One of the largest crypto currency exchanges in the world, Binance, has been working for a long time on the development of a decentralized exchange. The Binance Coin will play a central role on this platform.
The second demo series for the launch of the decentralized exchange shows that the crypto trading platform will be released in the first quarter of 2019. The new video shows the fully functional trading interface, the account opening process and the Binance Chain, the company’s proprietary blockchain.
As the video shows, the DEX interface looks very similar to the current interface. However, it does contain some new features. These include linking external addresses to the dashboard, creating a secret question for the private keys and of course the known account balance.
In the Blockchain viewer, remote exchange users can search for blocks and separate transactions in a specific block. Changpeng Zhao, CEO and Founder of the Exchange, further describes that the time it takes to create a block does not take longer than one second. Transactions are confirmed immediately because only a single confirmation is required.
In addition, users’ balances are protected by distributed applications with a server-independent infrastructure. In simple terms, this means that users retain control of their cryptocurrencies because the private keys are stored on their own devices. This solution will make the exchange safe from hacker attacks. Too often it has happened in the past that exchanges have lost millions of dollars.
“Binance DEX is a decentralized exchange organized on the Binance Chain, an upcoming blockchain in which BNB will be the native digital currency. Created as a community initiative, the DEX with the support of Binance developers and technology will be released in early 2019.”
Currently, the Binance Coin is based on the ERC-20 token standard. After the successful launch of the Mainnet, it will migrate to the Mainnet.