Just a quick crypto update for you today as, as a little more news has surfaced from Binance surrounding Binance Chain & Binance DEX. We have been following their announcements in this space very closely, and are looking forward to seeing their decentralized exchange's eventual release. Be sure to read our technical analysis on Binance DEX which goes into much more detail.
I am sure more announcements from Binance will follow, potentially an official partnership between Binance & Cosmos Network? For now, we have confirmation that Binance Chain is being built on Tendermint & their team has been using Cosmos SDK.
We make use of a revised edition of Tendermint consensus and leverage its p2p networking logic, and Cosmos SDK features such as its "bank" is used for basic token transactions.
So this means that Binance Chain will use a modified Tendermint PoS algorithm. This makes sense as it could potentially allow users to stake their BNB, while in practice ensure new blocks are sealed by masternodes.
Pretty exciting to see Binance making use of tech which has been by & far flying completely under the radar. Tendermint's consensus framework has been actively developed for over a year now and with Binance choosing to work with it - this can only mean good things for them.
With a foundation of clean, well-structured code from Cosmos SDK, we were able to build on a codebase that we saw as a better alternative.
As their documentation indicates they are working with forks of Tendermint & Cosmos SDK, so it looks like they must be using a custom version of Cosmos Network. Very cool!
We are planning to have a much closer look at Cosmos Network in the near future, and provide you with a detailed write-up, as this will also give us some more insights into the upcoming Binance Chain.
So for now? Just sit tight! More content on the way.