Binance is looking to pull their Binance Coin off of the Ethereum network and create its own decentralized block chain. Binance will be pulling out the Binance coin from the Ethereum in order to headline the new decentralized exchange the Binance coin will be the main token on.
The Binance coin will be the main currency used in the Binance chain. When the Binance main net block chain was released in the 18th of April 2018, it was one of the most highly anticipated decentralized block chain protocol supporting exchanges in the crypto market.
In addition, the team from Binance will also be launching their own decentralized block chain exchange or DEX next week. In an interview with CNN, the Binance Team has announced that the Binance Chain will be built specifically for decentralized exchanges that boast of low latency and high throughput. It will be providing a more definitive protocol for decentralized block chain apps that need a higher capacity for transactions.
Binance coin’s removal from the Ethereum network is a big blow for the said network as it is the most valuable token in the said network. It has a market capitalization of $2.95 billion and is ERC20 Smart Contract. The transfer will be done through a switch when the coin transfers over. Furthermore, the leaving of the Binance coin could have an even bigger impact. The transfer could entice others to move over to the newly created network.
In the next few days of the transfer will occur and for that to occur they still need to have a fixed supply of 200 million. The transfer will cause a replication that can only be corrected by the destruction of 11,654,398 BNB coins. This is important to ensure that the supply of the BNB coin remain constant to make the transfer valid.