Binance to Launch Decentralized Exchange in Q1 2019
Binance published a demo video of its decentralized exchange scheduled for release in the beginning of 2019.
Hong Kong-based cryptocurrency exchange Binance shared a second demo reel for its decentralized crypto trading platform (DEX) scheduled for launch in Q1 2019. The first sneak peek was released in August 2018.
The new video demonstrates the full-featured trading interface, the process of opening accounts and the viewer for Binance Chain, the proprietary blockchain developed by the company.
As it is clear from the video, the Binance DEX interface looks very much the same as the interface of the existing exchange. However, it contains some new features, including the options to link external addresses, create a mnemonic phrase for private keys and account balance tab. Apart from that, users will have access to a drop-down menu with personal addresses.
Meanwhile, in the blockchain viewer, DEX customers will be able to search blocks and separate transactions included in a certain block.
Commenting on the decentralized exchange functionality, Binance's CEO Changpeng Zhao explained, that the time required for creating a block would not exceed one second, while transactions would be processed instantaneously and require only one confirmation.
Moreover, customers funds will be protected by decentralized applications with server-independent infrastructure. This means that users will retain control over their funds as their private keys are kept on their devices. This solution protects exchange users in case of a hack attack.
"Binance DEX is a decentralized exchange built on top of Binance Chain, an upcoming blockchain where BNB will be the native coin. A community initiative, the DEX is being created with the support of Binance developers and technology, and is set to be released in early 2019," the company said in a statement.
Currently, BNB (Binance Coin) is based on the ERC-20 standard. However, it will migrate to Binance mainnet once it goes live.
Previously, the head of the exchange had promised that it would launch its own public blockchain, dubbed Binance Chain, within a couple of weeks.