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What is Binance Chain?
Binance Chain is a decentralized blockchain project that was developed in 2019 by Binance- the largest cryptocurrency exchange by volume. Binance is a pioneer in the cryptocurrency industry and has been setting the standard and paving the way forward for many other projects and exchanges to follow. Binance Chain can be looked at as a blockchain network that allows the exchange and use of many different digital assets.
To make things easier and enforce mass adoption, Binance Chain allows just about any project to build and use its network. Therefore, projects can migrate from other blockchain networks like Ethereum to Binance Chain if they wish. So what are the advantages of this? Well, there is a better way for users to trade, send or receive assets. Binance Smart Chain, on the other hand, is compatible with the Ethereum Virtual Machine (EVM) and further extends the capabilities of the chain.
Ethereum is powered by Ether which is the native token used as gas for the network. However, the Binance Chain is powered by Binance Coin (BNB). What this means is that the fees to send and receive assets will be ridiculously cheaper on the Binance Chain. One of the most daunting things for crypto users is high fees, and Binance Coin (BNB) has very low fees compared to Ethereum. Hence, this is one of the main reasons why it is adopted and why developers build on it.
Binance Coin is the native token of the Binance Chain and fuels the transactions that happen on the network. Changpeng Zhao, also known as CZ, is the founder and CEO of Binance. His team created Binance Coin (BNB) token to help with crypto mass adoption and reward users who use the exchange (Binance). Binance Coin (BNB) has a lot of use cases, including trading fee reduction, payment processing, booking ad travel arrangements, loans, and transfer, among other uses.
There aren't many exchanges that have their tokens, and those who do tend to look up to Binance. This is primarily because Binance seems to set the trend in the crypto space where exchanges are related. Binance Chain is just one major working project out of many that Binance has created to date. Developers are also able to create smart contracts like Ethereum on the Binance Chain but in a more efficient way.
Another product that Binance created to work with its chain is the Binance Decentralized Exchange (DEX) that allows many different assets on the Binance Chain to be traded. When tokens are listed, they can be found on Binance DEX. It is also important to note that Binance DEX is not the same as Binance Exchange, and tokens listed on the DEX are not listed on the exchange by default.
What is a Binance Coin (BNB) wallet?
As a cryptocurrency user, you should be mindful that your Binance Coin wallet is a secured decentralized wallet. This wallet is used to allow you to store all your assets that are compatible with the Binance Chain network. These assets can also be found on Binance Decentralized Exchange (DEX). Binance Smart Chain should not be confused with Binance Chain since Binance Smart Chain is integrated with the Binance Exchange and other wallets.
Binance Smart Chain supports tokens on a different network compatible with Binance Exchange as well as other wallets. However, the Atomic wallet supports only Binance Coin and Binance Chain tokens at the moment, which is integrated with Binance DEX. All tokens that are found on Binance DEX are compatible with our wallet and can be stored in it. Any updates to support Binance Smart Chain will be made in an official announcement.
There are two different types of wallets that you need to take into consideration when you create a Binance Coin (BNB) wallet. First and foremost, there are two different types of Binance Coin (BNB) wallets, full node and light node wallets. Depending on the type of user that you are, choosing the right wallet might vary depending on your use and desire.
If you are a user that requires the most current update and syncing of your transactions on Binance Coin's network, a full node wallet might be best. Full node wallets download all the transactions on the blockchain network and are always up to date and in sync. While this can be a good thing if you send and receive Binance Coin (BNB) frequently, there is a drawback to this. Full node wallets are very resource-hungry and intensive on your hardware. As a result, users need to have huge amounts of RAM and processing power to fully utilize these wallets without lagging or downtimes.
On the other side of the spectrum, there are light node wallets which are the complete opposite of full node wallets. Binance Coin (BNB) light wallets still need to interact with full node wallets but differently. These wallets only fetch and download the necessary information that is required for a transaction at any given time. Since they do not need to download the entire Binance Chain network and its transactions, they tend to be less intensive on a user's resources.
