Cryptocurrency Firm Binance Releases Demo of its Decentralized Exchange

Cryptocurrency trading platform Binance has released a demo of its cryptocurrency decentralized exchange.

Binance Release Alpha Version of its Decentralized exchange

Recently, Binance CEO Changpeng Zhao posted a six-minute video on Twitter announcing the release of the demo mode of the company’s decentralized exchange. He was however quick to numb the high expectation from some crypto enthusiast had on the upcoming exchange saying not much should be expected for now. The CEO stated that the system does not currently have a graphic user interface.

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A tweet from the CEO mentioning the release stated that the first demo of the binance decentralized exchange was meant to show the issuing, listing, and trading of tokens on the platform. He also stated that the software has no GUI yet. He further states this is a small step for binance chain but a big one for Binance.

In the video posted on twitter, Zhao explained the three essential features of the planned cryptocurrency exchange. The features are; creation, listing, and trading of tokens. However, the CEO didn’t mention the date for launching the exchange. The crypto space still awaits when the exchange will be marketed. Also how much volume it will be able to handle.

Why a Decentralized Exchange?

Research indicates that decentralized exchanges are more secure than those that are centralized which are vulnerable to hacks and other forms of cyber attacks. Decentralized exchange is built in a way that users would retain custody of their tokens through their private keys. This prevents the storage of massive tokens on one server making it a cheap target to hackers.

Binance is expanding its operation after purchasing Trust wallet, an open source, an anonymous and decentralized wallet that supports ethereum and thousands of other ethereum based coins. Zhao stated that Binance will list Trust wallet as a default wallet on its new decentralized exchange.

Do you know Binance Takes $2.6M to List the Tokens?

What do you think about Binance decentralized cryptocurrency exchange ? Will it be more secure than the existing centralized exchanges?

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Jacob Okonya

Jacob has been engaged in blockchain technologies, Bitcoin, and fintech. He worked mostly as a blockchain market researcher, fintech journalist, and online forum moderator. Jacob is involved in creating articles and educational content for different project components, explaining how users can utilize the various resources.

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