On the occasion of its upcoming Decentralised Exchange (DEX), Binance revealed its decentralised platform’s first look on Thursday.
Back in March, the biggest crypto exchange in the world by volume had announced its plan of developing a new public blockchain for the purpose of developing Binance Chain. It would be a platform to transfer and trade different crypto assets without the need for a centralized operator. The first demonstration of the Decentralized Exchange and the Binance Chain was provided by the CEO Changpeng Zhao earlier in this week. Zhao told to the viewers,
“Today, I have something really exciting to share with you guys. This will be the first demo for the Binance Decentralized Exchange, the Binance Chain”.
Zhao also mentioned that the project had been completed before its scheduled time. He said, “I thought this would happen one to two months later or more but again, the team delivered early.”
Majority of the demonstration is a footage of the command line terminal voiced over by one of the new technology’s developers. However, several activities shown in it portray the basics of issuing, listing and trading crypto assets on the decentralized exchange. Zhao added that the product is still in its early development stage by saying,
“There’s still a ton of work to be done to turn [it] into a final product. The team’s working on it very aggressively. Nevertheless, this is a major milestone for Binance Chain.”
Getting down to competition, Huobi also announced about its plans to fund the creation of an open-sourced blockchain protocol in June 2018. It is built with the intention of progressing into a standalone decentralized exchange in the coming years. Data analytics firm Alethio had earlier reported several of the pre-existing decentralised crypto exchanges have some centralisation built in their model to varying degrees.