In a recent announcement, one of the world’s largest cryptocurrency exchanges, Binance, announced the release date of its own new custom blockchain, Binance Chain. This blockchain is expected to support the exchange’s over $3 billion BNB currency which is currently running on Ethereum.
The switch to the new blockchain is expected to take place on April 23. Token holders will be invited to move to Binance Chain in the following days. The current Etherum-based tokens will be destroyed at the same time as the new BNB tokens are created. This will ensure a constant and equal supply of tokens across both systems until the existing one is phased out completely.
At the start of the switch, on April 23rd, the Binance Wallet and Chain Explorer will be publicly opened. The Exchange is preparing a variety of resources to assist token holders with the switch, causing the least amount of confusion. From the date of the switch, token holders can use a Binance Chain address for BNB withdrawals. This will automatically convert ERC-20 BNB tokens into the new, BEP2 BNB tokens.
Binance will provide 200 million BNB tokens at first. This will include over 11 million burned on Binance Chain and 48 million frozen.
The exchange advised its users that if they intend to keep the current ERC-20 version of their BNB tokens, they need to withdraw them to an Ethereum wallet before the switch date. As of April 23, 2019, Binance will no longer accept and support withdrawals of ERC-20 BNB tokens.
However, the company has also pointed out that following the switch to Binance Chain, there will be little use for ERC-20 BNB tokens, as the majority of the tokens would have been migrated into the new blockchain.
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