11 Mar 2019 #Binance Coin
Given the fact that Binance Coin (BNB) is currently having an unprecedented bullish rally: the price of this cryptocurrency increased by as much as 47.5% over the last seven days, it seems that Binance is on everyone’s lips now. An enormous price surge is not the only thing that’s going on in the Binance ecosystem at the moment: the developers of this platform are launching their own blockchain, decentralized exchange (DEX); they have also introduced a new token launch platform (Binance Launchpad), a fiat to cryptocurrency exchange that is based in Liechtenstein, and they have opened a new office in Malta, the self-proclaimed blockchain island.
All these events occurred in the course of last year alone, accompanied by the ceaseless promotional activities carried out by ChangPeng Zhao, a Chinese-Canadian digital entrepreneur and the founder of Binance, who has been preaching vehemently about his intention to scale up the entire ecosystem.
The actual cost-effectiveness of these novel solutions and the associated marketing campaigns is rather questionable, but they are certainly backed by sound judgment and logic.
Binance runs a token with a solid market capitalization (as of now, BNB’s market cap is at $264.24 million) which is backed by nothing more than the desire of people involved in the Binance ecosystem to save money on exchange commissions.
Just a quick reminder, the holders of BNB, who trade cryptocurrencies on Binance exchange, get 25% discount of trading fees if they opt to pay with the native token. Before the Crypto Winter, which caused the trade volumes to spiral downward, BNB was something like a nice adjacent to the platform. But the current realities have turned Binance Coin into a valuable asset, the capitalization of which must be maintained, since it is, to a large extent, the only thing that still keeps traders on the Binance platform. That’s why the developers decided to invigorate their cryptocurrency in quite a smart way - by creating a decentralized Binance exchange which doesn’t store funds while allowing users to trade in such pairs as BNB/BTC, ETH and others directly from their digital wallets. In order to implement this idea into practice, Binance has to develop their own blockchain.
According to the preliminary data, the expected block time would be only 1 second, which translates into literally instant confirmation and execution of transactions due to the fact that the transaction within such blockchain is deemed as confirmed as soon as it is included in the block. The similar technology allowed EOS to create a vast ecosystem of decentralized exchanges, such as Dexeos, Aeron, Newdex, in a relatively short period of time. After becoming a centerpiece of the renewed ecosystem, BNB would fall within the category of the ‘fast’ cryptocurrencies. However, the transactions that don’t involve Binance Coin would be carried out at a much slower speed. Basically, this difference in transaction processing rate should serve as an incentive for users to buy the excessive amounts of BNB which accumulated since the beginning of the Winter.
In a nutshell, the logic behind Binance’s strive to reinforce their standing on the crypto market appears to be the following:
So far, this scheme has proven its working efficiency since BNB has constantly been in the ‘green’ for the last few months. However, it may have happened in no small way due to Zhao’s promotional efforts, but once Binance obtains a fully operating model with the new DEX, they may elaborate further use cases for BNB and take this cryptocurrency to the Top 3 on Coinmarketcap, though it already occupies the 7th spot, which shows its immense progress.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||Volume 24h|
|1||BTC||Bitcoin predictions||80.8%||36||$43 168.18||0.32%||-0.37%||$812 772 420 923||$31 192 680 458|
|2||ETH||Ethereum predictions||72%||50||$3 004.08||-0.89%||0.41%||$353 583 713 819||$19 390 160 771|
|3||ADA||Cardano predictions||67.2%||71||$2.18||-1.67%||3.44%||$69 832 878 215||$3 073 248 637|
|4||USDT||Tether predictions||92.4%||1||$1.000513||-0.07%||0.05%||$68 578 142 843||$71 016 415 448|
|5||BNB||Binance Coin predictions||66.8%||61||$341.82||-0.94%||-6.18%||$57 472 750 025||$1 552 010 074|
|6||XRP||XRP predictions||75.6%||49||$0.938253||-0.25%||1.51%||$43 832 950 516||$3 033 647 400|
|7||SOL||Solana predictions||68%||64||$140.49||3.07%||2.42%||$41 785 405 951||$2 881 769 726|
|8||USDC||USD Coin predictions||90.8%||1||$1.000447||-0.04%||0.02%||$31 153 823 850||$3 173 493 897|
|9||DOT||Polkadot predictions||66.8%||65||$28.29||-1.81%||-1.37%||$27 941 506 166||$1 712 123 937|
|10||DOGE||Dogecoin predictions||68.4%||61||$0.203046||-0.96%||-3.24%||$26 692 493 819||$855 732 314|
|11||AVAX||Avalanche predictions||59.2%||81||$68.22||2.85%||15.73%||$15 027 546 330||$1 240 912 224|
|12||LUNA||Terra predictions||68.8%||60||$37.38||6.51%||33.72%||$14 951 567 039||$1 684 215 996|
|13||UNI||UniSwap predictions||66.8%||67||$22.91||-4.24%||8.57%||$14 010 020 202||$1 160 176 166|
|14||BUSD||Binance USD predictions||92.4%||1||$1.000238||-0.06%||0.01%||$13 529 303 353||$5 078 288 807|
|15||LINK||Chainlink predictions||64.4%||67||$23.59||-3.95%||-0.49%||$10 732 590 020||$1 097 433 048|
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