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FixedFloat | Exchange Binance Coin to Cardano

EXCHANGE BINANCE COIN TO CARDANO

What do you need to know?

  • ­The average time to exchange BNB for ADA is from 1 to 2 minutes
  • ­You need 1 confirmation of the BNB blockchain for the exchange
  • ­No need to enter Memo when sending BNB

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Binance Coin (BNB) — Binance Exchange Token

The BNB Coin cryptocurrency was released through an ICO that took place in July 2017. As a result, they raised $15 million. Binance Coin was created as an ERC20 token and originally worked on the Ethereum blockchain. But in 2019, the coin “moved” to its own blockchain. The ERC-20 standard is still adopted by the Binance exchange.

What is a Memo and do I need to specify it?

There is an additional Memo field when submitting Binance Coin. Memo is the ID of the payment. It is unique, and with its help the service identifies the sender and recipient.

In our exchanger, when sending BNB you do not need to specify Memo.

Binance Coin Blockchain Speed

An exchange requires 1 confirmation. This operation takes place in a few seconds.

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A brief history of Cardano

At the end of 2014, former Ethereum developer Charles Hoskins put together a team to create a Cardano platform that, in his opinion, had to meet all his requirements. With the help of the platform, Charles Hoskins wanted to introduce cryptocurrency into the real economy, make microtransactions convenient and create convenient conditions for launching reliable and secure decentralized applications.

Cardano address formats

There are 2 types of Cardano addresses:

  1. Byron is the first version of an address that starts with “A” or “D”.
    Example: Ae2tdPwUPEZGJXifUWS7Dps4DU836BUKxQi11RdREsc6AkW4PZYUrVANfiJ
    Example:

    DdzFFzCqrhsejNpK4W1ez1p8vYsn24oMqHTQpFdn6VUEf4WD9MQEmsbvUioCt18ei17eAWAphZGMHJRZVLLR2qKQCBckvvTyyKWLQ3sS
  2. Shelley is a new type of address based on the bech32 format. The address starts with “addr1”. A feature of these addresses is their compactness. If earlier all information was stored in the blockchain, now only the most necessary remains there. Also, the new address model allows for up to 123 address versions.
    Example:

    addr1qyqlrkfrauruw27d6r9hrvu0m4lr93x4svrazsjex78yffynycyk0wy2fn6tjxexpdg9yceput30p4t5cr2kcfwv2dzs99w7ye

Speed in the Cardano blockchain

The exchange requires 15 confirmations. Blocks in the ADA blockchain appear approximately every 20 seconds. The average time for confirmation of an exchange is 5 minutes.