Binance Chain testnet to roll out on February 20
Binance Chain testnet will be launched on February 20, tweeted Changpeng Zhao, Binance CEO. Binance Chain, the native blockchain of Binance, will enable developers to build their blockchain projects.
Binance, in March, introduced the project under the name of Dexathon. The exchange later renamed it as Binance Chain. The native blockchain will also enable ICOs and let users raise funds in BNB, like Ethereum blockchain.
Finally got a date. Targeting to release Binance Chain testnet (@binance_dex) for public testing on Feb 20th. This is a testnet, your feedback would be most valuable.
— CZ Binance (@cz_binance) February 12, 2019
“We are launching Binance Chain very soon, in a couple months or so, and you will be able to issue tokens on that. I think there will be millions of coins and thousands of blockchains,” said Zhao, at the time.
Binance Chain, unlike the Ethereum blockchain, is not a smart contract platform. It has a user interface which helps developers to issue their token and can start trading it. “I think for the testnet right now we elected to run eleven test nodes. I think any numbers is fine. The number of validators in our network will be small mainly for performance reasons. So it will not be as big as the Bitcoin network with thousands of nodes. It is going to be more like NEO…or even Ripple…a smaller number of nodes and each node will be rather large,” said Zhao in a live stream session.
Binance Chain will focus on performance, ease-of-use, and liquidity. The Binance Coin [BNB], the Binance token will migrate to the blockchain mainnet becoming a native token. BNB is currently an ERC-20 token. “Binance coin on the Binance chain is like Ethereum coin on the Ethereum network. You can use it to pay for network transactions and as gas. Also, when you pay using BNB, we offer the chance to pay using the token with a discount,” said Zhao.
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