Last week, Binance announced the launch of Binance Chain, its native Blockchain platform that will facilitate the issuance, exchange and use of digital assets. In addition to the fact that Binance Chain opens up a whole new world of possibilities for cryptomedical projects, the BEPs in Binance Chain also show a significant difference in the Ethereum ERC-20 protocol that currently dominates the cryptographic space.
For example, the BEP2 standard enables the issuance of encryption tokens that can be indexed to any other altcoin, as opposed to current standards that only register tokens against ETH or BTC. The Binance chain also includes other features such as minting, taping, transferring or freezing.
Below is a list of existing projects that have migrated to the Binance Chain since its launch:
Currency Binance (BNB)
Needless to say or expect that Binance Coin (BNB) has migrated from Ethereum to the Binance network as a native cryptomoeda on the platform. Binance Coin in the Binance Chain will serve the same purpose that Ethereum serves on the Ethereum network to pay for network transactions among other things.
BNB tokens, originally an ERC-20 token based on Ethereum, are now being migrated to become a BEP2 token activated by the Binance chain. People who currently own ERC20 BNB coins are expected to send the ERC20 tokens to a new Binance Chain deposit address. Binance then converts your ERC20 tokens to the new BEP tokens automatically.
Last week, Binance announced that it has recorded 5 million tokens ERC20 and allocated native BEP2 tokens to the Binance Chain portfolios. The old BNB ERC20 tokens were burned to manage the supply in the Ethereum and Binance networks. However, the BNB's trading in the Binance Chain will not start until the first batch of the BNB is converted and there is sufficient liquidity to support negotiations.
ChangeNow, an exchange of crypto-coins that facilitates the anonymous exchange of tokens has announced that its NOW token will now be issued in the Binance Chain and will be listed in Binance DEX. ChangeNow chooses Binance Chain because it offers a strategic advantage that complements how ChangeNow facilitates token swaps without charging transaction fees.
ChangeNow opted for a hybrid arrangement, leaving half of its tokens in the blockquain Ethereum, while moving the other half to Binance's Chain. ChangeNow will allow its holders to write their ERC-20 tokens and exchange them for a BEP2-compliant version in the foreseeable future.
Binance founder and CEO Changpeng Zhao also expressed support for having the NOW token win the title of the first token to be listed in Binance DEX.
CZ also commented that ChangeNOW is the first to issue its token in its chain, the true decentralized way:
Mithril (MITH) is also migrating to the Binance Chain. Mithril is a decentralized social media platform that rewards people by creating content through an ecosystem where creators and curators are rewarded with MITH tokens. In a post published last week, Mithril revealed that it is migrating its project to the Binance chain to provide users with an opportunity to experience the security, intuitive user interface and speed of the Binance DEX platform.
Mithril notes that "Binance Chain's focus on usability, security, coupled with the incredible one-second block speed, has made migration to Binance Network an important strategic initiative for us this quarter."
Deposits and withdrawals of MITH tokens in the binance exchange will be suspended during the 12 hours during which the migration will begin. After that, users can withdraw their MITH tokens to BEP2-compliant portfolios as precursors to trading currencies in Binance DEX.
Red Pulse Phoenix [PHX]
Red Pulse Phoenix [PHX] also announced that it is migrating a large part of its token ecosystem to the Binance Chain. Red Pulse Phoenix is a platform that connects researchers to reporting consumers, as well as a token for IP protection management, proof of creation and proof of ownership, among other things.
As part of the migration, Red Pulse Phoenix will launch a new BEP2 token with a PHB ticker for the Binance Chain ecosystem. He also plans to eventually migrate his NEP-5 PHX tokens to PHB BEP2 tokens. Old PHX tokens will continue to be tradable on Binance.com awaiting migration and new tokens for BEP-2 PHB will be traded on Binance.com and Binance DEX.
Binance users who currently own PHX on Binance.com can expect their PHX tokens to migrate to the PHB and the current PHX + PHB token total will remain the same, according to the original Red Pulse tokenomics for market price and market capitalization.
Atomic Portfolio (AWC)
Atomic, a non-custodial multi-asset portfolio that implements cross-linked Atomic Swaps in 20 blockchains and tokens, has now been announced as the first projects to be migrated to the Binance Chain.
Atomic has revealed that its upcoming Atomic Wallet will provide full support for Binance Chain and BNB Coin while its AWC token will be listed in Binance DEX. However, Atomic will maintain its current AWC-20 AWC tokens while maintaining the new AWC token powered by the Binance BEP2 protocol. To manage tokenomics, Atomic will burn 50 million AWC AWC-20 tokens, representing 50% of its current total supply in Ethereum.
Interestingly, users can switch between AWC tokens with ERC-20 technology and BEP2 AWC tokens.