Binance has announced the launch of the Binance Chain core network

Cryptomaniac
By April 18, 2019 22:10
CEO Binance Changpeng Zhao - Coinconomist_1

Binance, the largest cryptocurrency exchange, announced launching the Binance Chain core network.

In addition, in tweet the exchange ticked the date of the migration of the BNB balances from the blockchain Ethereum; the specified term is April 23rd. However, representatives of Binance noted that the terms may vary depending on the circumstances.

The procedure is as follows:

  • April 18, 2019, all selected validators will be online to create blocks with consensus on the genesis block;
  • The native Binance Coin will be created in the genesis block;
  • the total emission of BNB will be 200 million, 11 654 398 coins will be burned, 48 million will be frozen; the first 5 million BNBs will be assigned to Binance.com, and the corresponding number of tokens on the Ethereum blockchain will be destroyed;
  • Binance Chain Explorer and Web Wallet will be available for selected partners and live beta testing, and will be available in public on April 23, 2019.
  • no initial bets will be listed until the first BNB conversion occurs.

In addition, the company’s blog states that since April 23, the exchange will not support the output of BNB based ERC-20. All users who for some reason want to save these tokens, will have to bring them to Ethereum-wallets (it is necessary to do so by 2:00 UTC, on April 23). The ERC20 BNB tokens will only be used temporarily, since all BNB tokens will be transferred to the Binance Chain to the native BEP2 standard.

Binance.com will continue to support the ERC20 BNB deposit in the near future, but the exchange recommends to deposit your ERC20 BNB and withdraw your BEP2 BNB within 90 days.

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Cryptomaniac
By April 18, 2019 22:10