Binance Decentralized Exchange (DEX) Demo Version Releases of New Trading Platform

Binance Reveals Decentralized Exchange Platform, Hints It Could Replace Current Platform

Binance took a big step towards becoming a decentralized exchange today when it revealed a “rough, pre-alpha” demo version of DEX, Binance’s new decentralized exchange platform.

The platform could eventually take over from Binance’s current, centralized exchange platform, which currently handles more trading volume than any other exchange in the world.

In a video walk-through of the exchange, Binance CEO Changpeng Zhao described the demo release as a “small step” for the Binance Chain project but a “big step” for Binance overall. Zhao claims that Binance “will transition from being a company to a community,” and sees decentralized technology as the way of the future.

The Binance decentralized exchange is built on the Binance Chain, a public blockchain project first announced by the exchange in May.

“As a public blockchain, Binance Chain will mainly focus on the transfer and trading of blockchain assets, as well as provide new possibilities for the future flow of blockchain assets,” Binance announced back in May.

The long-term goal of Binance Chain is to launch a high-performance, easy-to-use, liquid blockchain platform capable of supporting Binance’s trading activities.

“Binance Chain will focus on performance, ease-of-use, and liquidity. Binance Coin (BNB) will be upgraded to exist on its own blockchain mainnet, becoming a native coin. At the same time, Binance will transition from being a company to a community.”

Binance Coin (BNB) is currently an ERC20 token on the Ethereum blockchain. As we’ve seen with other projects, the coin could begin its life as an ERC20 token before eventually transitioning to become its own token on its own blockchain.

You can view the pre-alpha version of the Binance DEX in this tweet from Zhao.

Binance Has Not Scheduled a Release Date for DEX

We have no further information about future releases for Binance’s decentralized exchange – like when the exchange could release a full version of the platform.

Binance insists the video linked above showcases a platform “still in early pre-stage development”, described as “a casual early pre-alpha demo.”

Nevertheless, the video appears to show a working decentralized exchange platform. In the video, we see developers create a mock-up token, issue it on the Binance Chain blockchain, sell that token, and create a buy order for it.

Binance and Binance DEX Will “Coexist for Some Time”

Binance isn’t going to immediately transfer to become a decentralized exchange. Instead, Zhao sees the centralized exchange – Binance – and the decentralized exchange – DEX – “coexisting for some time.”

The plan is to allow the market to choose which version of Binance shall reign supreme.

Binance Facing Criticism for Not Being a Truly Decentralized Exchange

A major exchange like Binance launching a decentralized exchange platform might seem like a good thing for the crypto community. However, certain members of the community are criticizing Binance’s DEX for not being truly decentralized.

On Twitter, for example, @DecentralizedM1 claims Binance’s decentralized exchange isn’t decentralized because the corporation can freeze or de-list coins at will. Matt also brings up the point that Binance charges a 400 BTC listing fee. These policies prevent Binance from being a truly decentralized exchange. It’s unclear if these policies would change if Binance ever transitions to a fully decentralized model, however.

Binance Issues Official Exchange Listings and Partnerships Memo to Address Insider Trading Rumors

Ultimately, centralized exchanges have always been counter to the ethos of the crypto community. Cryptocurrencies remove the need for centralized intermediaries, but we rely on centralized exchanges for the majority of coin movements. Decentralized exchanges could be the preferred exchange of the future – and the launch of Binance’s DEX could be the start of that future.

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