What is Binance DEX and what are the benefits of a Decentralized Exchange?
Hey everyone! As many of you know, we have been approved by Binance DEX to be listed there after we have finished our IEO. Our IEO will start on 5th August and will end on 18th August 2019 in both Tokenomy and Tokocrypto exchange.
our listing in Binance DEX will be somewhere around late September, roughly 2 weeks after we are listed on Tokenomy and Tokocrypto. Only tokens that are on Binance Chain (BEP-2) can be traded on Binance DEX so we will be providing a token swap platform to change from ERC-20 (Ethereum) tokens to BEP-2 (Binance Chain) tokens.
We recommend using Trust Wallet as the preferred wallet to access Binance DEX, please download the wallet from this link: https://trustwallet.com/
What is Binance and what is Binance DEX?
Binance is one of the major success stories of the entire cryptocurrency space and continues to grow at an unrelenting pace. After recently establishing a permanent base in Malta, the leading cryptocurrency exchange has also expanded into Africa with Binance Uganda, and launched a fiat to crypto platform called Binance Jersey.
The team have now released their Decentralized Exchange (DEX) platform on testnet, that will allow users to trade cryptocurrencies while retaining full custody of their own funds. Despite initial concerns regarding just how decentralized the exchange is, Binance continues to set the pace with regards to exchange services and the Binance ecosystem includes a token launch platform and incubator for blockchain projects, multiple education and research portals, an OTC trading desk, and the Trust Wallet mobile application.
On February 20, 2019, Binance announced the release of their testnet for Binance DEX, which acts as a decentralized order-matching engine based upon Binance Chain technology. In order to create Binance DEX, the team behind the exchange created a new blockchain and peer-to-peer distributed system which sees matching take place within the blockchain nodes with all transactions being recorded on-chain, which helps to maintain a complete, auditable ledger of activity, and allows users to exchange the digital assets issued and listed on the DEX.
- Functionality — Binance DEX utilises a web-based trading platform, and uses a similar UI to Binance.com. It also incorporates TradingView charts which contain a full range of technical indicators. Furthermore, the platform allows users to create wallets and hold their own private keys, and the DEX also supports alternative software and hardware wallets, and integrates with the Trust Wallet and the Ledger Nano S.
- Technology — The exchange relies on the core Binance Chain technology and has one-second block times with near-instant transaction finality. As a result, Binance DEX can support similar trading volumes as Binance.com, although it uses a different matching engine. Binance DEX uses periodic auction to match all available orders, and as the match happens at the same time for all orders with the same price in every auction, it does away with the concept of Makers and Takers.
- Security — The platform doesn’t take custody of funds, and traders maintain control of their private keys. Binance Chain uses a Byzantine Fault Tolerance (BFT) and Proof of Stake (PoS) based consensus mechanism that involves a series of qualified validators, and employs a number of anti front running mechanisms to maintain treading integrity.
- Customer Support –As a decentralized exchange, Binance DEX is available traders in a wide range of countries, and the team provide a high level of support compared to other competing DEXs. They have provided a Github page and an FAQ section that address a number of key issues. There is also a Forum and the team maintain a Telegram group and Twitter.
The team at Binance have kept to their word and produced a decentralized version of their exchange as promised. For more experienced traders, this allows them to interface with a familiar and trusted platform while staying in control of their funds. The UI and TradingView charts allow traders to engage in more complex strategies based on a comprehensive variety of technical indicators.
Read the full article here: https://blockonomi.com/binance-dex-review/
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