Insider Insights: Binance Set to Become the World’s First Decentralized Corporation

It is said that Binance will transfer all the company’s value to its native BNB coin to become the first decentralized corporation in the world.

Photo: Binance

Photo: Binance

According to insiders’ information, there are a lot of evidence that in the future Binance may become the first autonomous decentralized company in the world. It is believed that the entire value of the company can be migrated to its native digital coin known as Binance Coin or BNB within the next five years.

BNB Performance and Binance DEX

Since its launch, BNB has shown excellent growth. Its value has managed to triple within the last three months which is a great achievement given the entire situation on the market. Being traded for around $15 at the press time, BNB is the seventh largest digital coin by market cap.

And now Binance wants to move its digital asset from the Ethereum network to Binance chain which is the company’s native blockchain. Moreover, it is not just a plan, the testnet launch took place last month.

Binance Chain is said to act as core for Binance decentralized exchange (DEX) that is an extension of the main Binance platform and is intended to offer high-throughput trading services. All trading fees will be directed to the validators of Binance Chain.

Speaking to Tushar Jain and Kyle Samani, crypto enthusiasts and managing partners of Austin-based crypto hedge fund Multicoin Capital, Unchained podcast host Laura Shin noted:

“Binance is very much trying to cannibalize their own business. That is the explicit goal here. And one of the ways they are encouraging people, both makers and takers, to move over to Binance Chain is by actually offering lower fees on the decentralized exchange than the centralized one. So there’s actually a fundamental economic motivation to move over.”

The initial success of the main Binance platform is explained by the fact that it provides diverse cryptocurrency offerings and highly demanded crypto-to-crypto pairs that very extremely popular among the traders who need to find an easy way to exchange Bitcoin and Ethereum to other coins.

Commenting on the role of BNB in the development of the new decentralized exchange, Tushar Jain, said:

“The Binance token is an interesting hybrid of many different use cases. The first use case is really that of a discount token in that if you pay your trading fees on Binance the centralized exchange, or the Binance Chain DEX, in BNB tokens, you get a discounted rate. And this incentivizes traders to hold BNB tokens in their accounts, and use them to pay for their trading fees in order to pay what is a substantially discounted rate.”

Binance DEX is a non-custodial platform provided by the company with a prominent name which means that it has excellent chances to win popularity even while it is on testnet.

Celer Network Token Sale on Binance Launchpad

It has also recently become known that the Celer Network (CELR) token sale is starting on Binance Launchpad.

Celer Network represents itself a layer-2 scaling platform which offers fast, easy and secure off-chain transactions. Its main aim is to ensure mass adoption of blockchain among both end users and developers.

For users, it will bring an opportunity of easy interaction with dApps, lots of fun and entertainment as well as a chance to earn. And developers will get an environment that will be available for all platforms including iOS, Android and Web and an opportunity to get good revenue through the application’s value flow.

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