On April 18, 2019, Binance introduced its own Mainnet called Binance Chain. Simultaneously, the company announced it would convert all BNB tokens on the Ethereum network to this new network. So how will this conversion affect those holding BNB ERC-20 coins, below will be detailed information as well as specific instructions for you to convert on time and on time. more convenient.
What is Binance Chain and why Binance Chain?
This is the new Blockchain network from the Binance cryptocurrency exchange designed according to the BEP2 standard. According to CEO of Binance – Mr. Changpeng Zhao (CZ), Binance exchange is confident to solve 3 inherent problems of Blockchain:
- Lack of participants and liquidity
- Poor user interface
Notable milestones in this token conversion
- April 18, 2019: Formation of Foundation Blocks and new Binance Coin (BNB) will be created.
- From April 18 to 23, 2019: The amount of BNB BEP2 that was created first will be 5,000,000 BNB. This amount will be transferred gradually to the address of Binance.com. At the same time, Binance will burn 5,000,000 BNB ERC-20 Tokens. To maintain a stable supply, Binance will continue to burn coins if there is a new amount of BNB BEP2 created to convert gradually.
- There are no trading pairs with BNB tokens listed prior to the first issue of the first 5,000,000 BNB BEP2 tokens.
- April 23, 2019: Binance Chain Explorer and Binance Wallet will be created for testing public. Binance.com will support network migration as soon as possible around this timeline.
Steps to change network
- On April 23, 2018, users will be supported with network change activities
- Users will receive a Binance Chain address to withdraw BNB, the order to withdraw BNB to this wallet address is considered an order to convert tokens from ERC20 to BEP2.
- If users want to keep holding BNB ERC-20 tokens for some personal reasons, withdrawal to Ethereum Wallet will have to take place before 9 a.m. (GMT + 7) on April 23, 2019. However, the retention of BNB ERC-20 tokens is temporary, as all BNB tokens will have to be converted to BEP2.
- After April 23, 2018, Binance will not support withdrawals or network changes.
Note: Timelines are subject to change. Please stay tuned to CHK to receive the latest updates.
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