The CEO of cryptocurrency trading platform Binance Changpeng Zhao announced a demo of the platform’s decentralized exchange in a tweet today, Aug. 9.
In a six-minute video attached to the tweet, Zhao presented
a “casual, early, pre-offer” demo of the decentralized exchange. The
CEO said not “to expect too much” for now, adding that it currently does
not have a graphical user interface:
Zhao showed three essential features of the planned exchange, those being the creation, listing, and trading of tokens. As Zhao did not disclose the launch date, it remains to be seen when the exchange will be marketed and what volumes it will be able to handle.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
Decentralized
exchanges are lauded as more secure than their centralized
counterparts, which are more vulnerable to hacks. Decentralized
platforms are set up in a manner which allows users to retain ownership
of their coins using private keys. This solution reportedly prevents
cryptocurrencies from being accumulated in one centralized “honeypot,”
or point of attack.
Earlier this month, Binance bought Trust Wallet, an open source, anonymous, and decentralized wallet that supports Ethereum
and over 20,000 different Ethereum-based tokens. Zhao then said that
Binance plans to list Trust Wallet as a default wallet on its
decentralized exchange.
Binance, which moved its operations to Malta this spring, is the number one crypto exchange by trade volume, according to Coinmarketcap. In July, the exchange supported plans
to create a blockchain-based bank with tokenized ownership. The future
“Founders Bank” will reportedly be owned by digital token investors and
be based in Malta, known for its robust and transparent crypto
regulatory climate.
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