The largest cryptocurrency exchange by trading volume, Binance Exchange has launched its most awaited decentralized exchange – Binance DEX this Wednesday, Feb 20th. The testnet version of DEX is live and currently available for public testing that allows users to create the wallet, interact with DEX interface and hold their private keys.
The Decentralized trading platform Binance DEX is based on the company’s Blockchain – Binance Chain, Binance Chain is a blockchain of 11 hubs that will serve the testnet for the assessment of the stage. Delegates of the crypto exchange said that the valuable input from the users would help them to figure out the official launch date of the decentralized exchange.
The crypto exchange further uncovered that the blockchain startup, Trust Wallet that it obtained a year ago and hardware wallet producer Ledger, have been added to Binance DEX. Other than these, Trezor Wallet, Ledger Nano S, KeepKey and Binance Wallet will also be included in the DEX. Notwithstanding that, once the platform is launched, Binance Coin [BNB], an ERC-20 token will be migrated to Binance Chain with the aim to make it a native asset of the platform.
CEO of Binance, Changpeng Zhao better known as CZ, revealed that the platform is based on the Cosmos startup solution, in which tokens are shared between blockchain systems that are organized in nodes. Each of these hubs works under the security-focused protocol known as Tendermint. At the point when gotten some information about the decision of Cosmos, Zhao focused on that the framework they offer is the nearest to what they were searching for.
The company claimed that the Binance Chain has a very fast transaction finality, with a one-second block time. This feature is much faster than today’s other blockchains. Zhao boasted that Binance DEX could handle the similar trading volume as Binance.com which will solve the issues of speed and power that numerous other decentralized exchanges are facing these days.
Subscribe to our Newsletter to be a part of our future $1,000 per month contests.