BNB chain. What type of blockchain is Binance?

 What type of blockchain is Binance?

Since we launched Binance, we decided to create our own ledger for our platform. In the months since the launch of Binance, despite the expansion of the Binance ecosystem, blockchain remains an important step in our goal to share the world. After months of blocking, the new BNB testnet system is just a few hours away from launching on February 20th.

BNB Chain was developed by Binance and has since influenced the entire Binance organization. Together, we want to ensure the creation of a blockchain that acts as an alternative market for the printing, consumption, and trading of digital assets.

The first application for the BNB line is Binance DEX, a new digital exchange (DEX) that aims to bring the best features of existing Binance in a unique format while offering DEX; for blessings and protections. Below we explain the difference between BNB and DEX chains.

Why DEX? Why Binance DEX?

DEX is a manifestation of Binance's mission to spread financial freedom. With DEX, someone owns the cryptocurrency entirely and connects directly to the network to trade without giving out personal information. Unlike traditional exchanges, which can suffer over time, DEX is supported by social media and functional signals.

Current versions of DEX have issues that prevent widespread use. The current DEX platform is easier to use and easier use than the central switch. In addition, DEX exchanges face speed and cost restrictions, which they have given to their partners.

At Binance, we are well aware of the problems that prevent DEX platforms from reaching a wide range of users. Between existing DEX players and new traders, we know how to use a secure platform to quickly process billions of trades for millions of people. Learn how to create a successful business-oriented marketing strategy in the visual arena.

What are BNB and DEX on a chain?

Our immediate goal with BNB Chain and Binance DEX is to build a platform that does one thing well: property trading. "In practice, the BNB chain is a very simple system, but it can support a large load. We think that the payment is more important than it seems," he said.

However, we agree that BNB Chain and Binance DEX should start with features that allow asset transfers. Binance DEX allows you to send and receive BNB between different addresses. You can create new tokens on the blockchain that you can send, receive, burn, reject, upload or move. In addition, all members of the chain can plan the businesses they want to see and, with the right support, can quickly start doing business with the recommended partners. Other products will be researched and developed as DEX grows.

As a result of these features, we bring BNB into the BNB chain and become a local blockchain token that can be used for blockchain payments and other transactions. The move will see the publication of BNB, one of the top 10 cryptocurrencies in the world.

Binance DEX is designed to be a currency compatible with the existing Binance platform. According to CZ, Binance DEX is currently in beta and can handle high-speed transactions at a rate of "several thousand" per second on dedicated platforms. Light years before the DEX version, this feature is on the BNB chain, which has a different lock-in period. In comparison, Bitcoin's blocking time is estimated at 10 minutes and 20 seconds for an Ethereum block. Easily solve speed problems on DEX platforms.

In terms of user experience, BNB Chain is designed to add more user-friendly features to the Binance website. It also offers more opportunities for people to participate in the chain. You can create your address using the BNB Chain wallet, which has an interface similar to Binance. Wallets that support the BNB chain include Trust Wallet, Binance's official crypto tool, as well as third-party wallets such as Ledger Nano S, among many others.

Once we have confirmed that all features are working properly, we will extend the associated DEX to support multiple wallets, as well as on-chain and cross-chain formats.

For the BNB chain infrastructure, the test network starts with test node 11. We will try different combinations of nodes to improve performance. Despite many requests, the number of core network nodes and the selection criteria have not yet been determined. At this stage, we want to develop the best DEX as quickly as possible. In the long run, blockchain governance will be community driven. And the more mature this society is, the better we can realize the vision of greater economic freedom.