The largest crypto exchange in the world, by adjusted trading volume, surged as high as 8.5% against the USD after the company released a new video demo of its decentralized exchange, and dubbed Binance DEX, ahead of the launch earlier in 2019.
Binance DEX having a similar interface to its existing centralized exchange
The video, which was released on Wednesday, the 5th of December, demonstrates the trading interface of Binance DEX, together with a web crypto wallet and the explorer of the native public blockchain of Binance, Binance Chain, which the firm claims are going to be made available on a Testnet soon.
Based on the same video, Binance DEX is going to have a very similar interface to its existing centralized exchange, with some extra features.
For instance, it will include an option in order to guarantee a 24-word mnemonic seed phrase for the private keys of users, a ‘balances tab’ to inform users of the status of their accounts, and a ‘user icon’ in a navigation bar which will show individual wallet addresses.
Search for individual blocks of view transactions
With this blockchain explorer, the user will be able to search for some individual blocks and view transactions which are included in a particular block.
The combined prowess of a DEX, as well as a public blockchain, will permit BNB holders to speculate on a bright future of the Binance platform. Binance Chain, especially, expects to function like Ethereum blockchain that is going to enable projects to issue their company tokens on the main chain. Overall, the development will lead to a binance-based ICO market of its own.
The funds of the users on the DEX are going to be secured with decentralized wallet applications such as Trust Wallet, which has a server-free infrastructure which stores private keys only on the device of the user, which means that just the users will have access to their funds.
DEX will help traders send or receive their BNB tokens
It is actually built on its own Binance Chain that has first unveiled in March 2018 and has the purpose of offering low latency, high throughput trading, and even decentralized custody of funds.
With the help of the DEX, traders will have the ability to send, as well as receive the own BNB tokens, and some other coins with trading pairs, and while BNB is now an ERC-20 token, it is soon going to be migrated to Binance Chain upon its mainnet launch.
In June of this year, the Singapore-based crypto exchange Huobi announced some plans of evolving into a standalone decentralized exchange, offering to fund for developer assistance in the process of creating an open-sourced blockchain protocol.