Earlier this morning we’ve seen the official debut of Binance DEX, the exchange decentralized Chinese giant Binance, which is now one of the largest exchange of cryptocurrency.
The DEX was in the testing phase already for several months, and its in these days, with the debut of the Binance Chain, was also made public the Binance DEX.
Binance DEX leans to the blockchain Binance Chain, so as to create a platform completely decentralized. An exchange in a decentralized, offering numerous benefits for privacy, but above all for the safety of users, since the funds are not managed by a centralised agency, therefore, less vulnerable to possible attacks.
In a DEX, in fact, users do not have access to the platform via a “classic” account, but using your private key/wallet, so as to interface directly with on-chain. By doing so, the funds are always held in your wallet account associated with it, that will interface to the trading processor, that is the mechanism that is responsible to manage and process all transactions. In this way, a room with a “trustless”, in which exchanges take place virtually between users.
— Binance (@binance) April 23, 2019
We see better how it works Binance DEX and what are the main features.
Debuts on the exchange in a decentralized Binance DEX
The exchange decentralized Binance DEX is accessible from the following address: binance.org. On the homepage, for now, there are only the instructions necessary to access the platform and to create your wallet in a secure manner.
As shown in the infographic below, the first step consists in the creation of a wallet on the Binance Chain. The private key of this wallet will then be transcribed in the form of SEED or KeyStore file. Obviously, you need to keep your SEED, or KeyStore, as they will be your only means of access to the address associated on the chain.
At this point, you will need to transfer this address to your funds or token BNB. This is done, you can finally enter the real trading platform and then execute or to place various order types.
This system will allow a greater safety for the users, since only the user can access the wallet and, therefore, to the funds real. Not only that, but a system of this type also allows you to lower commissions and fees of the exchange, as the platform will rely on the blockchain to Binance Chain.
At the moment there is no pairs trading, but soon it should be announced the first. It is not excluded even the debut of real stable coin pegged to the price of the Bitcoin, so as to allow users to make trading on currencies such as Bitcoin and Ethereum with all the advantages of the Binance DEX.
Happened in the first swap-token BNB
Today, 23 April, was also the first swap-token BNB, as announced on 18 April on the occasion of the debut of the Binance Chain.
Initially were, therefore, filed the five-million-token BNB in an address of the exchange of Binance. These first five million tokens, lean obviously to the Binance Chain.
From today, therefore, who will pick up the token BNB from Binance will have tokens placed in the Binance Chain, therefore, will have to use wallet ad-hoc, able to support the blockchain. Among them, we point out Enjin, Ledger, Atomic Wallet, and many others. The list grows day after day and in short, all smelled wallet will support Binance Chain.
Available API, Web Wallet, Block Explorer and source
As promised in recent days, was also released the Web Wallet for the token BNB-based Binance Chain. Not only that has also been made available on the block explorer and also a series of tools dedicated to developers.
The Web Wallet lets you create an address on Binance Chain, and also offers the possibility to write down the private key in various ways. In fact, you can get a SEED mnemonic 12 words, or a file KeyStore is encrypted. Alternatively, you can keep your private key naked.