Binance DEX Decentralized Exchange
image_pdfimage_print

Changpeng Zhao, CEO of Binance cryptocurrency exchange, has confirmed that the testnet of their decentralized exchange will be launched on February 20, 2019.

What did Zhao say about Binance DEX Decentralized Exchange?

Binance CEO made the announcement on Twitter saying:

“Finally got a date. Targeting to release Binance Chain testnet (@binance_dex) for public testing on Feb 20th. This is a testnet, your feedback would be most valuable.”

The test network of Binance DEX will be subjected to public testing from the testnet launch date.

The idea of Binance decentralized exchange surfaced in 2018. This decentralized exchange will reportedly remove the issues (related to security and liability) usually faced at centralized exchanges.

Can Binance DEX Replace the Current Binance Cryptocurrency Exchange?

Zhao first announced that the Binance DEX can either operate in a parallel manner with the existing Binance exchange or replace existing centralized Binance exchange completely. The final decision on the matter will be taken on the basis of customer feedback.

Binance DEX Decentralized Exchange

What are the Other Facilities of Binance Decentralized Exchange?

  • While explaining the true decentralized nature of Binance DEX, he had earlier said that the customers will have full control on their private keys. This will help in creation of a secure and transparent system. He had explained by saying “So most transactions are transparent. There’s no hidden transactions or private transactions.”
  • CEO of Binance, Changpeng Zhao said that the Binance decentralized exchange will come with hardware wallet facility. He tweeted:

“Binance DEX will support hardware wallets from day one of launch. So that you can be sure you private keys never leave your device.”

Conclusion

During an ask-me-anything session on Twitter, Binance CEO had said last week that a few selected partners were given access to the Binance DEX platform. The selected few blockchain developers and wallet developers to whom the access was given is aimed to ensure better integration of 3rd party services.

CEO of Binance wants to eliminate “spam or scam projects” and that’s why the new platform will come with US$100,000 listing fee.

Photo Credit: https://pixabay.com/