Binance Shows New Sneak Peek of DEX
Main page Analytics, Blockchain, Cryptocurrency Exchanges, Binance, Cryptocurrency
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Dec. 5, 2018

Binance Cryptocurrency Exchange has published a new video showing the possibilities of preparing for the launch of a decentralized platform. If in the previous video on this topic (that was presented by the CEO of Binance Changpeng Zhao earlier in August) certain operations performed via the command line were shown and didn’t say much to the average user, the new release shows us a full-fledged trading interface, the process of creating accounts and the blockchain explorer Binance Chain.

To create an account, users are prompted to use a combination of a file and the KeyStore key along with a password or a mnemonic phrase of 24 words. In the future, developers promise to add additional options for accounts creation.

The trading platform’s interface in many ways resembles the system with which Binance users work on its main platform. The difference is that it provides the function of connecting external addresses in the blockchain, like on other decentralized exchanges. In addition, the video shows the process of placing and withdrawing the order.

The balance tab is also a lot like today's Binance interface. The video shows the balance of the account in BNB or Binance Chain Native Token, which, apparently, will be converted to current BNB tokens. The author of the note explains that the transfer fee for the BNB is fixed and amounts to 0.01 BNB.

In the final part of the video, capabilities of the Binance Chain block explorer are shown, which differ little from the functionalities of similar services in other blockchains.

The author of the video does not name the launch date of DEX Binance, but clarifies that soon all the previewed items will be available in the project’s test network, and promises to reveal information about additional features in the near future. Yesterday it became known that the launch of the Binance Chain could already happen "in a couple of months."

BNB Token Soares by 25% after Announcement of Binance Blockchain Launch

BNB, the native token of the Binance cryptocurrency exchange, showed on Tuesday, December 4, a rapid growth of 25% after the head of the company Changpeng Zhao announced the imminent launch of his own Blockchain platform.

Decentralized cryptocurrency exchange servers aren't attached to a single location and are often spread around the world. Some servers can even be truly decentralized by existing solely in the cloud. This kind of exchanges is much harder to hack compared to the regular ones, thus making user data and funds more secure. DEXs do not face legal restrictions due to the absence of physical location, which makes this kind of exchanges much harder to regulate or even shut down. So users that live in the countries where crypto is banned can still get access to it.

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