Bitcoin Global News (BGN)
February 20, 2019 -- ADVFN Crypto NewsWire -- The world’s biggest centralized crypto exchange service has finally awaited what it claims will be its’ decentralized equivalent. If you are not yet familiar with what a decentralized crypto exchange is, you can check out one that has been around for a while like the Kyber DEX here, but essentially, a DEX allows you to trade in cryptocurrencies anonymously.
With a DEX, there are really no know-your-customer requirements to fulfill and thus, little to no risk of your identity being stolen in any way on the platform. Because of this, it is also reasonable to assume that governments are watching such services closely for any activity that might be considered illicit in any fashion.
Even so, Binance has just released their DEX in a beta version today, followed by heavy attention from the greater crypto media. In connection with this, what most crypto users have been wondering for months is: what will the Binance DEX’s defining features be?
According to the DEX’s website, one of the most unique features about the offering is that it will run on its’ own, dedicated blockchain. This means that unlike Ethereum-based decentralized exchanges, which still depend on the Ethereum blockchain in some capacity, Binance has completely broken free from the ERC-20 standard for their venture.
Therefore, it will be interesting to see how the Binance DX performs as it grows with its’ own native nodes. Related to this, CoinDesk quoted Changpeng Zhao, the CEO of Binance, as saying that the DEX’s settlement time will be close to instant, with “one-second” block times.
Whether or not this proves to be true depends on hard usage data, at least from the DEX’s beta stage. Until then, working in Binance’s favor is the fact that Ledger’s products are already integrated with the DEX, with more trusted crypto-storage products to hopefully soon follow.
By: BGN Editorial Staff