Binance to launch a Decentralized Exchange

➤Binance to launch a Decentralized Exchange ➤What is a decentralized exchange?
Binance to launch a Decentralized Exchange

The cryptocurrency exchange Binance rose to the fame within six months of its launch, and it is not stopping there. On 13 March 2018, the exchange announced in a public statement that Binance plans to launch a decentralized exchange by implementing a new blockchain called Binance chain.

The blockchain will be responsible for trading and transfer of blockchain assets.

The exchange has its currency named Binance Coin (BNB). And used the cryptocurrency to raise initial funding through an ICO. Learn more about BNB here.

After the launch of Binance Chain, the BNB token upgrades to this new blockchain from the existing Ethereum platform.

What is a decentralized exchange?

As the name suggests, decentralized exchanges are resistant to government shutdowns as the exchange implements a server-less architecture. The workload would be shared to a number servers across the globe, and no one can identify where exactly each service is located.

Also, users do not have to trust third parties to hold their funds like they do in the centralized exchanges. So, decentralized exchanges achieve better security and anonymity.

Things that happen in a Centralized exchange like the employees using user funds for their benefit, and insider hacks won’t be possible with the decentralized exchanges.

But there are events like EtherDelta (a decentralized Ethereum based exchange) DNS hack where the hijackers manipulated the exchange’s domain records and tricked users. Many people lost funds, and it is best not to use the same accounts that were being used during the hack.

Like the centralized ones, decentralized exchanges too are not one hundred percent safe.

Conclusion

Binance believes that in the near future centralized and the decentralized exchanges exist together and will serve each other. Also, they want to transform from a company to community.

Binance is already the top exchange in terms of trading volume. However, we have to wait and see whether Binance can establish and become planet’s best decentralized exchange.

Related articles

Bitcoin exchange, how to make money - how to use the cryptocurrency exchange
Read more April 13 2022
Bitcoin exchange, how to make money - how to use the cryptocurrency exchange
➤Bitcoin exchange, description of the interface on the example of the Exmo exchange ➤How to use the cryptocurrency exchange
Bitcoin - the right answers to important questions
Read more April 13 2022
Bitcoin - the right answers to important questions
➤ bitcoin bubble that will burst soon ➤ A neighbor said this is an analogue of the financial pyramid ➤ We will give answers to popular misconceptions
Blockchain - bitcoin cryptocurrency of the future, how it works.
Read more April 13 2022
Blockchain - bitcoin cryptocurrency of the future, how it works.
➤Blockchain - bitcoin cryptocurrency of the future ➤How blockcain works. ➤ What is blockcain
Binance Adds More ADA Pairs
Read more April 15 2022
Binance Adds More ADA Pairs
➤What is Binance ➤Cardano in Binance ➤How much it cost
Binance vs Bittrex
Read more April 15 2022
Binance vs Bittrex
➤Binance vs Bittrex ➤Exchange the World
Top crypto offers
Crypto Deposit
aStake
Cripto deposit PhP. Return
Minimum invest PhP. Take
High earning PhP. Overpayment
Deposit methods: Crypto: Fiat Currencies:
Visa Wire Trans MHC USD
0.00% interest rate for new clients
GET LOAN MORE DETAILS
Cripto card
TRASTRA
Payment card PhP. Return
Buy&Pay cripto PhP. Take
App for phone PhP. Overpayment
Deposit methods: Crypto: Fiat Currencies:
Visa Wire Trans Interac Sepa BTC ETH LTC BCH UCDC EOS USD EUR GBP
0.00% interest rate for new clients
GET LOAN MORE DETAILS
Crypto Deposit
Cripto Credit
Nexo
Power of cripto PhP. Return
Cripto deposit PhP. Take
Cripto credit PhP. Overpayment
Deposit methods: Crypto: Fiat Currencies:
Visa Wire Trans Interac Sepa BTC ETH LTC BCH UCDC EOS USD EUR GBP
0.00% interest rate for new clients
GET LOAN MORE DETAILS
Cripto exchange
CoinSmart
Buy cripto 1 min PhP. Return
Crypto in the palm PhP. Take
Access account 24/7 PhP. Overpayment
Deposit methods: Crypto: Fiat Currencies:
Visa Wire Trans Interac Sepa BTC ETH LTC BCH UCDC EOS USD EUR CAD
0.00% interest rate for new clients
GET LOAN MORE DETAILS