The Binance is probably the Central point of contact for trading Bitcoin and co., is due to many good reasons. One of those reasons is the constant ability of Binance is to surprise the market with new products and features. The Bitcoin exchange in the past, managed by inner-earth objects, the introduction of Futures, or the possibility of Lendings attract new customers.About a year ago, the Exchange ventured then with your “in-house” Binance Chain, the opening of a decentralized Exchange (DEX). This has developed with time, and so Changpeng Zhao has announced in a blog post, a Bang. What is it, exactly, you can find out now!
Bitcoin exchange Binance a Smart Chain
As I have already mentioned in the introduction, are based on the current News on a blog post of Binance. This is stored in the source data. In doing so, the introduction of a new concept called Binance Smart Chain. But what’s behind it and what is its purpose?In the Blogpost is first of all referred to the good development of the Binance Chain. This forms the Basis for the decentralized Bitcoin exchange. It is stressed in the Post that the Binance Chain was a great success for the DEX, but still the possibility for developers to program so-called decentralized application (dApps), was missing. What can I do so? – It means:
The idea is a parallel Blockchain to the current Binance Chain. Is Binance Smart Chain and the same high Performance of the native Blockchain will have support with the advantage of Smart Contracts to.
Furthermore, the interoperability of the two block chains is emphasized. Therefore, the best of the two technologies to be brought together.
What are the advantages of the Binance Smart Chain?
We are talking now about the benefits of the new Smart Chain. In particular, four points are called, we want to look at briefly in the Following:It is a sovereign Blockchain. This brings the developers security.The Blockchain is compatible with the Ethereum Virtual Machine. This makes the access easier, since developers can rely on the existing Toolset.The interoperability is a “cross-chain” communication can be ensured.In terms of Governance, a Proof-of-Stake approach should be followed, including 21 validators.So far, So good. We bring our attention now to another Feature, the announced CZ.Altcoins, Lending, Futures Trading: In case of Binance all in one place!The largest Bitcoin & Altcoin exchange that offers a comprehensive and secure offer, which is ideal for beginners. Sign up today and get 10% discount on all fees. Our Link to use and get started! Start now!
Bitcoin debit card of Binance: A Gamechanger?
An interesting new product from Binance, the Bitcoin debit card. This is a product that was already announced a few weeks ago. In the framework of the current block down conference of the Binance founder Changpeng Zhao spoke again on the subject, so that we want to look at again.The journey here started about 3 weeks ago. CZ spoke about the well-known “Problem” of Bitcoin. If BTC is to really reach the mass, it must frequently as a means of payment are accepted. To achieve this, it is necessary to solve the chicken-and-Egg Problem:
The card solves the chicken-and-Egg Problem of crypto-currencies?
In short, there must be a range of traders in crypto-currencies such as Bitcoin to accept, so BTC can only be spent once. On the other hand, investors are spending Bitcoin only, if there are enough merchants that accept it. And even if this Problem is solved, there remains the question of the “simplicity” is open.
Now by using the #Binance Card, merchants continue to receive fiat, and the users pay in any #crypto they choose, Problem solved.Let there be #adoption.— CZ Binance ??? (@cz_binance) March 26, 2020
With the Binance debit card, this Problem should be solved now. Because, like CZ said, it is a (Bitcoin) debit card, which requires no previous exchange of crypto into Fiat (and vice versa). Rather, a settlement takes place directly in the Moment the customer pays in to his dealer with crypto. The dealer, in turn, receives the Fiat money.Well, honestly, we don’t have to say that this idea is just new. Anyone who is already a bit longer in the crypto scene to know that a few years ago with this idea, several million geraised could be.We can conclude, therefore, that Binance with the Launch of the Smart Chain, as well as the debit card is bringing out two new products. These are, in their way, but no real Innovation, but to Supplement and strengthen the Binance Ecosystem rather, in the Places where it is necessary.What do you think about the new products and solutions to Binance?Come on in to our Telegram Chat and talk with the experts and the Community!
Subscribe to our News channel to not miss any News.(Image Source: Shutterstock)