Binance has been working on its own blockchain, Binance Chain or Binance DEX, for a while now, and it is less than 24 hours away from launching the testnet. Binance DEX has already posted to Twitter to gear up investors, though newcomers will greatly benefit from reviewing the FAQ section to learn more information.
— Binance DEX (@Binance_DEX) February 19, 2019
Though Binance DEX posted their own Twitter alert to remind users of the upcoming launch, Binance CEO Changpeng Zhao retweeted their post, adding, “Just in time. Timing is everything!” When plans of the testnet were originally announced in December, Zhao had commented that there was a chance of the new DEX either running alongside the current platform or replacing it all together.
The use of Binance Chain makes it possible to send and receive BNB and other tokens, issue new tokens, propose trading pairs, and use orders to buy or sell assets through the aforementioned trading pairs. Most of this is possible because the traders are the ones in charge of their own transactions, leaving custody to the investor.
Ultimately, the company aims to reach a 1-second block time, while maintaining low fees and high liquidity trading. Because of the way that the project is designed, the technology can evolve as development of blockchain evolves as well. Aiming to improve upon what Binance Chain can offer, the FAQ section states:
“Binance Chain team and community would cherish the technology advance and requirement trends and strive to make circulation of assets and value easier and easier.”
Consumers can use the FAQ section on Binance Chain’s GitHub page to learn about the right way to send orders, match, and trade. The order should appear on the blockchain after a maximum of three seconds, as long as the order price is marketable. The whole chain offers impressive transparency, which allows anyone with knowledge of an address the ability to see anyone’s order or balance.
As a reminder, anyone that has a private key needs to protect it and store it in a place that is easy for the individual to remember. Once a private key for an address is lost, it cannot be retrieved, regardless of whether the loss was the result of hackers or simple human error.
Is this the Binance DEX Link?
Though the Testnet is not open yet, it appears that the link to get involved has already been leaked, which is: https://testnet.binance.org/.
While we have reached out to CZ for comment or confirmation of this link, no reply has been received at this point. Please exercise caution in visiting this website before the designated time.