Bitcoin Global News (BGN)
February 20, 2019 -- ADVFN Crypto NewsWire -- The world’s biggest
centralized crypto exchange service has finally awaited what it
claims will be its’ decentralized equivalent. If you are not yet
familiar with what a decentralized crypto exchange is, you can
check out one that has been around for a while like the Kyber DEX
here, but essentially, a DEX allows you to trade in
With a DEX, there are really no
know-your-customer requirements to fulfill and thus, little to no
risk of your identity being stolen in any way on the platform.
Because of this, it is also reasonable to assume that governments
are watching such services closely for any activity that might be
considered illicit in any fashion.
Even so, Binance has just released
their DEX in a beta version today, followed by heavy attention from
the greater crypto media. In connection with this, what most crypto
users have been wondering for months is: what will the Binance
DEX’s defining features be?
According to the DEX’s website, one
of the most unique features about the offering is that it will run
on its’ own, dedicated blockchain. This means that unlike
Ethereum-based decentralized exchanges, which still depend on the
Ethereum blockchain in some capacity, Binance has completely broken
free from the ERC-20 standard for their venture.
Therefore, it will be interesting
to see how the Binance DX performs as it grows with its’ own native
nodes. Related to this, CoinDesk quoted Changpeng Zhao, the CEO of
Binance, as saying that the DEX’s settlement time will be close to
instant, with “one-second” block times.
Whether or not this proves to be
true depends on hard usage data, at least from the DEX’s beta
stage. Until then, working in Binance’s favor is the fact that
Ledger’s products are already integrated with the DEX, with more
trusted crypto-storage products to hopefully soon
By: BGN Editorial Staff