Binance releases demo of Binance Chain months before anticipated launch

A first (rough, pre-alpha) demo of the Binance Decentralized Exchange (DEX), showing issuing, listing and trading of tokens. All cli based, no GUI yet. A small step for #BinanceChain, a big step for #binance. https://t.co/2aXkR0gclP

— CZ (not giving crypto away) (@cz_binance) August 9, 2018

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.

Beware of scammers pretending to be Binance Listing team. Spoofing a “from” email address is easy. Due to spam, we ignore most unsolicited emails. If a project team can’t protect themselves from scammers, it’s a bad idea to raise money from investors. https://t.co/oV1l4HGsbU

— CZ (not giving crypto away) (@cz_binance) August 9, 2018