Binance Coin has increased in value by 25% in the past 24 hours, and has hit a high of $11. This is after it was announced that they will launch their own ‘tailored blockchain’.
The exchange is ranked in the top three crypto exchanges, and announced these plans for a tailored blockchain via a blog post, saying;
“[It will] mainly focus on the transfer and trading of blockchain assets, as well as provide new possibilities for the future flows of blockchain assets.”
Decentralised exchanges are not without their issues though, with the risk of hackers being the biggest problem, and have already lost more than $1 billion worth of assets. EtherDelta is the most well known decentralised exchange, which uses smart contracts to allow users to trade ERC20 tokens, which all run on the Ethereum blockchain. The website servers are centralised, which means that they are not completely safe, but the good thing is they are much less vulnerable to large scale thefts than other, more conventional exchanges.
Binance is continuing to make great progress since mid 2017, when they released an ICO that has raised approximately $15 million, and an early user base was established by a heavy geographic concentration in China.
Binance have worked incredibly hard, and have now become the world’s highest-volume cryptocurrency exchange that does not support fiat trading pairs, and frequently outpaces those exchanges that do offer fiat pairs.
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