Binance issued a new token- ONT-33D- on its blockchain called Binance Chain. The new coin is pegged 1:1 to the cryptocurrency Ontology (ONT) and will be available for trading at Binance DEX, the decentralized exchange.
BEP2 Coin
The newly issued coin is a BEP2 token that came into existence on Binance Chain, the underlying blockchain technology of the exchange. It is backed by Ontology (ONT) coin by 1:1. According to the plan, 1.5 million BEP2 coins will be issued by the Binance, and the new tokens will be given out after checking the users’ responses.
The price value of ONT-33D is the same as the price for ONT asset, but the underlying blockchain technology is different for both. The ONT is built on the Ontology’s main blockchain, while ONT-33D is built on the Binance’s original blockchain. The ONT users will now have access to Binance decentralized exchange and will have 100% control over their assets.
Ontology to Launch Node Staking Feature
Using the same technology, Binance also created a BEP2 token called BTCB that was pegged to the leading digital asset Bitcoin (BTC). Ontology will develop a staking feature that will integrate with the Binance DEX.
“Ontology will add a node staking feature soon, expecting to integrate it with the Binance DEX and enabling ONT holders to have full control over their assets while participating in ecosystem governance.”
The Binance Chain Development Community (BCDC) decides to launch a new blockchain for smart contracts. This is because the original blockchain will be slowed down after introducing the much-demanded smart contracts facility. The new blockchain will open unlimited opportunities for developers’ community, including the functionality of smart contracts.
The white paper is also published by the exchange which reads,” users expect to use two parallel chains in the same way as they use one single chain. It requires more aggregated transaction types to be added onto the cross-chain communication to enable this, which will add great complexity, tight coupling, and maintenance burden.”