It’s all about the tweets for Binance coin (BNB) lately as another tweet helped the coin soar over 35% this week. This highly known cryptocurrency exchange took to its Twitter feed this Thursday to announce that they will be launching their own blockchain, Binance Chain. The announcement comes days after Binance CEO, Changpeng ‘CZ’ Zhao, was featured in the new Forbes crypto magazine expected to reach over 2 million readers. This has been a pretty good month for Binance Coin it seems.
CZ_Binance is a well-known billionaire in the crypto universe founding the exchange back in 2011 and has seen his net worth skyrocket this year to over $2 billion in 2018. The highly interactive and fun leader tweeted this Friday of the $1,000,000 prize Dexathon, urging his community to apply for the competition.
“Binance Chain will focus on performance, ease-of-use, and liquidity. 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.”
The competition aims at finding the best of talents in the Binance community in an aim to improve and develop the Binance Chain. The decentralized exchange coding competition will offer the competitors a chance to merge their team(s)’ ideas and implement them into the Binance Chain. The competition winners will also have a place in working with the Binance team on the new blockchain.
BNB’s price soared on news of the Binance Chain, with the coin trading at $9.14 as at March 17th 2018 representing 13% increase from Tuesday. However, the impact of the tweet by Binance had a sharper effect an hour after the news became public with the coin experiencing sharp 25% increase in price.
Binance coin is based on the Ethereum smart contract technology and will facilitate cheaper payments by 50% to trades carried out on the Binance platform. This will incentivize users to use BNB whose value will reduce over time as Binance plans to reduce the fee rebates gradually. Over 100 million BNB tokens will eventually be destroyed to counter the depreciation.
The cryptocurrency exchange plans to create an open source blockchain that will allow their users to exchange crypto assets and development of the network. This will require the coding competition to pick the top minds in blockchain development to facilitate the innovation. The Binance Chain aims at providing a secure and immutable trading platform that allows transfer of cryptoassets and develop new opportunities for blockchain networks.
Binance is currently the largest cryptocurrency exchange in the world and deals with over $1 billion USD in trades. BNB ranks third on the exchange in trades with the BTC and USDT pairs leading the token’s trade. The recent news on the token’s blockchain development will surely spark an interest in BNB coin.
Binance coin (BNB) has so far completed major milestones in its roadmap with the exchange currently one of the largest in the world. In addition, they completed the Binance Labs (a blockchain technology incubator), Binance Info (our Codex), as well as many other components that comprise the Binance ecosystem.