Binance CEO, Changpeng Zhao is reportedly trying to temper expectations for his company’s much-awaited new blockchain.
He’s pointing out the fact that even if some projects that are currently running on Ethereum may want to migrate to his own blockchain Binance Chain in order to benefit from its boosted speed, this should not be seen as a competition or an Ethereum killer.
“As a public blockchain, Binance Chain will mainly focus on the transfer and trading of blockchain assets, as well as provide new possibilities for the future flow of blockchain assets. Binance Chain will focus on performance, ease-of-use, and liquidity,” according to the official announcement.
The announcement continued and said “Binance Coin (BNB) will be upgraded to exist on its own blockchain mainnet, becoming a native coin. At the same time, Binance will transition from being a company to a community.”
Send, receive, burn/mint and freeze/unfreeze tokens
Propose to create trading pairs between two different tokens
Send orders to buy or sell assets through trading pairs created on the chain
Binance Chain and Ethereum
A couple of days ago, after seeing CCN’s tweet about a Binance-focused article written by journalist Joseph Young, CZ said that Binance Chain would not challenge Ethereum, but on the other hand, it will challenge exchanges. You can see the tweet below.
Thanks for the nice article! But almost too supportive. lol. @Binance_DEX does not challenge Ethereum, it doesn't even have smart contracts. It challenges ourselves, exchanges. 🙂