Binance Launches Development Platform, Funds 40+ New Projects

Following the launch of the Venus initiative earlier this month, Binance has another new project: on August 29, the Malta-based cryptocurrency exchange announced the launch of Binance X, a new platform for developers that was created as part of an effort to boost mass adoption of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.

According to the blog post announcing the new platform, the widespread use of Binance’ APIs, Binance’ TrustWallet, the Binance Chain, and the Binance Charity Foundation means that the exchange has “become a platform that third-party developers can build and leverage for their own products and services.”

We officially launched today! ? We love engaging with developers and look forward to all the innovations that we will see from you guys. Say hi to the Binance X team @sunflora @gareth_lai @onggunhao @hiteck ? https://t.co/Tdqwxxbzq

— Binance X (@BinanceX) August 29, 2019

“As a platform that is rapidly evolving, there is a need to provide a cohesive way to engage and support developers in our ecosystem,” the post continued. “Thus, Binance X is conceived. (sic)”

Binance has created a list of specific projects that it would like to see arise from the BinanceX platform. According to the announcement, the exchange has “on-boarded about 40+ projects across various ecosystems” already this year as part of the BinanceX Fellowship Program, which was "was designed to support talented developers in creating free and open-source software that would enable new innovations and businesses in the crypto economy."

.@BinanceX is coming soon. Meet the team at #ETHBerlin. #BUIDL pic.twitter.com/0bPYjDhk9s

— Binance (@binance) August 23, 2019

Developers can use the new platform to learn more about Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology as well as to collaborate with the cryptocurrency ecosystem. Teck Chia, head of Binance X, told The Block that “the long-term goal of Binance X is to foster a thriving developer ecosystem that innovates on products and services that would advance the crypto ecosystem and contribute to crypto adoption.”

Binance charges ahead

According to Chia, BinanceX comes at a particularly important time in the exchange's life cycle due to the fact that an increasing number of third-party developers are continuing to build products and services that interact with some aspect of the exchange’s ecosystem. If Binance successfully proceeds with the launch of Venus, its global cryptocurrency initiative, that number is likely to increase even further.

In a recent interview with Bloomberg, Binance co-founder He Yi explained that the exchange has learned from watching the difficulties that Facebook has been having with the launch of the Libra project. When Binance proceeds with its global cryptocurrency project, He Yi said that “if we want to launch Venus in a country, we’ll make sure it complies with the regulations."