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Binance Shows Glimpses Into Their First Decentralized Platform

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Binance recently launched a “rough, pre-alpha” version of its decentralized exchange, which now is just client-based, not featuring a graphical user interface.

Yesterday, Binance revealed some minor hints regarding the company’s first decentralized cryptocurrency exchange. Binance, one of the leading cryptocurrency exchanges according to trading volumes has been continuously developing this project since the start of this year.

In March the company revealed its project Binance Chain, a public blockchain platform which was designed to let clients transact with crypto assets without requiring a centralized intermediary.

“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,” noted the company.

Binance CEO Changpeng Zhao tweeted in a post a few small details regarding the Binance Decentralized Exchange and the Binance Chain.

“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 #BinanceChain, a big step for #binance.”

Zhao told his followers in the first post:

“Today, I have something really exciting to share with you guys. This will be the first demo for the Binance Decentralized Exchange, the Binance Chain.” He then expressed his appreciation for his developer team for working ahead of their estimated deadline. “I thought this would happen one to two months later or more but again, the team delivered early.”

Traders have to keep in mind that this is still the unfinished version of the decentralized exchange and the platform still has some work in progress that needs to be finalized.

“That is a very casual, early demo for [sic] the Binance Chain.. There is still tons of work to be done to turn it into a final product. The team is working very aggressively [on accomplishing that]. Nevertheless, this is a major milestone for Binance Chain,” said Zhao.

Then again Binance is not the first company in the crypto space to develop a decentralized open-source blockchain platform. Huobi also has under development a decentralized exchange, already having invested more than $100 million into their project.

Decentralized cryptocurrency exchanges have seen a sudden increase in demand after many centralized exchanges and wallet providers have lost millions of dollars of user funds due to hacking attacks.

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