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Binance: The Galileo Update with a Hard Fork, Three top growth markets, Elrond — the sixth Launchpad project and More token migrations

Biweekly update 19th June — 3d Jul

During the last two weeks Binance illustrated high social activity in the media landscape. To start with, the Binance Chain testnet is expected to have a scheduled hard fork upgrade. BNB holders will not need to take any action in connection with the hard fork unless they receive relevant instructions from exchanges or wallets whose clients they are. Secondly, Binance discovered that Vietnam, Russia, and Turkey were three of its top five growth markets. Binance wants to become closer with the community, and it is looking to do this on the ground-level at meetups around the world. Last but not least Binance Launchpad announced its next project: Elrond, a sharding-based public blockchain network and it’s the sixth project that will receive support from Binance in the field of raising capital. Finally, Binance Chain accepted more token migrations this past week. TomoChain, DREP Foundation, VANTA Network, LOKI Project, Ultrain Community, THORChain, and qiibee announced their support for Binance Chain. More to follow!

Development Ecosystem

Github metrics
Developer activity (from Coinlib.io)

This new feature, launched as part of the massive website redesign, allows Binance customers to use a more secure method of verification for your actions on your Binance account.

On the 26th of June a planned hard fork took place in the Binance Chain test network at block 24 020 000 in order to activate the Galileo update. The update in the main network will be launched in a few weeks.

The company notes that BNB holders will not need to take any action in connection with the hard fork unless they receive relevant instructions from exchanges or wallets whose clients they are.

The new version provides the possibility of delisting trading pairs from the Binance DEX exchange based on the proposal of validators and subsequent voting if it is recognized that any of them has low trading volumes over a long period of time.

Projects will be given the opportunity to block part of their own tokens for a certain period. For example, this may be provided by their roadmap. In addition, the mechanism can be used to provide any assets with individual tokens.

The client will receive the function of signing all types of transactions without an active network connection. Subsequently, such transactions can be transferred to the network using another device.

There will also be a number of changes and improvements affecting the network synchronization mechanism, the bid matching engine, and the consensus algorithm.

Social encounters

In an exclusive interview at the recent CryptoCompare conference in London, Binance’s chief growth officer Ted Lin revealed to Coin Rivet the exchange’s top growth markets and future plans to increase user engagement.

Growth in Vietnam, Russia, and Turkey

According to Ted Binance has “definitely crossed the 10 million user mark”. Binance was surprised to discover that Vietnam, Russia, and Turkey were “three of our top five” growth markets. He told us that Binance wants to “become closer with the community”, and it is looking to do this on the ground-level at meetups around the world.

Growing user engagement

Ted said that features like adding margin trading “is one of those products that may not definitively expand the user base in terms of the number of unique users”, but instead “helps grow user engagement”.

Other initiatives like the IEO platform Binance Launchpad are also helping to keep users on the platform. Lim added that the company isn’t letting its IEO vetting process slide, but in fact, it’s “becoming even more rigorous”.

On the exchange’s current priorities, he said that the team was currently focused on the Binance DEX, claiming that it is currently the “DEX with the most volume in the world”.

Binance is soon to launch futures trading.

During the presentation at the Asia Blockchain Summit in Taipei on Tuesday, Changpeng “CZ” Zhao, founder and CEO of the exchange, showcased a futures trading interface on Binance with features including longs and shorts on crypto assets.

“Binance will be launching a futures platform very soon. I don’t have the exact date yet. The simulation test version will be live in a few weeks,” he said. Referring to the screenshot of the interface showed on the stage, Zhao added:

He indicated in his presentation slide that the leverage could be up to 20 times and will be offered for trading on bitcoin initially. While a firm releasing date of the feature is not yet set, a Binance spokesperson told CoinDesk it plans to launch the test in about two weeks from now.

The futures trading feature comes after the firm rolled out margin trading on the platform last month.

“Margin trading will roll out to all users first (around July 11 or so), then futures testnet will come about a week after that,” the spokesperson added.

1. We like how Binance Chain works

2. We like Binance DEX’s chances

3. We want Binance Chain to support our tokenized privacy-preserving ecosystem

4. We see Binance Chain as a great blockchain for decentralized finance

5. We want Binance Chain to power our payment system for our upcoming streaming apps

6. We want to be the first crypto staking platform on Binance Chain

7. We like the support given to us by the entire Binance ecosystem

8. We want to be fully interoperable with the Binance ecosystem while maintaining our mainnet

Several Binance employees haven chosen to take their salary and other bonuses in BNB over fiat. But instead of regularly taking out cash, many are holding off, under the belief that the coin’s stellar growth will continue long into the future. In fact, this stockpiling of BNB has grown to a staggering amount.

