Binance CEO tweets teaser of upcoming decentralized exchange
Binance, the top-ranked cryptocurrency exchange based on trade volume has taken a step towards decentralization. The exchange was previously criticised by the crypto community for not being a truly decentralized exchange. Binance evoked community wrath because they could freeze and de-list coins at their will.
Binance seems to be accomplishing a milestone with its revelation of the demo version of its upcoming DEX platform. The platform could eventually replace the current centralized exchange platform. According to Changpeng Zhao, CEO of the largest crypto exchange, the crypto exchange’s current trading platform, and the new DEX platform will coexist for some time. An immediate replacement of the platform will not happen, to freely let the market to choose between the two. Believing in the future of decentralization, Zhao tweeted that the new DEX platform could change Binance from being a company to a community. He considered the launch of the demo as a big step for the company.
There are no further updates regarding the new DEX platform as it is still in its early pre-stage of development. The demo version of the platform was uploaded in a tweet by the Zhao. Zhao’s tweet described the video to be “a casual early pre-alpha demo”. Zhao said, "There's still a ton of work to be done to turn [it] into a final product. The team's working on it very aggressively. Nevertheless, this is a major milestone for Binance Chain." The video footage features a command line terminal dubbed by one of its developers. It also contains the basics of issuing, listing and trading crypto assets on the decentralized exchange.
A first (rough, pre-alpha) demo of the Binance Decentralized Exchange (DEX), showing issuing, listing and trading of tokens. All cli based, no GUI yet. A small step for #BinanceChain, a big step for #binance. https://t.co/2aXkR0gclP
— CZ (not giving crypto away) (@cz_binance) August 9, 2018
Binance is the largest crypto exchange according to trade volume. The exchange is built on Binance chain, a platform to trade crypto assets without a centralized operator. Binance’s centralized nature is widely challenged among the crypto community. Reportedly, not just Binance but, most crypto exchanges have centralization built into their networks
Image via Shutterstock
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