Binance CEO Unveils The First Demo Of Its Decentralized Crypto Exchange
Binance CEO Changpeng Zhao provided a glimpse into the company’s first decentralized cryptocurrency platform. Earlier this year in March, Binance unveiled the Binance Chain platform with an aim to allow its user to trade crypto assets without the need for a centralized operator.
While providing the first sneak peek into the decentralized exchange, Zhao addressed the viewers saying: "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.”
Although the demo just showed the “rough,pre-alpha” version of the decentralized exchange, Binance CEO seemed to be quite happy with the progress his developer team has made. Zhao also lauded their efforts by saying: “I thought this would happen one to two months later or more, but the team delivered early,” he commented in the video. “It is very much still in early pre-stage development, so this is a casual early pre-alpha demo.”
During the video address, Zhao also noted that the platform is currently just all-client based and doesn’t have a working graphical user interface (GUI). However, the demo provides sufficient highlights into the activities of listing, issuing and trading digital currencies on the decentralized cryptocurrency exchange.
Zhao said: “That is a very casual, early demo for [sic] the Binance Chain. There is still tons of work to be done to turn it into a final product. The team is working very aggressively [on accomplishing that].”
However, Binance is not the first to attempt developing a decentralized exchange as its competitor Huobi has already unveiled similar plans. Two months back in June, Huobi announced its development of an open-source blockchain protocol which the company says will be transformed into a decentralized exchange in the future. For this project, Huobi is said to have already invested over $110 million.
The demand for a completely decentralized exchange has recently escalated after multiple exchanges falling victim to online hacks this year, resulting in a loss of millions of dollars of investors’ funds.
Although there are currently many available decentralized exchanges in the market, industry analysts show that they still have some functions and features to be centralized. In fact, the credibility of decentralized exchanges has taken a hit especially after last month’s hacking of the Waves decentralized crypto exchange.