Changpeng Zhao tweeted that the grand total being held by Binance employees is 32 million BNB ($1.2 billion). Employees are able to spend them as they like but haven’t and instead, are in favor of HODLing for the long term. Zhao stressed that all the coins are unlocked, meaning the employees can take them any time they wish, but are choosing to keep them safe in the Binance cold storage.

The disclosures were revealed when the exchange split up its cold storage of BNB into four wallets. CZ announced the movements ahead of time to stop speculation about what the coins were being moved for.

But are the employees making a wise decision?

Well, according to Messari, the yearly return on investment (ROI) for Binance Coin (BNB) over the last 12 months was 154 percent. In the last six months however, the ROI has ballooned to 560 percent. Part of the reason it has been trending upwards in recent months–and wasn’t affected by the bitcoin bear market of 2018–was down to Binance’s strategy of frequently ‘burning’ BNB to constrict supply.

  1. ELROND (ERD). Elrond is a high-throughput public blockchain aimed at providing security, efficiency, scalability, and interoperability via Adaptive State Sharding and a Secure Proof of Stake consensus mechanism.
  2. ALGORAND (ALGO). Algorand is a permissionless, pure proof of stake blockchain that ensures full participation, protection and speed within a truly decentralized network.
  3. Institutional Market Insights — Q2 2019. Binance Research analyses the results and insights provided in the first ever survey completed exclusively by the largest VIP and institutional clients within the Binance ecosystem.

See also:

Binance CFO Wei Zhou walks you through the latest report by Binance Research on Facebook’s long-anticipated cryptocurrency Libra. Topics include: what’s Libra, the technology behind it, its future impacts, and regulatory challenges.

Leslie from Binance OTC Trading desk summarizes the results of the latest institutional and VIP client survey done by the Binance Research team.

Travelbybit Founder/CEO Caleb Yeoh joins Wei to talk about: the origin story for TBB; travel and tourism as a huge use case for crypto; Australia leading the world in crypto regulation and innovation; and how Binance is helping TBB to become the blockchain ecosystem’s Expedia.

Blockchain Charity Foundation (Binance BCF)

Binance BCF delivered solar panels and school materials to 15 schools in Uganda, funded via the first annual Binance Charity Poker Cup.

Launchpad

Binance announced its next project: Elrond, a sharding-based public blockchain network. Elrond has recently raised investments from Binance Labs, Electric Capital, NGC, Maven11 and Authorito Capital among others.

Sharding is a well-known concept for horizontal partitioning of databases, and several firms, including Elrond, are pushing the boundaries of applying sharding to public blockchains as a means to increase their throughput capacity. Elrond has developed a bleeding-edge form of state sharding, known as “Adaptive State Sharding,” which enables the network to rival centralized cloud networks without sacrificing the security and decentralization advantages of blockchains.

Binance Labs contributed to a $1.9 million private round alongside many other investors.

Elrond will be the sixth project that will receive support from Binance in the field of raising capital, as well as benefit from Binance insights and experience.

Learn more about Elrond in Binance Research’s in-depth report here: https://info.binance.com/en/research/ERD-2019-06-20-d893c3.html.

To learn more about Binance Launchpad and pre-registration information for Elrond, visit: https://launchpad.binance.com/

Elrond also made part of their technology open source, in an effort to start onboarding developers from around the world.

Stay tuned for the latest updates via Elrond’s official Telegram: https://t.me/ElrondNetwork and Twitter: https://twitter.com/ElrondNetwork

Finance

Token holders and the number of transactions (information from explorer.binance.org)

Activity Period: From the 20th of each month at 0:00 AM (UTC) to the 20th of the next month at 0:00 AM (UTC) (one full month).

Results: The results will be announced at the end of each activity period, between the 20th and 25th of each month.

Binance Coin, the native token of the Binance ecosystem, just surpassed 100 use cases this month — 120, to be exact. This translates to a 45% growth in use cases in just a month, up from 83 in May, as well as a 118% growth during the second quarter of this year, up from 55 in March.

