Binance DEX Testnet is launched but do not call it yet as a decentralized exchange

Binance announced the highly anticipated launch of the Binance Chain Testnet and the Decentralized Exchange (DEX) built on top of it Binance Coin (BNB) has reached a new high value transaction record against BTC.

Binance Chain Testnet is now online

In an official publication, Binance, the world's largest cryptocurrency exchange with traded volumes, announced that Binance Chain and Binance DEX had entered their public testnet phase.

This allows users to create their own portfolios and interact with the platform interface, which, as Changpeng Zhao says, is very similar to the existing Binance exchange interface.

As promised previously, the DEX system now supports hardware portfolios. Users can install the Binance Chain app via Ledger Live in order to access the DEX test network with Ledger Nano S.

The DEX interface is very similar to the Binance platform.

Binance also revealed a blockchain browser for the Binance Chain testnet. Through the explorer, users can find information about the blocks added to the network, the portfolio balances, as well as the transactions that took place on the blockchain, among others.

How will it be decentralized?

Changpeng Zhao, CEO of CZ, has repeatedly expressed his views on decentralization, stressing that it is not safer "default" than centralized solutions. He also said: "There is no absolute decentralization". Therefore, DEX differs by a non-depository exchange, but it goes even further since the orders are matched by the blockchain and not by the exchange.

Earlier this month, Bitcoinist reported a live AMA from the CEO of Binance, where he explained that, initially, the number of network consensus validators on the DEX system will be reduced – starting with 11 validator nodes.

During the AMA, Zhao explained that during the establishment of the exchange, they would seek to select the nodes via their close partners. He also said that Binance would have a lot of influence on the network, saying that the solution would be "more centralized" compared to other networks.

In addition, Zhao also said that Binance DEX will charge "nearly $ 100,000" for the creation of new cryptocurrency lists, with the aim of reducing the number of "spam or scam projects".

Binance Coin (BNB) exports on the subject

In anticipation of the launch of testnet, BNB 00 has jumped more than 13% in the last 24 hours.

Cryptocurrency reached a new absolute value (ATH) when trading against BTC.

Earlier this week, Binance said BNB would be moved to the Binance channel, converting it into a native badet. BNB is currently a token based on ERC20.

What do you think of Binance Chain and its DEX? Do not hesitate to let us know in the comments below!

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