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Altcoins Chain surges by 81% over 7 days; CEO attributes it to Binance CEO’s followers



on Chain surges by over 81% in past 7 days; CEO attributes reason to Binance's CZ's followers
Source: Unsplash

Whale Alert, a Twitter handle that provides information on large crypto transfers, posted a tweet pertaining to the transfer of Binance Coins [BNB] from Binance to an unknown wallet. This particular transfer soon caught the attention of Binance’s Changpeng Zhao.

Whale Alert is a well-known Twitter handle that tracks large cryptocurrency movements to and from exchanges, and wallet transfers. It tracks top cryptocurrencies such as Bitcoin [BTC], Ethereum [ETH], XRP, Tron [TRX], EOS, and Stellar Lumens [XLM]. The page also provides information on the top 100 ERC20 tokens.

The tweet in question was about the transfer of 28,888 BNB, approximately $514,643 from Binance to an “unknown wallet.” The tweet read,

Source: Twitter

Source: Twitter

To this, CZ tweeted that the transfer was, in fact, a donation to Binance Charity from Chain, a platform that allows users to buy, sell and pay with crypto. He said,

“This is a donation from @cryptocom to @BinanceBCF, no strings attached. Many thanks to @Kris_HK @bobbybaocrypto for the generous donation! More follow up tweets/posts to come, about these good hearted people! I wish @whale_alert could add Binance Charity addresses. 🙏

Source: Whale Alert

Source: Whale Alert

Soon after, Kris Marszalek, CEO of Chain, explained the reason behind the donation, stating that CZ’s keynote at Deconomy was a “powerful message” that needed to be “heard by the entire community.”

At the conference, CZ announced that 1 BNB donated would equate to 66 days of school for a kid supported by Binance Blockchain Charity Foundation. The CEO of Chain said,

“We’re all very fortunate to be in position to give back & it’s our responsibility to do so. Donate now!”

This was followed by CZ pointing out the price surge of Chain coin [CRO]. He said,

“Not sure if related, but  coin (CRO) is up 28% today while most of market is down. Maybe people are enlightened by your hard work, generosity, and noble purpose.”

According to CoinMarketCap, at press time, the cryptocurrency was trading at $0.0932 with a market cap of $440.49 million. The trading volume was recorded to be $3.63 million and the coin witnessed a surge of over 14% in the past 24 hours and 81% in the past seven days, a massive hike despite the majority of the market treading in the bear market.

To this, Kris Marszalek said,

“It was down when the whole market was up, so maybe there is some cosmic justice in here lol. Or, which I think is more likely, it’s your 300,000 followers learning about $CRO for the first time. Thank you for the shoutout, now let’s go back to building & delivering for our users!”

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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.


Binance Chain’s ‘decentralization’ questioned by Bitcoin enthusiast; calls Binance DEX just an app




Binance Chain's "decentralization" questioned by Bitcoin enthusiast; calls Binance DEX as just an "app"
Source: Unsplash

Udi Wertheimer, an independent developer and a “Bitcoiner” posted a series of tweets taking a jab at Binance Chain, which is slated to launch on April 23.

According to Wertheimer’s tweets, Binance has not updated the “source code” or “binaries” for the Binance Chain; and despite enquiring about it on the official telegram group of Binance, he was offered any source code.

He said that Binance recommended users, who want to migrate tokens to Binance chain, use the official SDK, which will be done via official HTTP API using Binance’s trusted servers. Binance DEX, which will make use of the Binance Chain, also has no source code or binaries which are open source. He stated:

“There’s almost nothing there. So I looked for the source code. Guess what, THERE’S NO SOURCE CODE. They only have binaries, and only for a light client, no full node at all!”

He commented on the Binance Chain and the Dex that all Binance did was release an “app that connects to the API of your new centralized infrastructure”. In addition, the “Light Node” is a program that helps users access and interact with the Binance Chain in a secure and decentralized manner; the source code for which is “closed source” according to Wertheimer.

Wertheimer further added:

“Just releasing the binaries won’t be enough, and there’s no indication I could find anywhere that they intend to release the source code, like, ever. In any case, regardless of what may happen in the future, what’s released so far amounts to nothing more than a new website.”

A Twitter user, @bag_holder commented:

“Lol seems like a very Chinese thing to do. “BORROW” IP, make some edits, then keep it to oneself”

Another Twitter user, @thecryptostefan commented:

“There’s a branch with the full node implementation, no? I thought they just hadn’t merged it to master yet when I was looking last night. I think it’s the prerelease branch or one of those.”

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