Binance, the world’s largest cryptocurrency exchange by adjusted trading volume, is about to release its decentralized exchange, Binance DEX, for public testing. Binance DEX will be available on all platforms, including Windows, Linux, Mac OS, iOS and Android.
Binance CEO, Changpeng Zhao, tweeted that the firm is targeting the 20th of February for the public testnet release of Binance Chain, the native public blockchain being developed to support the DEX. Binance Chain is the product of “extensive research and analysis” of decentralized exchange frameworks and market research.
Zhao said that the firm has given early access to a few “selected partners,” including wallet developers and blockchain explorers, who will be integrating tools into the decentralized platform. Ledger’s hardware wallet, the Nano S, is already integrated, he said, while the Nano X and wallets from Trezor and KeepKey will come on board in the future.
No Hidden Transactions
Zhao provided details of the project in a recent ask-me-anything (AMA) chat on Twitter and said: “Binance DEX works very similar to Bitcoin, so most transactions are transparent. There’s no hidden transactions or private transactions”.
He also recently went live on Periscope where he discussed the testnet.
“I think for the testnet right now we elected to run eleven test nodes. I think any number is fine. The number of validators in our network will be small, mainly for performance reasons. So it will not be as big as the Bitcoin network with thousands of nodes. It is going to be more like NEO…or even Ripple…smaller number of nodes and each node will be rather large.”
Binance DEX wants to remove the liability and security issues of the centralized exchanges and provide a decentralized solution for crypto trades. A decentralized exchange has advantages over the majority of centralized exchanges, particularly when it comes to security. Data stored on Binance DEX will be decentralized, meaning there’s no specific focal point for hackers – a welcome safeguard for the users.
The platform will be charging a sizeable amount, $100K, as a listing fee for new coins but it will be adjusted over time. It is a deliberate move in order to tackle “spam or scam projects” .
Zhao has asked for feedback as any insight from users will be valuable to the further development of the project.