Finally, when choosing a wallet, you need to consider these things. Once this is done, you will certainly choose the most efficient wallet for you based on your hardware and setup. When using your Binance Coin wallet, any token that you send or receive will incur a very small fee. What this means is that you will always need to hold a small amount of Binance Coin(BNB) for gas or for transaction fees. This fee usually varies from 20 to 50 cents USD depending on the amount that you are sending.
Binance Coin (BNB) wallet Features:
When using a wallet, you want to ensure that you are getting exposed to as many features as possible while you manage your digital assets. Binance Coin wallet is certainly the right wallet for a feature-rich experience as a new or advanced cryptocurrency user. While this is the case for Binance Coin (BNB) decentralized wallets, the features are much different for a centralized exchange wallet.
As a new user, you might be unaware of the importance of owning your private keys. Nonetheless, your private keys are one of the most important aspects of storing your digital assets. Upon creating a decentralized Binance Coin wallet, you have access to your private keys, and they will always be in your control. However, with a centralized wallet, you will not have the ability to do this at all. Centralized exchanges store and keep all your wallet information, such as private keys.
Centralized exchanges also present the downside of not being in total control of your information. You rely on them to hold and store all of your personal wallet information on a centralized server. What this means is that your information is also susceptible to hacks and data breaches if any of that should ever occur. All of your data is stored on a centralized server, and this includes your private keys and other user information.
Additionally, when you use centralized exchanges, you will be required to register for an account and go through verification. Some individuals, especially those with privacy concerns, might have an issue with this; however,t there is a solution. Creating and using a decentralized Binance Coin (BNB) wallet does not require any form of registration or verification. Furthermore, you are in total control of your funds and private keys.
On a different note, both centralized and decentralized Binance Coin (BNB) wallets have something in common. While there are not many similarities, one thing that stands out is that transactions are updated frequently with both wallets. But another setback for many users is that both wallets do not have the same set of features. A decentralized wallet will have a wide range of features that makes it superior to a centralized exchange wallet. Nonetheless, both wallets support purchasing, sending, and receiving cryptocurrencies as well as storing other currencies.
Here is a list of different features that can take advantage of when using a decentralized Atomic full node or light wallet. Most of these features are not available with a centralized exchange wallet:
- Built-in exchange with over 300 different cryptocurrencies
- Purchase BNB with a credit card
- Password, PIN, and Fingerprint security (mobile wallet)
- Mobile and Desktop platform availability
- QR code scanning to easily send and receive Binance Coin (BNB)
- Display Binance Coin (BNB) balances in your local supported currency
- Password/fingerprint required on each transaction
How to store Binance Coin (BNB) tokens safely?
Upon purchasing, sending, or receiving a Binance Coin (BNB) tokens from your friend, you will need to undergo various strategies to secure them. Security is one of the most talked-about concerns with cryptocurrencies, and this is vitally important in every aspect of this particular industry. The most important security aspects that should be closely monitored include but are not limited to mnemonic seed phrases, private keys, public keys, and passwords. Securing these aspects of your wallet should be taken seriously as it could determine how safe your funds are at any given time.
A mnemonic seed phrase is a 12 word set of words that is not in any particular order for security reasons. This measure prevents it from being guessed easily and is the key to unlocking your Binance Chain wallet from anywhere in the world. What this means is that you should store this information carefully by writing it down in a book and locking it away safely since you will not need it all the time. Your mnemonic seed phrase is only needed when unlocking or creating your wallet for the first time. You should NEVER share this information with anyone unless you trust them to use your wallet and balances.
Continuing on the path of storing your Binance Coin tokens safely, your private keys are the next aspect to take into consideration. Private keys are made up of numbers and letters that are difficult to recite. While your private keys will only show a particular asset since every asset has its private key, it is still critical information. Anyone who has control of your private keys will be able to spend your balances for that particular asset from anywhere in the world. To keep your private keys safe, you should write them down and never copy them or store them digitally.
Public keys are similar to private keys and are a unique set of unreadable numbers and letters that holds your account information. However, unlike private keys, public keys are not capable of allowing someone to spend your balances(send transactions from your account). However, public keys allow someone to view your balances or send your funds. Due to their nature, you can safely share your public keys with other individuals if you have no privacy concerns about your account balances and wish to receive funds.
