On 9th August 2018, Changpeng Zhao, CEO at Binance showed demo of a new decentralized cryptocurrency exchange on Twitter. The new exchange is called as DEX and will run on Binance chain, a public blockchain by Binance exchange.
The tweet includes a 6-minute video where Mr. Zhao demonstrates the decentralized exchange. He also asks users to not expect much for today as DEX doesn’t even have a graphical user-interface. In the video, he demonstrates 3 actions, “Issuing or creating of a token”, “Listing of a token”, and “Trading of the token against another token” on the Decentralized exchange.
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 Binance (@cz_binance) August 9, 2018
Although, some of the basic features were revealed, Mr. Zhao didn’t disclose the launch date of the exchange. Earlier this year, Binance also introduced a competition called Binance Dexathon where it welcomed developers to build a Decentralized Exchange for cryptocurrencies. It also mentioned clearly in the announcement that it’ll merge the best implementations and make the exchange live on Binance Chain.
A good thing about the decentralized exchange is they can’t be attacked easily. Even if it is attacked, alteration of the records isn’t possible without permissions from users on the network. So, if an exchange like this comes out in future, one won’t be prone to attacks.
Before this month, Binance purchased Trust Wallet, an open source, anonymous, and decentralized pocket that supports Ethereum and more than 20,000 distinct Ethereum-based tokens. Zhao afterward said that Binance intends to record Trust Wallet as a default option pocket on its own decentralized market.
Binance, also transferred its own operations to Malta this spring, is ranked first based on the trade volume, based on Coinmarketcap. In July, the trade supported strategies to make a blockchain-based lender with tokenized possession. The near future”Founders Bank” will allegedly be possessed by electronic token investors and also be established in Malta, famous for its strong and transparent crypto regulatory climate.
