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Binance publishes video demonstration of its upcoming decentralised exchange

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The world’s largest cryptocurrency exchange, Binance, has released a video, showcasing its upcoming decentralised trading platform, industry website Coindesk has reported.

The video demonstrates the trading interface of Binance DEX, a web wallet and a blockchain explorer. The interface looks very similar to that of Binance’s centralised crypto trading service, but it also offers some additional options. One such option generates a 24-word seed phrase when a user creates a new wallet. The trading interface also features a new ‘Balances’ tab that shows the balances of a user account, as well as a ‘user icon’ that displays the individual wallet address.

Binance is aiming to launch the platform in early 2019 and is planning to make all new features available on a testnet “soon”. Binance DEX will be running on the company’s proprietary blockchain, Binance Chain.

Users will be able to observe and navigate the Binance Chain via a new blockchain explorer that was showcased in the video. The explorer will allow users to search by an individual block, transaction, address or orders id. Users can also see the transactions that are included in each individual 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,” Binance explained in a statement, as quoted by Coindesk.

Binance will charge a flat fee of 0.01 BNB for transfers on Binance Chain. BNB, also known as Binance Coin is the company’s own ERC-20 token. Binance intends to migrate the token from Ethereum to Binance Chain once the mainnet of the blokchain is launched

BNB has gained 10.6% over the past 24 hours. As of 15:02 GMT, the coin’s price stood at $6.19, according to data from Coinmarketcap.

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