX] and asked all his followers for feedback.

He tweeted:

Source: Twitter

In a recent live stream interview, CZ discussed a few fundamentals of the forthcoming decentralized exchange and said that the launch date for a testnet was imminent.

He said,

“I think for the testnet right now we elected to run eleven test nodes. I think any number is fine. The number of validators in our network will be small mainly for performance reasons. So it will not be as big as the Bitcoin network with thousands of nodes. It is going to be more like NEO…or even Ripple…smaller number of nodes and each node will be rather large.”

He also mentioned that the Binance chain will not have any smart contracts and that they will integrate an interface for the user to issue a token with which trading will be enabled.

The DEX is supposedly very similar to the current Binance exchange, but it comes with all the benefits which are usually associated with a decentralized network with respect to trading and personal ownership of private keys with a higher influence on security. Moreover, the CEO also announced that the listing fees for new cryptocurrencies would be close to $100k. This was kept with the purpose of discouraging future potential scam coins, said CZ.

The Binance DEX has also decided to integrate Delegated Proof of Stake(DP0S) into the Binance Chain.

A DPoS-based blockchain comes with a voting system where stakeholders outsource their work to a third-party. In simple terms, they will be able to vote for a few delegates that will secure the network on their behalf.



The DPoS algorithm’s purpose is to directly create a voting system which is dependent on the delegate’s reputation. If an elected node malfunction or misbehaves, it can quickly be removed and replaced by another one.

The DPoS blockchains in terms of performance are more scalable and are able to process more transactions per second (TPS) then the existing PoW and PoS.





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

Bitcoin

John McAfee says he will reveal Nakamoto’s identity, Coinbase expands to 11 countries, and more

Priya

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John McAfee says he will reveal Nakamoto's identity, Coinbase expands to 11 countries, and more
Source: Unsplash

Daily Crypto News – April 18

1. John McAfee on Satoshi Nakamoto: The Founder of McAfee Associates stated that he would narrow down on the identity of Satoshi Nakamoto until he reveals Satoshi himself, otherwise he would reveal his identity to the crypto community. He also spoke about how he knows about Satoshi, to read about it, click here!

2. Coinbase expands its services to more countries: The leading exchange platform announced that it expanding its services to 11 more countries, which includes India, South Korea, and New Zealand. People in these countries can avail services provided on Coinbase.com, Coinbase Pro and its app on iOS and Android.

To know more about the countries Coinbase has expanded to, click here!

3. Craig Wright says the crypto-community want to silence him: Craig Wright, the self-proclaimed Satoshi Nakamoto, stated that the majority of the community was against him as they “desire to silence” him because they see someone who would bring an end to scams and pumps and dumps.

He also spoke about the next steps he would be taking in terms of the legal action concerning his defamation case. To read about it, click here!



4. Binance “marks the birth of a new genesis block”: The largest cryptocurrency exchange in terms of trade volume announced the launch of its Decentralized Exchange, and also stated that the mainnet swap would take place on 23 April 2019.

To read more about Binance DEX, click here!





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