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Binance unveils proprietary blockchain platform ‘Binance Chain’
Leading cryptocurrency exchange Binance has officially announced the development of the Binance Chain – its own public blockchain.
The announcement follows the recent unsuccessful hacking attempt on Binance’s platform. Subsequently, the company announced a $250,000 USD equivalent bounty to anyone who supplies information that leads to the legal arrest of the hackers involved in the attempted hacking incident on its platform earlier this month.
Binance provided details of its blockchain platform in a blog post. It said that it has completed Binance Labs, a blockchain technology incubator; Binance Info, its Codex; and many other components that comprise the Binance ecosystem. It said:
“After extensively researching decentralized exchange frameworks and analyzing existing implementations, we believe significant improvements can be made in providing Binance users with a level of trading experience to which they are already accustomed. Centralized and Decentralized exchanges will co-exist in the near future, complementing each other, while also having interdependence…As such, we have decided to officially launch the development of the Binance Chain.”
“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. 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.”
Binance Coin (BNB) surged on the announcement to $11.52 levels. It is currently trading at $9.70 levels at press time.