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Binance Coin News - Binance Publishes New Video of its DEX, Promising Public Trials Soon

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The global giant crypto trader Binance issues a new demo of its DEX on YouTube with a scheduled launch at the start of 2019
Binance Publishes New Video of its DEX, Promising Public Trials Soon
Contents

Previously, U.Today reported the plans of Binance to create an exchange that would be non-centralized (DEX) in the near future. Now these plans seem to have become closer to reality as today, on Wednesday, Binance has issued an educational video of its Binance DEX that will soon be launched on a testnet.

Along with the new decentralized venue, Binance will create a protected electronic storage space for crypto assets, as well as the explorer for Binance Chain (the native DLT of Binance).

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Details of the new dex

The new video reveals that the Binance DEX interface will be pretty much the same as the one of the centralized exchange. However, a couple of new features have been added.

Details of the new dex

One of them is that you can generate a mnemonic seed phrase consisting of 24 words that can be used as a user’s private key to enter the wallet and is given only when you are creating your wallet on the DEX.

Details of the new dex

Another novelty is that the new decentralized product has a “balance tab” from which users will be getting updates on the amount of funds on their accounts. Also, a ‘user icon’ has been added, which shows your personal wallet address.

The DLT explorer

The demo video says that traders will be able to utilize the blockchain explorer to search for an individual block and to view transactions that are part of a specific block.

It also explains that customers’ crypto on the DEX will be protected with wallet dapps, such as Trust Wallet. The latter has an infrastructure that does not use servers, so a user’s private key is stored only on a user’s hardware wallet/smartphone. That means only users can access their money, explains the video.

Users will have to pay a small fee in BNB, the native token of Binance, for transactions on the DEX.

Binance DEX

The DEX made by Binance is running on Binance Chain. The latter was first announced in early spring this year for convenient trading with low latency and to enable users to take advantage of decentralized custody for their funds.

Those traders that will be using the DEX will have an opportunity to transfer and receive BNB and other coins through trading pairs. Besides, a Binance rep stated that while at the moment BNB is an Ethereum token (ERC20), soon enough it will be taken to Binance Chain, when this mainnet is officially launched.

Similar moves of rivals

In the summer, the Huobi exchange located in Singapore publicly shared its plans to change itself into a separate DEX which will offer investments to help other companies launch a DLT protocol based on an open source code.

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Litecoin (LTC) Now Supported by Coinbase Wallet, Users Ask to Add XRP

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Coinbase claims that this addition is an important step towards creating the leading cryptocurrency wallet on the market
Litecoin (LTC) Now Supported by Coinbase Wallet, Users Ask to Add XRP

Coinbase Wallet now allows its users to directly store Litecoin (LTC) in the app. Thus, the fifth biggest asset by market capitalization joins Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Ethereum Classic (ETH) on the list of supported cryptocurrencies.
Litecoin (LTC) Now Supported by Coinbase Wallet, Users Ask to Add XRP

The rollout is coming in a few weeks

The blog post states that Coinbase Wallet users will be able to download an update with Litecoin support in a few weeks on the App Store or Google Play Store respectively. Litecoin support will be available from the get-go once the app is updated. You will simply have to choose the ‘Receive’ option on the main wallet page in order to deposit LTC to your wallet.

Coinbase keeps snubbing XRP

The announcement was flooded with tweets from users asking Coinbase to add XRP. Everyone’s favorite remittance and settlement token is nowhere to be found on the roster of supported digital coins.

However, XRP was added to Coinbase Custody in November 2018, so one shouldn’t exclude the possibility that the crypto behemoth will eventually fully embrace this asset.  

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Stellar Overtakes Tron for #8 Spot, ETH Price Prospects Looking Better

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After the recent reports of IBM partnering with Stellar, the price of XLM has spiked, letting the coin reclaim its #8 position on CMC, formerly conquered by Tron
Stellar Overtakes Tron for #8 Spot, ETH Price Prospects Looking Better

Recently, U.Today wrote that on the wave of reports of IBM partnering with Stellar, the price of XLM jumped over 35 percent and pushed out Tron from its #8 position on Coinmarketcap.

Stellar Overtakes Tron for #8 Spot, ETH Price Prospects Looking Better

Stellar vs. Tron

Users on social media and news outlets began to speculate that heading forward at this pace, XLM may grab the market of its rival, Ripple. However, that does not seem to be the case, since in 2018 Ripple managed to get itself over 200 banks as partners wishing to trial its RippleNet system, including Binance exchange.

Tron and Stellar have swapped places despite the aggressive advance of the former into the crypto space and its potential rollout into the gaming industry, when Tron signed a memo of understanding with several major game-makers of South Korea.

BitTorrent is helping to ‘drag’ Tron along the crypto field, and with BTT being actively added to various exchanges and launching a GRID X BitTorrent card, this slump of TRX to position #9 from #8 may well be temporary.

Besides, Tron is working on launching its own DEX, TronWatch, which should also add popularity to the platform itself and its coin.

