Binance Chain Mainnet Will Have BNB as their main Cryptocurrency with 200 Million in Fixed Supply

Maheen Hernandez By Maheen Hernandez April 22, 2019 Off
Binance Chain

A considerable degree of growth has been observed in the cryptocurrency market so far.  Several analysts have provided the prediction concerning the progress of price trends for the different cryptocurrencies at a different point in times.

Fred Wilson, CEO of Union Square Ventures, predicted that there would be a bullish run for cryptocurrency in the year 2019.  However, he further added that selling pressure would be driving the price a bit low.  He stated:

“I think this bottoming out process will end sometime in 2019 and we will slowly enter a new bullish phase in crypto.”

The reason he cited for the bullish market was the fulfillment of the promises made in the year 2017. He also stated that the coming of different types of smart contracts would pose a challenge Ethereum.  This prediction has not come to pass, and as predicted by Wilson, the market has undergone a significant degree of growth.

There is an increasing number of cryptocurrency exchanges being established in Chile.  And most of them are not regulated.  Therefore, the Chilean government is making an intervention and introducing a Fintech Regulation Bill to Congress.

Felipe Larraín, the Minister of Finance of the Chilean Government, stated, “Regulation of these platforms would mitigate some of the risks, such as money laundering and terrorist financing, and increase the legal certainty with which they operate. We want to adequately protect against the risks associated with this kind of activity.”

The Central Bank of Chile recently stated that cryptocurrencies would not be able to function as a substitute for traditional money.

Binance is expected to launch a decentralized exchange sometime next week.  They have launched their own “Binance Chain mainnet,” and Binance Coin (BNB) will be the main cryptocurrency of the Binance Chain.

Binance is focused on supporting decentralized exchanges (DEX) that has a high throughput and low latency.  The Binance chain will be providing for an efficient protocol for the (Dapps), which will be requiring higher transaction capacity.

There will be a fixed supply of 200 million of BNB on the Binance chain.  The exchange is expected to burn 11,654,398 BNB in order to replicate the supply of BNB on the Ethereum.

Of note, there are more than 100 cryptocurrencies including Bitcoin and Altcoins in the listing in the Binance exchange with more than 10 million users.

Meanwhile, the Japanese cryptocurrency exchange Zaif is all set to resume activity in seven months after its hack. Bitcoin, Bitcoin Cash, and Monacoin (MONA) were stolen from the exchange during a hack past September.