Binance has recently announced a rival “Libra” called Venus. The project’s goal is to create local, stablecoins for use in the economy. This will make digital transactions much faster and safer, according to the company.
In a blog post, the Binance team introduced the world to Venus. Venus is a rival stablecoin to Libra stablecoin from Facebook. However, unlike Libra which is tied to the dollar, Venus is localized. That means that it will be tied to the local fiat currency.
The project already has two stable coins BTCB or Binance stablecoin tied to Bitcoin value and BGBP stable coin that is tied to the British Pound.
What is the Venus Project?
Binance today announced its plans to initiate an open blockchain project, Venus, an initiative to develop localized stablecoins and digital assets pegged to fiat currencies across the globe. Binance is looking to create new alliances and partnerships with governments, corporations, technology companies, and other cryptocurrency companies and projects involved in the larger blockchain ecosystem, to empower developed and developing countries to spur new currencies.
With its existing global blockchain ecosystem, Binance has already reserved its public chain technology and cross-border payment system for secure operations of new stablecoins. Since its launch last April, Binance Chain has been running securely and robustly and has issued a range of stablecoins, including a BTC-pegged stablecoin (BTCB) and the Binance BGBP Stable Coin (BGBP) pegged to the British Pound. Binance will provide full-process technical support, compliance risk control system and multi-dimensional cooperation network to build Venus, leveraging its existing infrastructure and regulatory establishments.
Binance is looking to partner with governments and organizations all over the world to implement the Venus stablecoin for individual economies. By not keeping the stablecoin connected to one currency, the company hopes to reach a wider audience. This may be a great move as digital transactions are taking over small and medium vendors. By sticking with their own currency, the economy may not be disrupted. As a result, governments may be more receptive to the project.
Libra from Facebook has met with repeated requests to halt its services. Governments fear the use of a single currency under Facebook that may decimate local businesses. This may be the reason why Libra will never take off. Binance has recently announced a rival “Libra” called Venus. This has a greater chance of taking off as it is based in local economies.
What are Binance Chain and Binance DEX?
Binance Chain is a blockchain software system developed by Binance and its community. Binance DEX refers to the decentralized exchange features developed on top of Binance Chain. Rival ‘Libra’ called Venus is built on this chain.
What can I do with Binance Chain?
The purpose of the new blockchain and DEX is to create an alternative marketplace for issuing and exchanging digital assets in a decentralized manner.
- Send and receive BNB
- Issue new tokens to digitalize assets, and use Binance Chain as underlying exchange/transfer network for the assets
- Send, receive, burn/mint and freeze/unfreeze tokens
- Propose to create trading pairs between two different tokens
- Send orders to buy or sell assets through trading pairs created on the chain
- Watch the DEX market to confirm price and market activity of certain assets
You can also:
- Explore the transaction history and blocks on the chain, via Binance Chain Explorer, API and node RPC interfaces.
- Run a full node to listen to and broadcast live updates on transactions, blocks, and consensus activities
- Extract other data of Binance Chain via full node or APIs
- Apply to run a validator node
- Develop tools and application to help users use Binance Chain and Binance DEX
In the future you may also be able to stake your BNB to join Chain Governance, if you so wish.
Bitcoin creators’ reveal
The creator of Bitcoin has recently posted a 3 part reveal about their identity. The final part is to happen today. Stay tuned to find out!
He revealed that he is from south-east Asia. He is very interested in Chaldean Numerology. A lot of his pseudonyms have been taken from there. His grandfather was from Pakistan, which implies that he is either a Pakistani National or expat.