Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Binance Smart Chain + Ecosystem => Binance Coin (BNB) => Topic started by: Shahinaz on April 19, 2019, 05:22:25 PM
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Binance has just announced that the ERC20 Binance Coin (BNB) token will be swapped to its own Binance Chain mainnet on April 23, 2019. The function of the coin will remain unchanged.
After being an ERC20 token for over a year and a half, Binance Coin (BNB) will officially be moving to its own mainnet. Binance made the news on its community forums.
The news resulted in a significant rally for the token, which reduces fees on the largest cryptocurrency exchange.
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Binance Coin Token Swap: How It Will Work
On April 18, 2019, all the pre-selected validators will go online and the consensus for the genesis block will commence. The Binance Chain will then officially be born with a total initial supply of 200,000,000 BNB.
The swap will take place starting on April 23, 2019, at the earliest. If everything goes as planned, users will then be provided a Binance Chain address for BNB withdrawal requests. The withdrawal will allow users to convert ERC20 BNB tokens into BEP2 BNB tokens — which are native to the Binance Chain.
If users want to keep their ERC20 BNB tokens for whatever reason, they can do so if they withdraw their BNB from Binance to their Ethereum wallet before 2AM UTC on April 23. However, they should note that the ERC20 tokens will have no function after the cutoff date.
After April 23, Binance will support the deposit of ERC20 BNB tokens for conversions for the foreseeable future. However, it is highly encouraged to do so within 90 days.
Binance Coin Token Swap: How It Will Work
On April 18, 2019, all the pre-selected validators will go online and the consensus for the genesis block will commence. The Binance Chain will then officially be born with a total initial supply of 200,000,000 BNB.
The swap will take place starting on April 23, 2019, at the earliest. If everything goes as planned, users will then be provided a Binance Chain address for BNB withdrawal requests. The withdrawal will allow users to convert ERC20 BNB tokens into BEP2 BNB tokens — which are native to the Binance Chain.
If users want to keep their ERC20 BNB tokens for whatever reason, they can do so if they withdraw their BNB from Binance to their Ethereum wallet before 2AM UTC on April 23. However, they should note that the ERC20 tokens will have no function after the cutoff date.
After April 23, Binance will support the deposit of ERC20 BNB tokens for conversions for the foreseeable future. However, it is highly encouraged to do so within 90 days.
source: https://beincrypto.com/binance-announces-official-date-for-binance-coin-bnb-mainnet-swap/
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This news is a long time ago but I see it as a step in the right direction from Binance.
We see now that Binance has advanced and has more altcoins under its network, like the case of Harmony, Honest Mining, KAVA etc.
I support Binance switching from ERC20 to BEP20 and this is worthy of support from the cryptocurrency community.
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I still remember long ago indeed that this Binance was still in the network of ERC20 alias from Blockhain Ethereum.
Then this news was also very busy in the past because Binance would be able to compete with other exchanges.
Then it is now proven that this Binance is able to perch on the number 1 exchange in the world and I love it !!
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All of that was a result of Shizu's advanced thinking for the development of the coins she created.
He does not want BNB to become a meaningless coin and this is proven now to be strong in terms of price. CZ is an honest person at the moment in cryptocurrency, in my opinion.
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Maybe now is not the time to move or swap ERC20 to BEP20 but now is the time to make sure that Binance is able to compete with Coinmarketcap's top 10 altcoins.
I see this as a technological advancement, where Binance provides a variety of features for its users so that there is a successful independence that allows for Swap from ERC20 to BEP20.