The world’s largest cryptocurrency exchange by 24-hour traded volume Binance is excited to announce its release of decentralized exchange (DEX) demo version dubbed “Binance Chain”.
Yes, you have read correctly, Binance is preparing to launch its decentralized exchange that will let users operate with crypto transactions without centralized monitoring. As explained by Binance CEO Changpeng Zhao, the future of the existing and future exchange is in the hands of the crypto community.
“We will let the market decide. I expect they will co-exist for some time,” Zhao said.
Details about the actual launch of Binance Chain have not yet been disclosed. Even so, the YouTube presentation of the pre-alpha version has revealed many technical details. Binance CEO has described the mechanism of issuing coins, placing trading pairs as well as executing orders. Binance’s own crypto token BNB was not randomly introduced as an example in the presentation as it would be the inherent coin of Binance Chain.
“A first (rough, pre-alpha) demo of the Binance Decentralized Exchange (DEX), showing issuing, listing and trading of tokens,” tweeted CEO.
A first (rough, pre-alpha) demo of the Binance Decentralized Exchange (DEX), showing issuing, listing and trading of tokens. All cli based, no GUI yet. A small step for #BinanceChain, a big step for #binance. https://t.co/2aXkR0gclP
— CZ 🔶 BNB (@cz_binance) August 9, 2018
The intention to design the decentralized exchange DEX was announced in March 2018 after Binance team declared its centralized and decentralized platforms will become independent but complementary projects.
At the time of the announcement, Binance revealed that the decision to create the DEX platform was influenced by market demands. For the launch of Binance Chain, the company will integrate the public blockchain.
According to CoinMarketCap, Binance is currently the world’s largest cryptocurrency exchange, recording a $ 1,130,368,447 traded volume in the past 24 hours. Every time the company announces the listing of a new cryptocurrency, the exchange prices explode. Starting this week, the company has set some rules for listing new digital assets.