Binance reveals early stages of upcoming decentralized exchange

Binance, the highly influential Japanese cryptocurrency exchange, unveiled the platform's first look at its upcoming decentralized exchange (DEX) on Thursday.

Binance reveals early stages of upcoming decentralized exchange

Binance made an announcement back in March, explaining that it plans to launch a new public blockchain.

The purpose of which is to develop the Binance Chain which is an exciting new platform to transfer and trade different crypto assets without a centralized operator.

Just week this week, Changpeng Zhao, CEO at Binance (below, right), provided the first demonstration of the Binance Decentralized Exchange and the Binance Chain.

Image result for Changpeng Zhao, CEO at Binance,

Zhao said: "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.”

"There's stil a ton of work to be done"

He went on to explain that his team of developers is currently ahead of schedule and added, during the demonstration, that: "I thought this would happen one to two months later or more but again, the team delivered early."

Most of the demo is footage of a command line terminal voiced over by one of the Binance Chain developers.

However, the various activities depicted outline the basics of issuing, listing and trading crypto assets on the decentralized exchange.

However Zhao insisted that the product is still in ‘early stage development’; he said: "There's still a ton of work to be done to turn [it] into a final product.

“The team's working on it very aggressively. Nevertheless, this is a major milestone for Binance Chain."

Rival exchanges have similar plans

Other rival exchanges, such as Huobi, announced similar plans in June to fund the creation of an open-sourced blockchain protocol aimed at one day evolving into a standalone decentralized exchange.

Image result for huobi exchange

And although there do currently exist other decentralized exchanges currently in the crypto markets, data by analytics firm Alethio reports that most have varying degrees of centralization built into their model.

In fact, sentiment as of late around the security of decentralized exchanges as a whole has taken a hit with one decentralized crypto exchange by the name of Waves being hacked of funds almost immediately after launching from a year-and-half-long beta period.

Watch this space for updates on Binance’s project...

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