Binance releases demo of Binance Chain months before anticipated launch

bitcoin Binance

Binance, one of the world’s leading cryptocurrency trade exchanges  has offered a “sneak preview” of the Binance Decentralized Exchange (DEX)– a blockchain tailored to the exchange’s platform.

EO of Binance Changpeng “CZ” Zhao announced the blockchain, which has been dubbed “BinanceChain”, in a Tweet, saying with obvious excitement that he wasn’t expecting to be making this announcement so soon.

The CEO admitted that the model is “very much still in early pre-stage development, so this is a casual early pre-alpha demo” but stated the aspects that the demo will be showing, such as issuing and creating of a token, listing the token and trading the token against another token on the decentralized exchange.

The concept of a decentralized exchange is one which could lead to more transparency compared to the functions of a centralized platform. Binance has been working on this platform for some time and had announced it previously, detailing how this would offer a space where users could trade without making cryptocurrency assets vulnerable to hackers. In the announcement it said:

“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.”

The main function of Binance Coin, one of the cryptocurrencies that are driven by their exchange, is to be utilized as a payments method on the exchange for services such as trading fees.

In the meantime, before the platform is released fully formed, CZ issued a warning against hackers and expressed that one should be aware of scammers.

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