Red Pulse, a market intelligence platform focused on delivering information about China’s business environment, has announced an integration with Binance’s new blockchain, Binance Chain. Under the terms of the agreement, the Red Pulse Phoenix (PHX) NEP-5 token on the NEO blockchain will coexist with a native Red Pulse Phoenix (PHB) token on Binance Chain. Total circulating supply will remain unchanged, as live tokens on one blockchain will have a frozen counterpart on the other blockchain. The Red Pulse website will provide 1:1 conversion back and forth.
Binance CEO Chengpeng Zhao held a February 2019 AMA session to explain the utility and functionality of the upcoming Binance decentralized exchange, and give details about the BNB token’s migration from a token on Ethereum to its native Binance Chain.
According to Zhao, the utility of “Binance Coin on Binance Chain is the same as the Ethereum coin on the Ethereum network. You will have to use it to pay for network transactions, as gas.” He later added that Binance Chain is a blockchain with “no smart contract. We just have an interface for you to issue tokens, and then you can trade it. Binance chain is a very simple chain in terms of application…it is our opinion that the [performance] is more important than the features.”
All NEP-5 PHX tokens held on the binance.com platform will automatically be migrated to “PHB” tokens, native to Binance Chain. The Binance exchange will support deposits of PHX and PHB, and withdrawals in PHB.
For its part, Red Pulse has announced that “the existing NEP-5 PHX token will continue to be natively supported by the Redpulse.com platform.” Red Pulse will offer 1:1 conversion services back and forth between PHX and PHB on its website, redpulse.com. Withdrawals on the Red Pulse website will be available in both tokens. Currently, Red Pulse’s Phoenix token has a “smart contract-based infrastructure” that exists only on the NEO blockchain due to the aforementioned lack of smart contracts on Binance Chain. However, Red Pulse plans to build out an identical infrastructure on the Binance chain as it “continues to mature.”
Python Software Development Kits
In its announcement, Red Pulse CEO Jonathan Ha noted that his team members “continue to spearhead the development of an open source Python SDK for the NEO blockchain infrastructure” and they plan to develop a Python SDK for the new Binance Chain as well.
Red Pulse’s full announcement of its Binance Chain integration can be viewed at the following link: