Binance Set to Release Its Decentralized Exchange for Public Testing Next Week


Binance Set to Release Its Decentralized Exchange for Public Testing Next Week

CEO of Binance has announced the date when their new decentralized platform called Binance DEX will be launched for public testing.

Binance Set to Release Its Decentralized Exchange for Public Testing Next Week

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Source: CoinSpeaker

Binance DEX “Binance Chain” is Ready for Public Testing on February 20 :CZ

Binance’s decentralized exchange Binance DEX is targeted to release for public testing on February 20. 
Binance DEX Coming on February 20
The decentralized exchange of Binance, Binance Chain is all set to make it to the testnet in the coming week. Binance CEO, Changpeng Zhao took to Twitter, to share it with the crypto community that the target is set for February 20th for public testing.

Recently, in the “ask me anything” session, Zhao revealed new details about the decentralized exchange that is currently under development by the largest cryptocurrency exchange, Binance. Initially, the number of network consensus validators on the Binance Chain will be small, starting with 11 validator nodes. Once the exchange goes live, they will be looking for “guys who can run very fast validators.”
“So, in the Binance Chain, there’s no smart contract. We just have an interface for you to issue tokens, and then you can trade it. Binance Chain is a very simple chain in terms of application, but it can handle very large loads. It is our opinion that the load is more important than the features.”
Binance Chain to Charge $100,000 to List Coins
In the beginning, Binance will have a lot of influence over the network as shared by Zhao meaning compared to other networks, it would be more centralized. This is in line with his “there is no absolute decentralization” remarks last year as “decentralization is not safer by default,” he had said.
At that time, Zhao had said, “Centralized and Decentralized exchanges will co-exist in the near future, complementing each other, while also having interdependence. We stand here today because we believe that Blockchain technology will change the world.”
During the AMA, it has also been revealed that Binance Chain will be charging close to $100,000 for listing new coins. This is a deliberate move on Binance part as Zhao has explained, the higher fee is to “reduce the number of spam or scam projects.” Though the fee estimate is $100k, it will be adjustable over time.
The post Binance DEX “Binance Chain” is Ready for Public Testing on February 20 :CZ appeared first on Coingape.
Source: CoinGape

Binance Posts Video Demo of Its Decentralized Exchange Featuring Binance Chain

Binance, the biggest crypto exchange by volume, yesterday released a new video demonstration of its decentralized exchange ahead of its launch in Q1 2019.
The broadcast exhibited the trading interface of Binance DEX – as the platform is called – along with its web crypto wallet feature and Binance Chain, Binance’s native public blockchain explorer which, according to the company, will be available on a testnet soon.
Source: Binance YouTube
The video tour revealed that Binance DEX would resemble the original web trading platform, especially when it comes to interface. However, there were some notable differences such as a feature that would allow users to generate a 24-word mnemonic seed phrase for private keys. Binance DEX also possesses a “balance tab,” a feature that would enable users to access the status of their accounts, and a “user icon” that would show individual wallet addresses.
With Binance Chain, individuals will be able to extract information related to blocks, transactions, wallet addresses, and order IDs, the demonstration explained.
Source: Binance YouTube
Binance Chain will empower the record keeping infrastructure of the DEX. According to the statement made during its introduction in March, the public chain also expects to offer “low latency, high throughput trading, as well as decentralized custody of funds” to mitigate single points of failures.
The block explorer would also list a feature that would list details about all the coins listed on the Binance DEX.
Binance also cleared that their DEX would not hold users’ private keys, which means they will not be able to move users’ funds as centralized exchanges do. Instead, their platform will integrate decentralized wallet applications like Trust Wallet, known for their server-free infrastructure. They would enable users to keep their wallets’ private keys in their devices than with a third-party. It means that only private key holders would have access to the funds.
Related Reading: Zhao: Binance Chain to Be Ready in “Months,” Enabling Projects to Issue Tokens
Price Surges After Announcement
The video demo release met with a positive response from the Binance trading community.
The BNB price against the U.S. Dollar jumped as much as 6.2% since it opened the day at $5.99. On a 24-hour period, according to CoinMarketCap, BNB established circa 15% gains while the rest of the top crypto assets remained red.
Nevertheless, as evident with the way the crypto market behaves, BNB is likely to correct lower in the near term, having been outreached its upside targets. The coin’s long-term aspects are fundamentally bullish, especially because Binance Chain would function no less than Ethereum. The chain would allow new blockchain projects to digitize and launch their assets – all backed by the BNB token.
BNB will migrate from ERC20 standard to its Binance Chain upon the mainnet launch.
The BNB/USD pair is trading at $6.34 at the time of this writing.
Featured image from Shutterstock.
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Source: New