Ethereum Killer? More Projects Choose to Migrate to Binance Chain

| Updated
by Julia Sakovich · 3 min read
Ethereum Killer? More Projects Choose to Migrate to Binance Chain
Photo: Binance / Instagram

More and more projects are taking a decision to migrate to Binance Chain. Such popularity positively influences the price of BNB.

Last week, Binance, the world’s largest cryptocurrency exchange, made headlines when it announced the launch of its blockchain protocol. As Coinspeaker has reported, the first project that has taken a decision to migrate to Binance Chain is Mithril.

It has also been disclosed that the company’s token Binance Coin is to be activated on its Chain tomorrow, on April 23.

But it is not all the projects that are to be available on Binance Chain in the nearest future. Red Pulse Phoenix [PHX] and Atomic Wallet have decided to follow the example of Mithril and migrate to the blockchain offered by Binance.

Migration to Binance Chain

Red Pulse is a market intelligence platform that ran its Phoenix token on the NEO platform. As it has been announced, a major portion of their token ecosystem would be transferred to the Binance Chain.

The integration will presuppose the launch of a new BEP-2 token called PHB and migration of NEP-5 PHX tokens on to BEP-2 PHB tokens.

Traders will have an opportunity to work with new PHB tokens on the traditional and the new Binance DEX platform.

As for Atomic Wallet, it is also switching from Ethereum to Binance Chain. It will offer its client not only token migration but also their wallets support to the Binance Chain.

Binance Chain: Ethereum Killer?

Today, as more and more projects prefer Binance Chain, there are a lot of talks about the decreasing competitiveness of Ethereum.

Nevertheless, Changpeng Zhao, co-founder and CEO at Binance, who is better known as CZ, doesn’t want their new project to be viewed as an “Ethereum killer”.

Yes, Binance Chain is able to offer projects higher speed but it does not challenge Ethereum, as CZ has noted in his tweet, as it doesn’t even have smart contracts.

There are a number of other differences. First of all, Binance Chain is less decentralized as it is controlled by the company and has a small number of validator nodes.

Secondly, they have different consensus algorithms. Tendermint’s consensus algorithm used by Binance ensures much higher performance, more scalability, and much less time needed for settlements if compared with Ethereum’s Proof-of-Work.

Moreover, as CZ highlighted, Binance Chain can’t do a lot of things that ETH can and their Binance DEX is focused on one use case only.

BNB Price

Given all the news around Binance today, there is little surprise that the value of Binance Coin is continuously growing. Now the coin ranks as one of the top 10 major coins in the world

It has never been so high before. Even Justin Sun, the founder and CEO of Tron foundation, the creator of TRX, has congratulated the project as the BNB price hit new All-Time High.

At the moment, the coin is traded for $ 24.50 having gained 5.73% over the least 24 hours.

Altcoin News, Binance News, Blockchain News, Cryptocurrency News, Editor's Choice
Julia Sakovich
Editor-in-Chief Julia Sakovich

Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.

Related Articles