Binance Decentralized Crypto Exchange’s 2019 Launch Plans to Profoundly Change Bitcoin’s Ecosystem
The Launch Of Binance’s Decentralized Crypto Exchange Will Profoundly Change The Crypto Ecosystem
The world’s largest crypto exchange by daily trading volume Binance has announced that it has plans to launch a beta version of its decentralized exchange (DEX) by early 2019.
Notwithstanding the exchange being relatively young, Binance has quickly risen to the top of the crypto leaderboards, establishing itself as a multinational, well-respected cryptocurrency platform that has the nascent crypto industry in its best interest. Although the firm, which is currently headquartered in the island nation of Malta, has gained recognition for its centralized exchange that hosts ten million users, it has become apparent that it is rapidly pushing forward with its plans to create and successfully launch a DEX.
As a centralized cryptocurrency exchange, most of its revenues and profits are generated by the fees charged by the exchange. But, decentralized exchanges can also charge a native fee embedded into the smart contracts utilized by the platform to broadcast transactions to the mainnet of public blockchain networks like Ethereum.
According to CZ, Binance’s CEO, they are a more secure alternative to decentralized exchanges because of its strong architecture and infrastructure. Binance has never been hacked since its launch in 2017. He emphasized that the real merit of using decentralized exchanges is in the freedom and control over user funds. On a decentralized exchange, users do not have to create user accounts or file withdrawal requests. Every trading activity is done on the blockchain with a non-custodial wallet.
John McAfee, the arrival of this new form of exchange will free the shackles of centralization placed on humanity. He said:
“Distributed exchanges are just around the corner… It means that once we no longer have centralized exchanges, and they will all disappear eventually — within five years they will be gone — nothing can shut us down. It is the absolute end of the war. Governments can’t shut us down, financial institutions, banks, nothing.”