Binance Chain Mainnet to be Launched

Migration date of the BNB from the Ethereum blockchain is April 23, but the timing may vary
19 April 2019   327

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.

Coinone to Join RippleNet

Coinone and Ripple cooperation started in May 2018, and now exchange believes it will help to create wide range of blockchain based financial services
18 June 2019   171

The Korean exchange Coinone, a member of the Big Four of Asian cryptocurrency exchange platforms, has joined the RippleNet network, AMBcrypto reports. Through participation in RippleNet, Coinone will be able to use Ripple's xCurrent solution to provide interbank services to its customers.

Coinone CEO Shin Won Hee, in a conversation with local media, said that his company would rely on cooperation with SBI Ripple Asia in creating a wide range of financial services based on blockchain technology.

According to the media, Coinone was the first exchange in South Korea, which joined RippleNet. As part of the cooperation with SBI Ripple Asia, Coinone intends to “organize overseas remittance events for 3,000 new subscribers to the block chain overseas remittance service.”

Coinone and Ripple started working together in May 2018, when the company integrated xCurrent solution into its own payment service called Cross. According to updated data, customers of the exchange can send transfers to eight Asian countries through the system, taking advantage of reduced commissions.

Earlier this month, Siam Commercial Bank, the largest commercial bank in Thailand, said it would use XRP cryptocurrency in its operations, but later, for unknown reasons, refused this statement.