Binance has discloses information about a decentralized crypto exchange of its own as the company reaches a chronological milestone. The CEO of Binance, Changpeng Zhao states that his team was diligent enough to come up with the prototype earlier than the designated date of unveiling the Binance DEX aka the Binance Chain.
The Binance team, known to own the platform accommodating one of the largest crypto-trades to date, has also unveiled other essentials for the Binance’s crypto-ecosystem including the likes of Binance Labs (a blockchain technology incubator) and the Binance Info (The Binance Codex) focusing primarily over the performance, the user friendliness and making the assets readily exchangeable to concrete monetary value representing sharp liquidity. Binance states,
We completed Binance Labs (a blockchain technology incubator), Binance Info (our Codex), as well as many other components that comprise the Binance ecosystem. We believe that continuously supporting high-quality blockchain projects is the best way to develop this industry.
Nevertheless, the news of the Binance DEX was fully cherished by Zhao as he turns excited and delivers the news of their progress over the exchange further regarding the exchange to still being worked over as they have just come up with a prototype version of the exchange. Zhao states,
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.
The Binance team has further things to say about the development of the Binance crypto-atmoshpere as the team explains a prolonged of staying dormant in order to research over the decentralized crypto-environment to eventually develop the Binance Chain and the other constituents of providing to the user the best experience accompanying the best of features, but nothing newer as that would be a sharp blow to keeping the user friendliness intact.
After extensively researching decentralized exchange frameworks and analyzing existing implementations, we believe significant improvements can be made in providing Binance users with a level of trading experience to which they are already accustomed.
The prototype is under development and in full swings to be further purified than the version Zhao has described to the “Binancians”. The team is working over to create a trading route for the willing, to deliver the ease and the transparency associated in order to elevate performance and the risk free factor of the exchange. Though there is much on the plate to swipe clean until we have the eventual product, to initiate the improvement once the development is a done job, is surely a checkpoint in Zhao’s books. Zhao states,
There’s still a ton of work to be done to turn [it] into a final product. The team’s working on it very aggressively. Nevertheless, this is a major milestone for Binance Chain.
Zhao has been working over to developing a decentralized environment for the user to be indulged into the trading process without any third party overseeing the entire process but has not ruled out the concept of a centralized atmosphere stating that the future does hold some place for those sorts too as there always is a mixture of ideologies that circle an era.
Centralized and Decentralized exchanges will co-exist in the near future, complementing each other, while also having interdependence. We stand here today because we believe that Blockchain technology will change the world.
Binance has been keen on pinpointing the objectives disclosing their each move to the world and disposing of what the company deems lackluster or merely not up to the mark, there have been some factors that can utterly diminish the continuous progress of Binance in delivering the product on time. The recent theft attempt over the Binance platform on March 7th, 2018 had the potential to overturn the entire platform if it were for the theft to be successful. Though the attempt was not let to some unfavorable climax but the company is trying to be cautious for the future by designating a bounty program bearing an award of $250,000 equivalent bounty for the person who is willing to provide useful information regarding the hacking attempt investigations leading to eventual arrests of the culprits. The program states,
The first person to supply substantial information and evidence that leads to the legal arrest of the hackers, in any jurisdiction, will receive the equivalent of $250,000 USD in BNB. The exchange rate will be determined at time of transfer.
Albeit, there are various platforms in the making to strive for the breakout star title in the recent crypto-rich situation, much of the difference is in the magnitude of centralization the protocols feature in the core. Another platform has also been introduced as Huobi exchange announces allocating tokens on a much larger scale to eventually come up with their own open-source blockchain protocol. Chen Guang, a director at the ecosystem development for Huobi states to a secondary crypto-news platform,
We want this to be a social experiment. The future is not likely to be entirely decentralized. As such it’s important to find the equilibrium that balances the two polars, which is the ultimate goal of this exploration.
The future for the crypto-market is surely an immense one but the need of the hour is to keep the pace steady not necessarily hasty, eliminate the errors and the risks involved and come up with the safest and the purest route from a trading party to another without any scammers overseeing the process and seizing the moment to strike.