Changpeng Zhao, CEO and founder of major cryptocurrency exchange Binance, has proposed to list a token pegged to Bitcoin Cash on Binance DEX, the platform's decentralized counterpart.
"BCH-1FD aims to provide a token pegged to BCH value for trading on Binance DEX. In 2017, the Bitcoin community split into two: BTC and Bitcoin Cash(BCH). BCH is a peer-to-peer electronic cash system."
In the paragraph regarding BCH-1FD's team size and whether some contributors are involved in other crypto projects, CZ noted that Binance will provide conversion between BCH and BCH-1FD through deposit/withdraw.
"There isn't much development work in this token or any potential of conflict of interest," Zhao concluded.
Per the proposal, users will be able to swap the token for native BCH on Binance.com.
"BEP2 BCH is mintable, and the total supply will increase as market demands. All the issued BEP2 BCH will be backed 1:1 by native BCH sitting in a publicly disclosed reserve address that can be monitored by anyone at all times."
Parallel to his BCH-1FD project, CZ also proposed to list two new trading pairs with Binance USD stablecoin on the DEX: Bitcoin/BUSD and XRP/BUSD. As Cointelegraph reported previously, CZ had recently stated that the reasons why Binance Coin dropped over 50% from its all-time high in June do not "Make much sense."
Binance DEX Prepares to List a BCH-Pegged Token
Publicado en Oct 18, 2019
by Cointele | Publicado en Coinage
Coinage
Mencionado en este artÃculo
Noticias recientes
Ver todo
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.