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Binance surges 25% on the news of his own blockchain

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Binance Coin has grown more than 25% over the last 24 hours, peaking at $ 11, pushed by the news that it will launch its own "bespoke blockchain" in a first step apparent towards the construction of a decentralized exchange (DEX). Market capitalization was just under $ 1 billion. Nearly $ 200 million has been traded in the last 24 hours. The currency has a total provision of nearly 200 million coins.

Source: Coinmarketcap.com

Binance Coin was ranked 24th largest cryptocurrency today according to market capitalization, according to coinmarketcap.com , surpassing Zcash, the 25th cryptocurrency with a market capitalization of 780.431 million dollars.

The Binance price began to exceed the low numbers in mid-December, reaching $ 21.78 on January 13, 2018, then dropping to $ 7.38 on February 6 before starting the current recovery. Although the price did not peak in mid-December, it traded well above its initial period.

The new Blockchain aroused interest

The Hong KKong index, which consistently ranks as one of the three largest exchanges of cryptocurrencies measured by the daily volume of transactions, has announced its intention to create a bespoke blockchain in a blog, explaining that Binance Chain is will focus primarily on the transfer and trade of blockchain assets, as well as provide new opportunities for the future flow of blockchain assets. "

Changpeng Zhao, CEO of Binance, tweeted that Binance was growing too fast and did not have time to "start something else". So all we could do is start just one more Binance. Zhao also tweeted an image of the Binance logo, which he noted as being a voluntary bid.

Decentralized exchanges have problems

Decentralized exchanges allow users to negotiate cryptographic assets without entrusting their parts to third parties, whose centralized platforms provide hackers with lucrative attack vectors and collectively have lost more than $ 1 billion in revenue. ; assets.

The most well-known DEX is EtherDelta, which uses smart contracts to allow users to exchange ERC20 tokens, all of which run on the Ethereum blockchain. DEX platforms are not completely secure because their website servers are centralized, but they are much less vulnerable to large scale flights than conventional exchanges.

On March 8, the price of bitcoin fell below $ 9,500, which was triggered in part by the rumors of Binance Hack


Almost immediately, Binance, refuted the rumors and Zhao issued a statement regarding the situation, and the market was reestablished.

The Binance team said the hackers had obtained Binance platform user account information through phishing attacks in February. Then, with the accumulated accounts, the hackers used a fake API key to execute transactions on behalf of the users, which triggered a cryptocurrency pair to increase the volume.

Binance canceled all transactions and no losses were recorded.

The progress continues

Binance continues to make progress since its launch in July 2017 as part of an ICO that has raised about $ 15 million, and its user base has been characterized by a high geographic concentration in China.

Binance has managed to become the world's largest cryptocurrency exchange, not supporting fiat trading pairs, and it often outperforms exchanges that offer fiat pairs.

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