{"id":4998,"date":"2018-08-09T23:59:46","date_gmt":"2018-08-09T20:59:46","guid":{"rendered":"https:\/\/forklog.media\/?p=4998"},"modified":"2018-08-17T20:07:09","modified_gmt":"2018-08-17T17:07:09","slug":"binance-gives-sneak-peek-of-a-future-decentralized-exchange","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/binance-gives-sneak-peek-of-a-future-decentralized-exchange\/","title":{"rendered":"Binance Gives Sneak Peek of a Future Decentralized Exchange"},"content":{"rendered":"<p>Leading cryptocurrency exchange Binance took a big step towards becoming a decentralized exchange when it revealed a \u201crough, pre-alpha\u201d demo version of its upcoming new DEX platform.<!--more--><\/p>\n<p>The platform could eventually take over from Binance\u2019s current, centralized exchange platform, which currently handles more trading volume than any other exchange in the world, BitcoinExchangeGuide <a href=\"https:\/\/bitcoinexchangeguide.com\/binance-decentralized-exchange-dex-demo-version-releases-of-new-trading-platform\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\">reports<\/span><\/a>.<\/p>\n<p>The Binance decentralized exchange is built on the Binance Chain, a public blockchain project first announced by the exchange in May.<\/p>\n<p>In a video walk-through, Binance CEO Changpeng Zhao described the demo release as a \u201csmall step\u201d for the Binance Chain project but a \u201cbig step\u201d for Binance overall. Zhao claims that Binance \u201cwill transition from being a company to a community,\u201d and sees decentralized technology as the way of the future.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p dir=\"ltr\" lang=\"en\">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 <a href=\"https:\/\/twitter.com\/hashtag\/BinanceChain?src=hash&amp;ref_src=twsrc%5Etfw\">#BinanceChain<\/a>, a big step for <a href=\"https:\/\/twitter.com\/hashtag\/binance?src=hash&amp;ref_src=twsrc%5Etfw\">#binance<\/a>. <a href=\"https:\/\/t.co\/2aXkR0gclP\">https:\/\/t.co\/2aXkR0gclP<\/a><\/p>\n<p>\u2014 CZ (not giving crypto away) (@cz_binance) <a href=\"https:\/\/twitter.com\/cz_binance\/status\/1027457871808622592?ref_src=twsrc%5Etfw\">August 9, 2018<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong>\u201cAs a public blockchain, Binance Chain will mainly focus on the transfer and trading of blockchain assets, as well as provide new possibilities for the future flow of blockchain assets,\u201d<\/strong> Binance announced back in May.<\/p><\/blockquote>\n<p>The long-term goal of Binance Chain is to launch a high-performance, easy-to-use, liquid blockchain platform capable of supporting Binance\u2019s trading activities.<\/p>\n<blockquote><p><strong>\u201cBinance 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.\u201d<\/strong><\/p><\/blockquote>\n<p>There is no further information about future releases for Binance DEX, with the exchange insisting the platform is \u201cstill in early pre-stage development.\u201d The video in Zhao\u2019s tweet is described as \u201ca casual early pre-alpha demo,\u201d however one can see developers create a mock-up token, issue it on the Binance Chain blockchain, sell that token, and create a buy order for it.<\/p>\n<p><strong>Binance and Binance DEX Will \u201cCoexist for Some Time\u201d<\/strong><\/p>\n<p>According to Zhao, Binance isn\u2019t going to immediately transfer to become a decentralized exchange. Instead, he sees the current centralized trading platform and DEX \u201ccoexisting for some time,\u201d allowing the market to choose what it prefers.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p dir=\"ltr\" lang=\"en\">Hey cz what will be the future of actual binance when the DEX will be launched? Will they coexist at the same time ? Thanks<\/p>\n<p>\u2014 Amine &#8220;Give-me-away&#8221; Baloo (@aminebaloo) <a href=\"https:\/\/twitter.com\/aminebaloo\/status\/1027468234268835841?ref_src=twsrc%5Etfw\">August 9, 2018<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><strong>Binance Criticized For Not Being a Truly Decentralized Exchange<\/strong><\/p>\n<p>A major exchange like Binance launching a decentralized exchange platform might seem like a good thing for the crypto community. However, certain members of the community are criticizing Binance\u2019s DEX for not being truly decentralized.<\/p>\n<p>For example, a Twitter user writing as DecentralizedMatt claims Binance DEX can\u2019t be considered a fully decentralized exchange because the company can freeze or de-list coins at will.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\" data-lang=\"en\">\n<p dir=\"ltr\" lang=\"en\">Your \u2018DEX\u2019 is not fully decentralized if you can freeze\/delist coins or ask 400BTC for a listing is it? Only a few exchanges are truly decentralized <a href=\"https:\/\/t.co\/vEMdIV4UvZ\">https:\/\/t.co\/vEMdIV4UvZ<\/a><\/p>\n<p>\u2014 DecentralizedMatt (@DecentralizedM1) <a href=\"https:\/\/twitter.com\/DecentralizedM1\/status\/1027462075210186752?ref_src=twsrc%5Etfw\">August 9, 2018<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>He also brings up the point that Binance charges a 400 BTC (around $2.6 million at current rates) listing fee, something Christopher Franko, co-founder and CEO of blockchain platform Expanse, <a href=\"https:\/\/www.chepicap.com\/en\/news\/2772\/cost-of-a-binance-listing-400-btc-.html\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\">claimed<\/span><\/a> recently on social media.<\/p>\n<p>As reported earlier this summer, Binance made its <a href=\"http:\/\/forklog.media\/binance-expands-crypto-services-acquiring-ethereums-trust-wallet\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\">first public acquisition<\/span><\/a>, having bought a decentralized Trust Wallet, a decentralized wallet service for digital tokens that also serves as a browser for so-called decentralized applications. It allows users to hold Ethereum, and over 20,000 different Ethereum based tokens.<\/p>\n<p>Follow ForkLog on <span style=\"text-decoration: underline;\"><a href=\" https:\/\/twitter.com\/forklog_en\/\" target=\"_blank\" rel=\"nofollow noopener\">Twitter<\/a><\/span> and <span style=\"text-decoration: underline;\"><a href=\"https:\/\/www.facebook.com\/forklogen\/\" target=\"_blank\" rel=\"nofollow noopener\"> Facebook<\/a><\/span>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Leading cryptocurrency exchange Binance took a big step towards becoming a decentralized exchange when it revealed a \u201crough, pre-alpha\u201d demo version of its upcoming new DEX platform.<\/p>\n","protected":false},"author":1,"featured_media":5168,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"human_written","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,787,48],"class_list":["post-4998","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-dex","tag-exchanges"],"aioseo_notices":[],"amp_enabled":true,"views":"282","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/4998","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=4998"}],"version-history":[{"count":3,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/4998\/revisions"}],"predecessor-version":[{"id":5002,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/4998\/revisions\/5002"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/5168"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=4998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=4998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=4998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}