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Binance CEO offers first preview of new decentralized exchange

sneak preview concept

Binance CEO offers first preview of new decentralized exchange
Binance, one of the world’s leading cryptocurrency exchanges, has given its users a preview of its new decentralized exchange, DEX.

In March of this year, Binance announced that it would be developing Binance Chain, a new public blockchain which will “mainly focus on the transfer and trading of blockchain assets,” in addition to providing, “new possibilities for the future flow of blockchain assets.” In the near future, Binance said, “Centralized and Decentralized exchanges will co-exist” with each “complementing each other, while also having interdependence.” The advent of a decentralized exchange would mark Binance’s “transition from being a company to a community.”

Yesterday Binance CEO Changpeng Zhao gave the world its first glimpse of DEX and the Binance Chain. It was a “rough” version, he said, but a “big step for #binance.”

Unusually for software projects, this one is coming in ahead of schedule. “I thought this would happen one to two months later,” he said, but “the team delivered early.” The video demonstration shows the Binance Chain in action, albeit through the command line rather than a graphical interface, so there is no indication of what the platform might eventually look like. Nevertheless, the demo shows some basic exchange functionality such as the issuing and trading of digital assets.

Zhao described the version as “a major milestone for Binance Chain.” He noted that there was “still a ton of work to be done to turn [it] into a final product,” but promised that “the team’s working on it very aggressively.”

Decentralized exchanges are widely seen as the next stage in the development of cryptocurrency trading. Rather than have a central “honeypot” vulnerable to hackers, users may exchange assets directly with each other, and store their holdings themselves. Earlier this month Binance purchased crypto-wallet and dApp browser Trust Wallet. A statement from the exchange referred to “other future integration possibilities,” widely seen as referring to the upcoming DEX.

Image From Shutterstock

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