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Binance Decentralized Exchange has long been waiting for its testnet. After almost a year of his initial announcementa lot of progress has been made. Slow and steady, BUIDL way – the Binance way. As CZ said a few months ago:
"We will continue to build and increase adoption, and lead the industry forward.
And they did it. Even though the cryptocurrency market was hit in 2018, Binance has not stopped creating exciting new services such as Binance Jersey Exchange, the binance charity foundation and even a learning platform for beginners.
And now, the Binance DEX Testnet is finally live. After a success Overview shared on December 4, 2018 by the Binance DEX team, the testnet is now available to anyone wishing to see what the future of decentralized exchanges looks like. And like any good channel, the Binance channel also has a Binance Chain Explorer. Changpeng Zhao, CEO of Binance, said:
"Binance DEX is a decentralized exchange with a decentralized network of nodes, in which you hold your own private keys and manage your own wallet. With Binance DEX, we offer a different balance of security, freedom and ease of use, allowing you to take more responsibility and control your personal badets. "
Changpeng Zhao answered more questions about the Binance DEX yesterday in a Twitter feed:
1 day until the @binance_dex testnet version!
– CZ Binance (@cz_binance) February 19, 2019
No concept of registration, it is a decentralized network, a bit like Bitcoin. All you need is a wallet.
– CZ Binance (@cz_binance) February 19, 2019
Binance chain – A short explanation
But what exactly is theChain of binance? Binance Chain is a new blockchain, a peer-to-peer distributed system developed by Binance. On the Binance channel, you can also find a secure and native market. The main objective is to allow the exchange of digital badets created or listed on Binance DEX.
All transactions are recorded on the Binance channel – validated by network nodes – creating a fully auditable activity log. Binance Coin (BNB) will be upgraded from an ERC20 to Binance, becoming a natural badet. Users will be able to use Binance to send, send, or receive new tokens on the blockchain. At the same time, traders could offer new trading pairs to list. Changpeng Zhao added:
"Binance Chain offers an almost instant transactional end, with blocking times of one second. It's faster than other blockchains today. Please note that Ethereum takes about 20 seconds and that Bitcoin takes on average 10 minutes for network confirmations, with the possibility of restorations that do not occur on the Binance channel. Thanks to Binance's core technology, Binance DEX can handle the same volume of transactions as Binance.com. This solves the problems that many other decentralized exchanges face with speed and power. "
What else do we know about the Binance decentralized exchange?
- Fees are charged and shared between validators (block producers) to manage the network. New orders will have no fees and larger transactions will be billed more. Fees may be paid for any badet, but paying them by BNB will result in a reduction. The fee may be changed after a certain period of time on the basis of a proposal voting procedure.
- There is only one second of block. In addition, there is no possible attack at 51%.
- There will be no smart contracts on the Binance channel to increase system performance and speed.
- You'll be able to issue a new token, probably one of the best ways to throw a security token. And if we also combine that with Binance Launchpad, we could find the king of STO platforms.
- Binance Chain uses a BFT-based consensus mechanism to create blocks from a list of qualified block producers. In the future, it should also support a point-of-sale consensus mechanism.
- The Binance Trust Portfolio will be fully integrated with Binance DEX. Ledger Nano S will also be accepted from day one and several portfolios will be supported over time.
- Users will have full control over their private keys and easier access to decentralized applications.
Binance DEX is a step forward in achieving Binance's vision for greater freedom of money.
For any other questions you may have, please consult the DEX Binance Frequently asked questions.
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