Ethereum Killer? More Projects Choose to Migrate to Binance Chain
Photo: Binance / Instagram
Last week, Binance, the world’s largest cryptocurrency exchange, made headlines when it announced the launch of its blockchain protocol. As Coinspeaker has reported, the first project that has taken a decision to migrate to Binance Chain is Mithril.
It has also been disclosed that the company’s token Binance Coin is to be activated on its Chain tomorrow, on April 23.
But it is not all the projects that are to be available on Binance Chain in the nearest future. Red Pulse Phoenix [PHX] and Atomic Wallet have decided to follow the example of Mithril and migrate to the blockchain offered by Binance.
Migration to Binance Chain
Red Pulse is a market intelligence platform that ran its Phoenix token on the NEO platform. As it has been announced, a major portion of their token ecosystem would be transferred to the Binance Chain.
The integration will presuppose the launch of a new BEP-2 token called PHB and migration of NEP-5 PHX tokens on Binance.com to BEP-2 PHB tokens.
Traders will have an opportunity to work with new PHB tokens on the traditional Binance.com and the new Binance DEX platform.
As for Atomic Wallet, it is also switching from Ethereum to Binance Chain. It will offer its client not only token migration but also their wallets support to the Binance Chain.
Binance Chain: Ethereum Killer?
Today, as more and more projects prefer Binance Chain, there are a lot of talks about the decreasing competitiveness of Ethereum.
Nevertheless, Changpeng Zhao, co-founder and CEO at Binance, who is better known as CZ, doesn’t want their new project to be viewed as an “Ethereum killer”.
Yes, Binance Chain is able to offer projects higher speed but it does not challenge Ethereum, as CZ has noted in his tweet, as it doesn’t even have smart contracts.
Thanks for the nice article! But almost too supportive. lol. @Binance_DEX does not challenge Ethereum, it doesn’t even have smart contracts. It challenges ourselves, exchanges. 🙂
— CZ Binance (@cz_binance) April 18, 2019
There are a number of other differences. First of all, Binance Chain is less decentralized as it is controlled by the company and has a small number of validator nodes.
Secondly, they have different consensus algorithms. Tendermint’s consensus algorithm used by Binance ensures much higher performance, more scalability, and much less time needed for settlements if compared with Ethereum’s Proof-of-Work.
Moreover, as CZ highlighted, Binance Chain can’t do a lot of things that ETH can and their Binance DEX is focused on one use case only.
Given all the news around Binance today, there is little surprise that the value of Binance Coin is continuously growing. Now the coin ranks as one of the top 10 major coins in the world
It has never been so high before. Even Justin Sun, the founder and CEO of Tron foundation, the creator of TRX, has congratulated the project as the BNB price hit new All-Time High.
Huge congrats to @binance & @cz_binance on breaking the ATH! No matter bull or bear, eventually, our value depends on what we buidl. pic.twitter.com/KWfjBJ0nIa
— Justin Sun (@justinsuntron) April 20, 2019
At the moment, the coin is traded for $ 24.50 having gained 5.73% over the least 24 hours.
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