Binance DEX is a new project of the world’s most famous cryptocurrency exchange based in Malta. As at the official Twitter post, Changpeng Zhao, CEO of this crypto exchange announced, the new project should be tested on February 20.
Changpeng Zhao – introduction and details by Twitter’s AMA
Binance DEX is a decentralized exchange based on a specific blockchain owned by the company, Binance Chain, developed with a purpose to support DEX. In just a few days, the public will be able to get acquainted with the test version of the company chain, and Changpeng Zhao invites all users to try on the new platform, noticing that has already given access to individual partners – the wallet developers and blockchain explorers. As he pointed out in his earlier statements, the accent will be put on a new platform. The permission for access was head given to some of the larger partners of this large crypto company, who have the option of implementing DEX in their own systems.
Binance DAX is designed to be compatible with the following operating systems: Windows, Mac, Linux, as well as having the ability to run via IOS and Android.
Changpeng’s discussion also had the purpose of clarifying the decentralized character of the exchange, which the CEO guarantees. He pointed to the similarity between the ways in which Bitcoin and DEX work – without hidden and private transactions, but they are mostly transparent. As proof of such nature, he cites the example of the hardware wallets, it explicitly explains that during the transactions user’s private keys do not leave their devices, which guarantee that the keys they own are entirely and only in their hands.
High fee for DEX listing
To find yourself on the DEX list, you will have to pay a fee of $ 100,000 and be voted on, too. Fee for entry to DEX is high, CZ agrees but believes that this amount is adjustable over time. The reason for setting such a high figure is the protect the platform from scam and uncertain transactions, which would jeopardize the operability of the new decentralized DAX exchange. It is worth mentioning the Binance Coin (BNB), the native currency of exchange which will serve as payment for network transactions.
The Binance Chain story was discovered for the first time in March 2018 and characterized by a low latency, high trading capacity, and decentralized fundraising.