Binance Chain takes after Ethereum (ETH) and ERC-20 tokens- says Binance CEO CZ

The largest cryptocurrency exchange by adjusted volume, Binance recently released a few details regarding its ambitious project referred to as Binance Chain. In addition to that, the exchange is preparing to launch a decentralized exchange (DEX) platform. The exchange also released short preview video that acted as a demo of the DEX where pertinent features were showcased including how to place orders, the creation of accounts as well as wallet registration.

The vast and vibrant community received the news well as Binance Coin (BNB), the official token spiked in significant bullish gains. The CEO of Binance, a former employee of Bloomberg, speaking to Cointelegraph gave out more insight into the project where he likened Binance Chain to Ethereum and its ERC-20 based coins.

The Binance DEX is a decentralized exchange that allows you to trade you to another token on our chain… The chain also allows you to send and receive BNB, which is the native coin, plus other tokens. So the blockchain can allow you to send and receive [tokens/coins] directly, only if I want to send them to you.

He went ahead to note that, Binance Chain will be worth competition to Ethereum, EOS, Stellar and even Tron especially due to the expected “instantaneous” transactions.

Ethereum price update

Ethereum (ETH) is trading at $91.60 after failing to break above $100 during the weekend trading. The asset is stable above $90.00 although it is still trading in the green. Ethereum has found a new home in the 3^rd place in the market after XRP took over the second position. ETH has a market cap of $9.5 billion and a 24-hour trading volume of $1.6 billion.