One of the world’s most popular platforms for exchange of digital assets, Binance, has launched the development of public blockchain Binance Chain. Binance Chain will be utilized for creating a new decentralized exchange in addition to centralized Binance exchange. Both exchanges will co-exist and complement each other.
Currently all coins undergo a rigorous verification procedure in order to be listed on Binance. It is so hard, that many investors consider listing on Binance as quality mark for coin. Once a new token becomes available for trading on the exchange, its price surges immidiately.
However, many more coins will be listed on the decentralized exchange, as the listing process will become easier.
“On the decentralized exchange we’ll have less control. More likely anybody can list any coin. That’s the philosophy of the decentralized exchange, it’s freedom of choice, freedom of investments. But with freedom there will be people who are scammers. That’s not something we can control,” said Binance CEO Changpeng Zhao to Bloomberg.
According to the official statement, Binance Chain will focus on performance, ease-of-use, and liquidity. Binance Coin (BNB) will be upgraded to exist on its own blockchain mainnet (right now BNB is circulating in the form of ERC20 token). At the same time, Binance will transition from a company to a community.
By entering a new phase of development, Binance is continuing its rapid progress, which has allowed it to become the key exchange in just six months after its launch in Summer 2017.