Binance unveils Demo of its New Decentralized Exchange
Binance CEO, Changpeng Zhao posted a video on its Twitter handle, describing the latest improvements being made towards launching Binance Decentralized Exchange or DEX. CZ seemed quite cautious in expressing that this was a “casual, pre-alpha demo” and one should not expect too much at the early stage of DEX.
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 (not giving crypto away) (@cz_binance) August 9, 2018
Additionally, CZ was happy to announce that the project is ahead of its schedule. He didn’t reveal the launch date of the project. However, we can expect the raw demonstration of the project in the near future.
What are the essential features of Binance DEX?
A Decentralized exchange enables users to trade digital assets without a trusted, central intermediary. Decentralized exchanges are also considered as more secure than centralized ones, which are highly vulnerable to hacks.
Also, many users believe that these products symbolize evolution towards a fully decentralized crypto economy. The decentralized exchange aims to resolve the innate irony of being forced to take help of centralized platforms such as Binance, Coinbase, or Bitrex to trade between cryptocurrencies which are formed to take benefit of robust securities of decentralized systems.
The Binance DEX is established on the company’s own blockchain, known as Binance chain. With the help of this chain, users will be soon able to create, list and trade all the digital tokens amongst themselves. The user will be able to follow the process without any need of a middleman.
After giving the quick introduction, CZ asked his team to give a demo of the early version of decentralized exchange. They mentioned some of the important functions of the product. These functions include creation, listing, and trading of tokens. At the present stage of project development, there is only one way to interact with the exchange, which is through a command-line interface. Obviously, GUI will be released in the near future.
How much work is done on the project?
CZ expressed that there is a lot of work still remaining on the project. But, current progress is a major milestone for Binance chain. Also, the team is putting in great efforts to build the new decentralized exchange.
Initially, they had launched the ICO and then it’s Exchange. Currently, Binance is the biggest crypto exchange by value in less than 1 year. Within 1 year, the firm reallocated its offices to Malta and released a new fee system to provide an advantage to high-value users.