Binance launched its own blockchain Binance Chain and announced the replacement of tokens BNB

Binance Cryptocurrency Exchange officially announced the launch of the main network of its own blockchain Binance Chain.

“Binance Chain launches the main network and plans to implement the tokens on April 23,” the exchange writes, noting that all the dates it specifies are indicative and may change depending on the specific conditions.

The initial issue of the native token blockchain Binance Chain will be 200 000 000 BEP2-BNB. 11,654,398 BNBs of the new format will be destroyed, and 48,000,000 – frozen, which corresponds to the number of BNBs on the Ethereum blockchain , which have undergone the same operations.

The first 5,000,000 BNBs will be transferred to the stock exchange's own addresses for further exchange for users' tokens of the ERC20 standard . Binance will also destroy 5,000,000 ERC20-BNB. Additional BEP2-BNB will be released as needed.

The blockchain browser Binance Chain and the web wallet will initially be opened to a limited circle of partners for testing and presented to the general public on April 23. Trading using the new format token will not begin until the first batch of BEP2-BNBs is exchanged for ERC20-BNB.

If there are no unforeseen circumstances, on April 23, the exchange will allow users to provide the address in the Binance Chain for the withdrawal of existing ERC20-BNB – this is how the asset will be converted.

If the user for some reason wants to save ERC20-BNB, he needs to withdraw his tokens from the exchange to the Ethereum wallet before this date. In the foreseeable future, Binance is not going to limit the possibility of converting tokens, but strongly recommends that the necessary operations be carried out within 90 days.

“Binance Coin in Binance Chain is the same as the Ethereum broadcast. You will pay for the processing of online transactions with it , ”explained the CEO of Binance Changpeng Zhao earlier.

"The participants of Binance DEX honored me with the honor of making the first transaction in the Binance Chain," he wrote in the comments to today's announcement and accompanied his message with a screenshot.

Publication date 04/19/2019
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