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Binance Showcases Demo Of Decentralized Cryptocurrency Exchange

The world’s largest cryptocurrency exchange, Binance has showcased the first demo of its highly-anticipated decentralized trading platform. This will serve as a core component of the company’s future public blockchain.

A Binance engineer demonstrated how to use the platform for issuing a new cryptocurrency token and then how to list it on the decentralized exchange (DEX) during the brief demo. Using two separate DEX-connected computers, the engineer created and filled a selling order. The demo was conducted using a command-line interface (CLI), as the platform does not feature a GUI yet.

Binance CEO in his statement stressed on the fact that the platform is still in rough, pre-alpha stage of development. He, however, added that the project is several months ahead of schedule. Decentralized exchanges are widely considered as the next leading edge in cryptocurrency trading. This is because they allow users to trade assets with other users without having to entrust their assets to a third party, where the risk of hacking is more. DEX also offers users the privilege with access to trading platforms that can’t be censored by hostile governments.

With cash-flush businesses like Binance planning to migrate their centralized services to these decentralized structures, the scene is going to change for cryptocurrency exchanges. Although such platforms exist, they are yet to draw enough volume to be a major force in the global marketplace.

As mentioned in the CCN report, a lot of other centralized exchanges such as OKEx and Huibi have announced similar plans of building their own decentralized exchanges and public blockchains.

Binance announced its first-ever acquisition of Trust Wallet last month, for an undisclosed sum that included a mix of stock, cash, and BNB tokens. The cryptocurrency exchange mentioned that Trust Wallet will serve as one of the several default wallets for the DEX when it will eventually go live.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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Jesmine Rahman holds 15+ years of professional writing experience of working with reputed Indian dailies like the Times of India and the Indian Express. She also holds a rich experience of working as a Senior Technical Content Specialist with a reputed IT company. for 10 years. She writes crypto news on OWLT Market.

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