Binance which is one of the world’s biggest cryptocurrency exchanges with respect to its trading volumes has currently released a “rough, pre-alpha” of the decentralized exchange. This is only client-based and has no working graphical user-interface.
On Thursday, August 9, the first glimpses of the company’s first decentralized cryptocurrency exchange was revealed. Binance was working on this project from the beginning of this year.
Earlier in this year, around March, the organization revealed the Binance chain which is a blockchain that is public and has the objective to facilitate customers to trade digital currency assets without the need for a centralized operator in between.
The company stated, “Binance Chain will mainly focus on the transfer and trading of blockchain assets, as well as provide new possibilities for the future flow of blockchain assets.”
On Thursday, the CEO of the company Changpeng Zhao tweeted,
“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.”
With this tweet, he attached a youtube link of the video that is the sneak preview.
In his video, he says, “Today, I have something really exciting to share with you guys. This will be the first demo for the Binance Decentralized Exchange, the Binance Chain.” He appreciates the teamwork of the developer members who worked day and night and were always ahead of time. He says, “I thought this would happen one to two months later or more but again, the team delivered early.”
The interest for decentralized cryptocurrency trades has suddenly expanded after a few centralized trades and wallet services lost a large number of dollars of the client’s fund getting hacked.
Decentralized exchanges are more secure in contrast with its centralized counterparts as they enable the clients to hold the responsibility for digital currency tokens and private keys.
Zhao said that he wants to integrate the Trust Wallet as a default wallet on these decentralized exchange and then added,
“The company has built a reputation for security and has held itself to the guiding principles that it will never access user wallets, hold private keys, and ask for personal information. The Trust Wallet brand and team will retain the autonomy and freedom to develop the core product while benefiting from the increased synergy from Binance.”
For more updates, stay tuned to CoinTopper.com