The world’s leading cryptocurrency exchange in terms of trading volume Binance has introduced its most awaited decentralized exchange dubbed “ DEX” on Feb 20.
Under the Binance blockchain project, Binance Chain’s first use case is Binance DEX testnet which is outlined as a decentralized peer to peer exchange for the customers to exchange digital assets and make wallets with complete security and speed.
As per Binance Blog mentioned on its website:
Binance objective is to spread and represent freedom of money. Here, DEX is a downright display to achieve this mission. DEX testnet enables users to trade without providing any personal information while directly plugging into the network and hold their crypto funds totally. “Unlike centralized exchanges that may be subject to downtimes, a DEX is kept running by nodes distributed around the world and codes that execute functions.”
Binance Coin (BNB) &Why Binance DEX?
Further, it is communicated that Binance DEX also facilitates crypto investors to send and receive Binance Coin (BNB) an ERC20 token which is shifting to Binance Chain and turning out to be a native asset if the establishment. BNB can be operated between different addresses. Its blockchain allows users “to issue new tokens, send, receive, burn, mint, freeze, or unfreeze.” Moreover, as per the requirement, the trading pairs can be proposed and selected for trading.
According to Binance, CEO, Changpeng Zhao, users of the platform would be able to recover their private keys and with full control can access the additional facilities which in future certainly going to extend once the infrastructure is proved sound enough to handle multiple transactions swiftly on this new DEX exchange.
Apparently, the Chinese-Canadian businessman and founder believes that Binance Chain is superfast and capable of able to perform one-second block times, means in contrast with Bitcoin and Ethereum blockchains it is10-20 times faster.
He further explains the simplicity of Binance chain and capacity of handling the large tools which at this point more important than to add more features. As Binance DEX is a decentralized exchange with a decentralized network of nodes, platform users can hold their own private keys and manage their own wallet.
“With Binance DEX, we offer a distinct security balance, ease-of-use including independence of decision making, where people are more responsible and have the command on their own personal assets.”
Binance’s Decentralized Crypto Exchange
The users can experience the same user-friendly approach which has been seen on the Binance website as it is integrating the same functions which are hassle-free and comprised with a high level of security. Users can able to create their own address through the Binance Chain Web Wallet.
Platform users can rely on the Binance’s official crypto app, Trust- the official cryptocurrency wallet of Binance which supports Binance Chain. There are other third-party wallets for instance Ledger Nano S, and so forth.
This is absolutely a major step to gain the benefit and continue the trust of the disheartened crypto investors. Especially, after witnessing so many scams in the cryptocurrency industry users are much more cautious and diligent while investing and keeping their digital assets on a secure location. The launch of the testnet is reflecting the final step towards the perfect decentralized exchange. The upcoming feedbacks and pointers are very crucial towards this major move which Binance is working hard to refine it and launch it finally.