Leading cryptocurrency exchange Binance is about to launch its highly anticipated blockchain, the Binance Chain. A tweet posted earlier today by Binance stated that “Today marks the birth of a new genesis block. Who’s ready?”
Despite the intentional unrevealing nature of the tweet, it is easy to conclude which blockchain to which the exchange is referring. In a follow-up tweet, the exchange again noted that “#Binance. Evolved.”
— Binance (@binance) April 18, 2019
The second tweet, however, has included the image of the Binance Chain blockchain that Binance has been using for its announcements regarding the blockchain. The image has a superimposed caption saying “Soon.”
A genesis block refers to the first block of a blockchain, most referencing the Bitcoin genesis block but has since been used by other projects to refer to the first block.
This means that the Binance block will be launching today after several weeks of testing that saw the exchange launch the Binance DEX platform on top of the chain back in February.
It is yet unclear whether the blockchain launches together with the decentralized exchange counterpart as Binance has not tweeted about that but the new Binance Chain has been confirmed to go live in a few hours.
Previously, the Binance CEO Changpeng Zhao had said that the Binance Chain would launch before the end of the month of April so this revelation falls in line with this statement.
However, when he made this statement, he was making a reference to both the Binance DEX as well as the underlying platform, the native blockchain. At the time he also stated that his team is “almost there, very close” to disrupting its own business model, a clear reference to the Binance exchange which is currently centralized.
According to Zhao, the “Binance Chain is a very simple chain in terms of application, but it can handle very large loads.” Adding that “It is our opinion that the load is more important than the features.” Binance aims to launch a blockchain that is highly scalable and functional without the bells and whistles that could easily blot it up at the expense of functionality.