The Binance cryptocurrency market leader in terms of trading announced the launch of the main Binance Chain network and named the migration date of the BNB from the Ethereum blockchain - April 23.
Nevertheless, representatives of the organization stressed that the timing may vary depending on the circumstances. The procedure is as follows:
- On April 18, 2019, all pre-selected validators will be online to produce blocks with consensus from the genesis block;
- The native coin, Binance Coin (BNB), will be created in the genesis block;
- Initial total supply of BNB will be 200,000,000.
- Same as the ERC20 BNB, 11,654,398 of the total BNB supply will be burned on Binance Chain.
- Same as the ERC20 BNB, 48,000,000 BNB will be frozen.
- The first batch of 5,000,000 BNB will be allocated and deposited into an address belonging to Binance.com 151 in order to convert the ERC20 BNB for existing owners. Binance will burn 5,000,000 ERC20 BNB as well, to keep the total supply of BNB constant. As more users convert to BEP2 BNB (native), more BEP2 coins will be released and proportional amounts of ERC20 BNB will be burned while keeping the total supply across both networks constant.
- The Binance Chain Explorer and Web Wallet will be available to selected partners and beta testing for live testing first, and will be open to public access around April 23, 2019.
- No initial trading pairs will be listed until the first batch BNB conversion has occurred.
After April 23, Binance.com will not support BNB based on the ERC-20 standard. All users who for some reason want to keep these tokens will have to send them to Ethereum wallets. However, in the end, all BNBs will switch to the Binance Chain network to the native standard BEP2.