Cryptocurrency General News

Where Did Binance Decentralized Exchange Stand Now?

Binance CEO Changpeng Zhao came out with the latest development on decentralized cryptocurrency exchange. Even as he presented a video sneak peek of the latest platform’s offering on Twitter, there are some who started to think whether it could change the landscape of the virtual currency trading. He explained the latest developments in respect of launching decentralized exchange (DEX). At the same time, he was very cautious and stressed that this was nothing but a “casual, pre-alpha demo.”

Wrong To Expect

Therefore, Binance CEO is categorical in stating that it is premature to expect too much in the initial stage itself on the evolution of DEX, newsbtc.com reported. However, Zhao was pleased to share with others that the project is well ahead of schedule. As a result, he sees the raw demonstration of the product to be available in a few months down the line. Binance is a blockchain ecosystem that consists of launch-pad, labs, information, and exchange.

The company is creating Binance DEX on its blockchain platform, i.e., the Binance chain. With the help of this platform, the exchange expressed its confidence of enabling average users to develop, list and trade in every manner of cryptocurrencies among themselves. The key point is that there is no need for either a custodian or a middleman to do all these things. The CEO allowed his team to do the demo on the development of the initial phase of decentralized exchange after giving a brief introduction.

Zhao team pointed out the functions that are already possible on the product. This included the development of digital coins, a listing of cryptocurrencies, and exchanging of virtual assets. The current development of the project suggested that only interaction with the exchange is possible. Such interaction will happen with the help of a command-line interface. At the same time, the exchange is planning GUI for the future.

While pointing out the work completed so far on the project, the CEO indicated that a lot needs to be done. He never claimed that the progress made so far was a big milestone for the exchange though he confirmed that his team is working aggressively on it. While referring to these developments by the exchange, an observer has sought to know as to what future lies ahead for the current platform once it introduces the decentralized cryptocurrency exchange.

Co-Existence

However, Zhao is not perturbed by such concerns when he said that the market would take a call on the existing platform. At the same time, he expressed the confidence that they could co-exist at least for some time. This would mean that the existing platform could function as long as it generates interest without causing any negative impact.

During the short period of its existence, Binance team has completed a major deal considering that they were able to take it to the biggest digital coin exchange by virtue of volume from a mere ICO platform. All this happened in a matter of less than a year. The exchange had to relocate to Malta, which is a crypto-friendly nation, besides introducing a new fee-based system for high volume users.

About the author

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Eric Ravenscraft

Eric Ravenscraft is a freelance writer from Atlanta covering tech, media, and geek culture for Medium, The New York Times, and more.

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