Cryptocurrency exchange is a common sense in crypto trader this day, offering competitive fees and security while trading. The cryptocurrency centralize exchange become the alternative way to exchange value in terms of cryptocurrency instead of using Decentralize exchange ex: Pancakeswap or Uniswap. There is many Crypto exchange that available in the market but the top 5 of cryptocurrency exchange is : Binance, OKX, FTX, Coinbase, Kucoin. The top one of centralize exchange in the market these day is Binance, launched in 2017 by Changpeng Zhao. Over the past years binance had siginificant growth with 90 million customers worldwide, and become top cryptocurrency exchange in the world with volume trade in a day 76$billion in august 2022. Not just develop a better system in trading cryptocurrency, binance build they ecosystem further with developing their own Blockchain Network.
Did you know about BNB?, the Binance native token. In 2017, this token went on sale for the first time in an ICO (Initial Coin offering) at $0.1377511/coin. This coin right now has a market cap of $45 billion. BNB is the native token in the Binance network, which is known as Binance Chain, and its development has continued to expand and provide more flexibility for developers and the wider ecosystem with Binance Smart Chain (BSC) and the newest development in the Blockchain ecosystem, BNB Chain.
Binance Chain (Binance Beacon Chain) is the first version of the network that contains the BNB governance token (BNB) for stacking and voting.
Binance Smart Chain (BSC) is the second development in the Binance network, offering output in EVM (Ethereum virtual Machine) compatible, consensus layer, and multi-chain hubs.
Fyi BNB is a abbreviation from Build and Build
The goal of this merger is to integrate their innovations into a single network ecosystem. BNB chain, bringing improvement in 4 aspects.
· Scaling from one-chain with other chain
· Boosting the throughput of BSC
· Introducing the on-chain government mechanism
· Improving the scaling, with expanding the block validator set in BSC from 21 to 41
Binance recent development, their network offers low fees with the flexibility to deploy Dapps in their network as the BNB chain is comparable to EVM. with low latency in transactions and scalability.
The examples of Dapps that are built on top of the BNB chain : Pancakeswap, Gameta, and 1 inch.
But it also has some disadvantages in the BNB chain, the binance chain is centralized. It can cause hacking problems or malicious attack through network. The problem with their governance system is that a small community can slash out other participants in terms of becoming a validator network.
In the end, Binance is still one of big players in the crypto industry that leads the market at this moment, Binance brings improvement and partnerships to make cryptocurrency more user-friendly. Their move would make the cryptocurrency and web 3 ecosystems well-known.
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