Today, Binance CEO Changpeng Zhao has announced the date when trials of the company's blockchain Binance Chain start.
"Finally got a date. Targeting to release Binance Chain testnet for public testing on Feb 20th. This is a testnet, your feedback would be most valuable," he wrote on Twitter.
Binance Chain is based on the Tendermint protocol provided by the Cosmos Network. The company decided to use this protocol as its architecture was determined as the best choice for the purposes of the new platform. As it was reported, Binance DEX blockchain will run on the Delegated Proof of Stake (DPoS) and the Byzantine Fault Tolerant (BFT) consensus.
Binance Chain is a fork of Tendermint in which a lot of things, including smart contracts, were eliminated. This was done in order to boost the performance, which is more crucial for exchanges.
In a recent live stream, Zhao said that initially there will be 11 nodes in Binance Chain, chosen among close Binance partners. In the future, developers are going to maintain a small number of nodes in the network, comparable to that in EOS.
At the initial phase, the blockchain's bandwidth is expected at 2,000 transactions per second with further horizontally scaling. The development team was guided by the current Binance's handling capacity while determining the size of the required bandwidth.
Binance Chain is intended to issue digital assets and form the foundation for the new decentralized Binance DEX exchange.