Binance, one of the largest cryptocurrency exchange in the world by volume has introduced a video demo for Binance DEX ahead of its launch. Binanace Dex is the decentralised exchange module that is developed on top of Binance Chain blockchain. The main aim of this is to carry out the existing Binance exchange in decentralised fashion and also offering benefits and security of a DEX.
Binance DEX has been designed to handle trading volumes as huge as the ones handled by centralised exchange i.e., at a rate of “a couple of thousand” transactions per second according to the Binance CEO Changpeng Zao (CZ). On user experience side, it has been designed to be user friendly which provides many options for the users to participate in the Chain, create your own address via the Binance Chain Web Wallet.
Binance also gave a statement recently stating, “User funds on the DEX will be secured with decentralized wallet applications like Trust Wallet, which has a server-free infrastructure that stores private keys only on the user’s device, meaning only users have access to their funds,”
The video demonstrates how the trading exchange interface works. The firm also informs that this will be made available on the testnet soon.
Infrastructure wise the testnet of Binance will start with eleven test nodes which will be tested for various combinations of nodes to optimise performance. Once it establishes all its functions to run smoothly it will include support for more wallets, as well as interchain and cross chain features. At this stage, it only wants to develop best in class DEX and to make the community grow and better equipped to realise its vision.
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