Binance Reveals Decentralized Exchange Platform, Hints It Could Replace Current Platform
Binance took a big step towards becoming a decentralized exchange today when it revealed a “rough, pre-alpha” demo version of DEX, Binance’s new decentralized exchange platform.
The platform could eventually take over from Binance’s current, centralized exchange platform, which currently handles more trading volume than any other exchange in the world.
In a video walk-through of the exchange, Binance CEO Changpeng Zhao described the demo release as a “small step” for the Binance Chain project but a “big step” for Binance overall. Zhao claims that Binance “will transition from being a company to a community,” and sees decentralized technology as the way of the future.
The Binance decentralized exchange is built on the Binance Chain, a public blockchain project first announced by the exchange in May.
“As a public blockchain, Binance Chain will mainly focus on the transfer and trading of blockchain assets, as well as provide new possibilities for the future flow of blockchain assets,” Binance announced back in May.
The long-term goal of Binance Chain is to launch a high-performance, easy-to-use, liquid blockchain platform capable of supporting Binance’s trading activities.
“Binance Chain will focus on performance, ease-of-use, and liquidity. Binance Coin (BNB) will be upgraded to exist on its own blockchain mainnet, becoming a native coin. At the same time, Binance will transition from being a company to a community.”
Binance Coin (BNB) is currently an ERC20 token on the Ethereum blockchain. As we’ve seen with other projects, the coin could begin its life as an ERC20 token before eventually transitioning to become its own token on its own blockchain.