CEO of cryptocurrency platform Binance Zhao Chanpen showed a demo of its decentralized platform, which is currently in development.
Zhao also said that at this stage “don’t expect too much” and added that currently the demo has no conventional user interface:
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. https://t.co/2aXkR0gclP— CZ (not giving away crypto) (@cz_binance) 9 August 2018
Zhao demonstrated three basic operations: creating, listing and trading tokens. Launch date of the new decentralized exchanger remains unknown.
Decentralized exchanges are more secure than centralized, which are more vulnerable to break-ins. Decentralized platforms work in such a way that users retain possession of their assets using private keys. This solution prevents the accumulation of cryptocurrencies in one centralized location, which could be attacked by hackers.
Earlier this month Binance acquired Trust Wallet, and decentralized anonymous wallet open-source that supports Ethereum, and more than 20,000 different tokens based on Ethereum. Binance Trust plans to use Wallet as a purse, a default on a decentralized platform.