Finally, the next aspect of your account that you want to secure is your passwords. Passwords are critical pieces of information in the crypto space as with any other account. Once you create a wallet, you will need to create a password that is used for logging in each time. The good thing about passwords is that they can be retrieved if lost. This is where your mnemonic seed phrase comes in handy. It can be used to restore your wallet on another device. Essentially, this is another reason why you must never store your mnemonic seed phrase digitally or share it with anyone!
Storing your Binance Coin wallet information offline is the best way to secure it. When creating passwords, you should also ensure that you create a strong password that is difficult for people to guess but easy for you to remember. Once you make it your duty to adhere to and implement these security measures, your Binance Coin (BNB) wallet should be safe and secure in your Atomic light wallet!
Top 5 things to know about Binance Chain
Like with most cryptocurrency wallets, there are many important acts and things to take note of. Binance as the leading exchange and its products that are available will certainly have lots of important things to know as well. Here are the top 5 things that you should know about Binance Chain:
- Binance Chain was created after moving from Ethereum-Most cryptocurrencies started their journey on the Ethereum blockchain and further migrated to a main network or mainnet for short. Binance Coin was originally on the Ethereum blockchain network but migrated to its chain upon the creation of Binance Chain and Binance Decentralized Exchange (DEX).
- Binance Chain is different from Binance Smart Chain-Since launch, there seems to be some confusion about Binance Chain and Binance Smart Chain. Nonetheless, Binance Chain can be viewed as a network that allows the trading between tokens on the Binance DEX. Binance Smart Chain, however, is a bridge that extends the capabilities of Binance Chain, which utilizes Ethereum's Virtual Machine (EVM).
- Binance Chain is decentralized-Binance Chain is a decentralized network that works on the order book system. Therefore, if you should put in order to sell 10 Binance Coins (BNB), you will be able to sell that only if another user puts in order to purchase 10 or fewer Binance Coins (BNB).
- Tokens that are listed on Binance Chain are not necessarily on Binance Exchange-Another misunderstanding in the space is that there is no end for Binance Chain and Binance DEX. However, this is not true since tokens that are listed on Binance Chain are not necessarily on Binance DEX vice versa. Developers can build on Binance Chain and list tokens on the DEX.
- Binance Smart Chain relies on Binance Chain-Binance Smart Chain needs Binance Chain to service and as it aims to enhance it. It is further allowing Binance Smart Chain's programmability and interoperability. Recently in early 2021, Binance Smart Chain gave birth to DEXes like Pancake swap where the native token BNB is traded against other assets.
So to conclude, our final thoughts here are that the cryptocurrency space is filled with innovation, and something new launches every day. Projects like Binance Chain are just the beginning of what is truly ahead, and there is no doubt that this chain, along with its bigger brother Binance Smart Chain works hand and in hand. These two networks will certainly do well in the future. The native token of the network, Binance Coin (BNB), is also worthy of recognition since it has so many different use cases as well.
At the time of writing, Binance Coin is trading at a price of 260USD and also hit an all-time high of 360USD in Q1 of 2021. It is believed by many technical experts in the space that this cryptocurrency, along with Binance Chain, is putting up a challenge for the Ethereum blockchain. While this is true, overthrowing Ethereum is no easy task. Nonetheless, there are many price predictions for Binance Coin(BNB) that could go as high as 1019USD and 1219USD per coin in the future.
You might already be holding or began to think about acquiring Binance Chain tokens or its native BNB token; you will need a secure place to do so. The Atomic Wallet is certainly one of the safest and most secure wallets available today. This is primarily true due to its non-custodial nature, which allows all your data, including your private keys, to be stored offline on your device.
Using our wallet also exposes you to more than 300 different cryptocurrencies that you can manage in one place. That's not all; you can purchase with your Visa or Mastercard, exchange, send, and receive Binance Coin (BNB) and any other supported crypto. Your funds will also be deposited directly into your wallet! Finally, the Atomic Wallet is free to download and use on all of your devices, whether you are an iOS, Android, PC, Linux, or Mac user!
We hope that you have learned a lot after reading this article as you continue your cryptocurrency journey! Be sure to stay updated with our blog by subscribing to the latest cryptocurrency news and market data.