One of the largest companies in the crypto sphere, Binance, is featured in the latest cryptocurrency news for launching its mainnet named Binance Chain with which it expects to execute the swap of its native token Binance Coin (BNB) on April 23, according to an official announcement on April 18.
Initially published in December 2018, the plans to launch its own blockchain date back to months ago when Binance intended to build a basis for issuing new cryptocurrencies as well as initial coin offering (ICO) tokens.
“Binance Chain launches its mainnet and plans to execute Mainnet Swap on April 23, 2019.Please note that all dates are only our best estimates and are subject to change depending on how things progress. Please stay tuned for any updates during this period.”
The Binance Chain launch will also see Binance producing blocks with consensus from the genesis block as of today – and its native coin BNB is planned to be issued in the genesis block. Along with the launch, the exchange provided details for the conversion of ERC-20 based BNB tokens into native Binance Chain-based BNB (BEP2) coins. As such, the exchange emphasized that it will not support the withdrawal of ERC-20 BNB tokens after April 23.
Both Binance Chain Explorer and Web Wallet will be available to selected partners in the beta testing mode and are expected to be opened to public access “around April 23, 2019” according to the announcement.
What’s even more specific in this coming altcoin news is the fact that Binance is planning on releasing more BEP2 coins as more users convert their ERC-20 BNB coins to BEP2 BNB with the Binance Chain launch, while the proportional amounts of the ERC-20 BNB tokens will be burned while “keeping the total supply across both networks constant,” as the exchange noted.
Currently, Binance is the third largest cryptocurrency exchange in the world. The Q1 2019 profits of the business recorded an increase of 66% compared to the previous quarter, as reported by many best cryptocurrency news sites. In another report, it is shown that Binance earned $78 in Q1 profits due to a massive growth in its over-the-counter platform.
Recently, one charity arm of Binance said that it would launch a crypto donation channel to suppor the reconstruction of the Notre Dame cathedral.
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