Binance launches its pre-alpha demo version of its decentralized exchange. The exchange is one of the most popular in the cryptocurrency exchanges in the industry. Today, the CEO, Changpeng Zhao, through a YouTube video showed the functional mode of the decentralized exchange. As there have been advocates for a shift from the centralized exchange to decentralized exchange, but Binance aims to keep the two platforms running in future.
Binance Pre-Alpha Demo Version of Its Decentralized Exchange
Binance, an international, multi-language cryptocurrency exchange, launches the pre-alpha demo version of its decentralized exchange, through its official YouTube channel.
The CEO and the founder of Binance Changpeng Zhao in a previous statement in March indicated the ongoing development of the decentralized exchange platform of the exchange. Zhao stated then that,
“After extensively researching decentralized exchange frameworks and analyzing existing implementations, we believe significant improvements can be made in providing Binance users with a level of trading experience to which they are already accustomed.”
He further stated that,
“Binance Chain will focus on performance, ease-of-use, and liquidity. Binance Coin (BNB) will be upgraded to exist on its blockchain mainnet, becoming a native coin. At the same time, Binance will transition from being a company to a community.”
At the launch through the official YouTube channel, after five months of the development process, he stated that “That is a very casual, early demo for [sic] the Binance Chain. There is still tons of work to be done to turn it into a final product. The team is working very aggressively [on accomplishing that].” He also commends the team of developers for beating the time, which was beyond his expectations.
Due to the history of the cryptocurrency exchange, the platform was compromised as about $731 million worth of cryptocurrencies were stolen in the first quarter of 2018 from the centralized version of the Binance platform. Since then, there has been advocacy for more decentralized exchanges. Other exchanges have also been pursuing the goal of a decentralized exchange as Huobi exchanges already announced plans to invest $100 million in developing its decentralized exchange.
However, the decentralized exchange is still vulnerable to hack as a decentralized exchange, Bancor, of recent fell victim of the $12m worth of Ether cryptocurrencies stollen from the exchange. But Zhao and Buterin, founder of Ethereum still believe the decentralized exchange should again lead the way as is less vulnerable. In Zhao opinion, decentralized exchanges aren’t here to end the reign of centralized exchanges as he sees the both coexisting in the future.