Binance Releases Video Demo of Intended Decentralized Crypto Exchange

Article by · December 5, 2018 ·

A new video demo of Binance’s decentralized exchange, named “Binance DEX’ was released by the exchange prior to its launch in early 2019. Binance is the world’s largest cryptocurrency exchange by adjusted trading volume.

The video which was released on Wednesday shows the trading interface of Binance DEX, together with a web crypto wallet and the explorer for Binance’s native public blockchain, Binance Chain, which according to the firm will be made available very soon on a testnet.

According to the video, a very similar interface will be added to Binance DEX existing centralized exchange, with some other features. For instance, it added a feature to create a 24-word mnemonic seed phrase for users’ private keys, a “balances tab” which will inform users about their account status and also a “user icon” in the navigation bar that will display personal wallet addresses.

The demo explains that the blockchain explorer will assist the users to search for an individual block and also look at transactions included in a specific block.

“User funds on the DEX will be secured with decentralized wallet applications like Trust Wallet, which has a server-free infrastructure that stores private keys only on the user’s device, meaning only users have access to their funds,” according to a statement made by Binance on Wednesday.

Binance DEX is designed on its own Binance Chain, which was initially launched in March 2018 and is targeted at providing “low latency, high throughput trading, as well as decentralized custody of funds.”

Using the DEX, Binance’s own BNB tokens and other coins could be easily sent and received by traders through trading pairs, Binance stated, further mentioning that as BNB is presently an ERC-20 token, upon its mainnet launch it will be migrated immediately to Binance Chain.

Binance DEX released its first video demo in August. The video pointed out via a command line interface the concepts of issuing, listing and trading crypto assets.

Similarly, a Singapore-based cryptocurrency exchange, Huobi in June declared an intention to begin a standalone decentralized exchange, providing support for developer assistance in establishing an open-sourced blockchain policy.

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