Changpeng Zhao Says That Binance Chain Is Not An Ethereum Killer
Binance CEO, Changpeng Zhao is reportedly trying to temper expectations for his company’s much-awaited new blockchain.
He’s pointing out the fact that even if some projects that are currently running on Ethereum may want to migrate to his own blockchain Binance Chain in order to benefit from its boosted speed, this should not be seen as a competition or an Ethereum killer.
Binance wrote about Binance Chain back in 2018 about a year ago when the development process for the project has been officially launched.
“As a public blockchain, Binance Chain will mainly focus on the transfer and trading of blockchain assets, as well as provide new possibilities for the future flow of blockchain assets. Binance Chain will focus on performance, ease-of-use, and liquidity,” according to the official announcement.
The announcement continued and said “Binance Coin (BNB) will be upgraded to exist on its own blockchain mainnet, becoming a native coin. At the same time, Binance will transition from being a company to a community.”
Here are the main design goals for Binance Chain and Binance DEX, the decentralized exchange powered by Binance Chain.
- No custody of funds
- High performance
- Low cost in both fees and liquidity cost
- Easy user experience
- Fair trading
Also, here’s what you can do on Binance Chain:
- Send and receive BNB
- Issue new tokens
- Send, receive, burn/mint and freeze/unfreeze tokens
- Propose to create trading pairs between two different tokens
- Send orders to buy or sell assets through trading pairs created on the chain
Binance Chain and Ethereum
A couple of days ago, after seeing CCN’s tweet about a Binance-focused article written by journalist Joseph Young, CZ said that Binance Chain would not challenge Ethereum, but on the other hand, it will challenge exchanges. You can see the tweet below.
Thanks for the nice article! But almost too supportive. lol. @Binance_DEX does not challenge Ethereum, it doesn't even have smart contracts. It challenges ourselves, exchanges. 🙂
— CZ Binance (@cz_binance) April 18, 2019
You can also check out the article on Binance Chain.
CZ also said that ETH could do a lot of things that Binance Chain cannot.
ETH can do a lot of other things Binance Chain can't. @Binance_DEX just specialize on one use case.
— CZ Binance (@cz_binance) April 20, 2019
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.