Past events:

Binance Exchange

Listing Updates

Roadmap

No updates

Partnerships and team members

The aXpire project is integrating with Binance Chain, a blockchain software system developed by Binance and the community. The integration consists of moving a portion of the AXPR token’s total supply over to Binance Chain and into a BEP2 token format, which will be tradeable on the Binance DEX after the community approves of the listing. This is an exciting step that allows us to take part in the non-custodial future of trading, supported by an organization with a clear plan for themselves, their community, and their exchange’s positioning in the ever-growing crypto space.

Starting from the 1st of July 2019, you will be able to convert your ERC20 AXPR into BEP2 AXPR via the bridge, and trading will become active on the DEX with an AXPR-BNB pairing.

qiibee will migrate initially 10 percent of the qiibee Tokens (QBX) to the Binance Chain, and submit a listing proposal to the Binance community. Upon the node validator approval, QBX will be tradable on Binance DEX, a decentralized exchange developed on top of Binance Chain. The total token circulating supply of 1.38 billion QBX will remain the same as before, ensuring continuity and transparency in regards to our market-driven token economics and market cap.

The integration with the Binance Chain will allow qiibee users to exchange their existing Ethereum-based QBX to the newly issued binance-based QBX and thereby enable them to transact on the Binance Chain. qiibee users can therefore get into the new Binance Chain ecosystem without any overhead. This makes the migration easy, so contributors and token holders do not have to worry about complex technical workflows. Exact technical implementations will follow in the future.

About qiibee:

qiibee is the new standard for loyalty on the blockchain. Through qiibee’s plug and play solution, companies can tokenize their loyalty points in just a few hours and store the reward and redemption transactions on the blockchain. qiibee’s infrastructure enables brands to run and operate their loyalty programs on the blockchain maintaining full control without the need for cost-intensive integration.

VANTA Network will jion the Binance ecosystem and will issue its VANTA Token on Binance Chain. VANTA will also submit a listing proposal to be traded on Binance DEX, the decentralized exchange feature developed on top of the Binance Chain blockchain.

A portion of the ERC-20 based VANTA Tokens has been swapped and insured as a form of BEP2. Binance Chain-based VANTA Tokens can be stored in BEP2 supporting wallets including Ledger Nano S, providing a truly decentralized, near-instant, and secure asset for a greater number of users and adoption.

DeepCloud AI announced its integration with Binance Chain, a blockchain software system developed by Binance and the community. With the migration to Binance Chain, DeepCloud AI will be converting its ERC-20 DEEP token standard to the BEP-2 standard and submitting a listing proposal on Binance DEX, the decentralized exchange feature developed on top of the Binance Chain blockchain. What attracted DeepCloud AI to issue and apply to launch its DEEP token on Binance DEX is the DEX’s low-latency and high throughput, and more trustless user interface for future holders of the DEEP token.

ETERBASE is officially announcing plans to issue a BEP-2 XBASE token on Binance Chain and submit a proposal to list Eterbase Coin (XBASE) as a BEP-2 token on Binance DEX (Decentralized Exchange) within the next few days.

The decision to do a partial migration from Ethereum ERC223 is to give more people access to and benefits of Eterbase Coin (XBASE) via the Binance Chain ecosystem.

With the creation of XBASE BEP-2 token, XBASE will be tradable on both Binance Chain and Ethereum Network with withdrawals and deposits enabled for both BEP-2 and ERC223 versions of XBASE token.

Additionally, ETERBASE EXCHANGE will integrate Binance Chain BEP-2 tokens that will enable us to pair BEP-2 tokens with real European FIAT pairs EUR, CZK, PLN and other currencies, hence providing a new dimension of liquidity and interoperability between traditional finance and digital assets.

Rumours

No updates

Social media metrics:

Social media activity
Social media dynamics
Social media dynamics

The charts above illustrate widespread increase in the number of indicators: Telegram, Twitter, Instagram followers and Reddit subscribers. In general, Binance experiences the gradual increase in the level of social activity.

  • Twitter (Binance) — official announcement channel.
  • Instagram — official channel which covers Binance team achievements, charitable work and etc. (300–800 likes per publication).
  • Reddit — news about projects and blockchain, links to interviews, podcasts, upcoming events.
  • Telegram — official announcements channel (20k — 40k views per publication)

The graph above shows the dynamics of changes in the number of Binance Facebook likes, Reddit subscribers and Twitter followers. The information is taken from Coingecko.com.

This is not financial advice.

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