binance decentralized exchange
image_pdfimage_print

The largest cryptocurrency exchange of the world in terms of adjusted trading volume, Binance, has released its new video demonstrating its upcoming decentralized exchange. The new decentralized cryptocurrency exchange called Binance DEX will be launched in early 2019.

The new demonstration video was released on Wednesday. It demonstrates the Binance DEX’s trading interface, web crypto wallet, and Binance Chain (native public blockchain of Binance). Reports say Binance Chain is all set to be made available on a testnet soon.

What does the New Video Demonstrate about Binance DEX?

The new video shows that the Binance DEX decentralized crypto exchange will have a strikingly similar interface to the existing centralized Binance exchange. However, DEX will come with some additional features.

binance decentralized exchange

Some of the important new features that will be there in the new decentralized exchange are:

  • An option for generating a 24-word mnemonic seed phrase, meant for the private keys of users.
  • A new balance tab will also be present. It will inform users about their account status.
  • Another new feature that will be available on the interface is the user icon. It’ll be available on the navigation bar. This “user icon” will show individual wallet addresses.

For helping users to search for an individual block, the new blockchain explorer has been included. With this feature, the users can also view the transactions that are included in a specific block.

In a statement published on Wednesday, Binance said:

“User funds on the DEX will be secured with decentralized wallet applications like Trust Wallet, which has a server-free infrastructure that stores private keys only on the user’s device, meaning only users have access to their funds.”

How will Binance DEX Help Traders?

Binance DEX decentralized exchange will help traders to send and receive BNB tokens of Binance and other cryptocurrencies via trading pairs. Binance also said that after the launch of mainnet, BNB (which is currently an ERC-20 token) will be migrated to Binance Chain.

 

Photo Credit: pixabay.com