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Ethereum shows bullish signs

ETH, the second currency by market cap, is beginning to show a stronger bullish trend upon spiking over 36 percent in February so far. On charts, the coin has gone above the key Moving Averages.

One of the major factors that is, as per analysts, pushing Ether upward is the upcoming Constantinople hard fork. It seems to be warming up market sentiment, getting investors to buy more in hopes of large returns in the near future.

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CME BTC Futures Breaking Their Previous Records as 2019 Begins

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In its internal email, CME Group announces that this year their BTC futures are beating all previous sales records even before the start
CME BTC Futures Breaking Their Previous Records as 2019 Begins

 

CME Group, the Chicago-located exchange, has recorded a splash of interest from investors who are buying BTC derivatives at the start of 2019.

Good start of the year for CME

The company’s internal e-mail says that on February 19, the company made a new record by selling 18,338 futures contracts on BTC. That is equal to nearly 91,700 BTC or $360 mln.

In November 2018, the record set by the exchange was a little smaller, says the email:

“Q1 2019 is off to a strong start, ADV has improved to 4,630 contracts (23,150 equivalent bitcoin), up ~13% from Q4 2018 while [open interest] rose to 4,076 contracts, an improvement of 21.5% over Q4 2018.”

As for the customers, since the moment the exchange started working, it has had more than 2,000 accounts for trading BTC futures, belonging to 30 unique institutional clients. By the way, this category of clients has become more interested in the product.

Since November last year, CME has gotten over 40 new clients of this scale. They are also dubbed LOIHs (Large Open Interest Holders), that is, an institution that owns 25 futures on Bitcoin.

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The BTC derivatives market

The BTC derivatives market is much wider than just CME. Since the time it first launched this product, other players have entered the business too. Among them are major exchanges, like OKEx, BitMEX, etc – these are the biggest players on the market at the moment.

Now this market includes not only futures but also crypto options and swaps, and the amount of players in the market keeps increasing.

Other crypto trading heavyweights intend to release their crypto derivatives exchanges in the US in 2019. Among them are Bakkt, SeedCX, and ErisX.

Bakkt plans to offer BTC derivatives, and SeedCX as well as ErisX will offer futures on several coins. Among those will probably be Bitcoin and Ethereum.

Binance reportedly is also considering a move to the crypto derivatives market.

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“Faketoshi” Tool by Albacore Labs Enables Anyone to Play Satoshi Nakamoto

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Due to the numerous self-proclaiming Satoshi Nakamotos appearing recently, a financial startup created an app that lets anyone become the real Bitcoin inventor
“Faketoshi” Tool by Albacore Labs Enables Anyone to Play Satoshi Nakamoto

From now on, anyone with some basic programming skills can issue proof that he is the genuine Bitcoin creator – startup Albacore Labs has made an app tool which lets one validate a signature by the genesis block, the first ever block mined on the Bitcoin chain.

“Faketoshi” Tool by Albacore Labs Enables Anyone to Play Satoshi Nakamoto

Oh yes, I'm the great pretender (ooh ooh)

Numerous Satoshi Nakamoto pretenders have emerged and disappeared over the last few years. The most prominent of them is perhaps Craig Wright, the public figure leading Bitcoin SV (Satoshi Vision) after the hard fork of Bitcoin Cash in November last year.

The other day, Mr. Wright brought up definitive evidence of him being the real Satoshi when he offered to swear an oath to the US Commodity Futures Trading Commission. This generous offer was taken by the community skeptically.

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Faketoshi line production

Recently, the team of the Albacore startup, which works in the business of improving financial transparency, has launched an app that allows anyone to link a message to the BTC genesis block. This way anyone who desires so can ‘prove’ they are the Satoshi Nakamoto.

The reps of the firm have publicly commented on their new product, saying that with the growing number of people trying to prove they are the Bitcoin maker, they have decided to help them with that.

“With everyone seemingly trying to prove they are Satoshi (looking at you Craig Wright and “Faketoshi twitter”), we’ve decided to make it easier for other people to make similar claims.”

This story goes back to 2016 when reporter Andrew O’Hagan spent several months together with Craig Wright, watching him tie a message to Satoshi Nakamoto’s address.

Now, using the new app, it is possible to create a signature and a message hash that will be validated against the address that created the BTC genesis block.

Faketoshi line production

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Facebook CEO Mulls Adding Blockchain to Store Customer Data, Warning Against Cons of Decentralization

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The head of the social media giant says he may introduce blockchain-powered storage for personal customer data
Facebook CEO Mulls Adding Blockchain to Store Customer Data, Warning Against Cons of Decentralization

On February 20, Facebook’s CEO visited a class of Harvard professor Jonathan Zittrain and spoke in front of his students. Among other things he spoke of was the possible implementation of DLT-based authorization of customer data.

Will Facebook integrate decentralization?

The discussion of the Facebook CEO and the professor revolved around the ways society and technology may develop in the future. In the course of the conversation, the company founder mentioned that Facebook may take part in the global trend of supporting decentralization.

He said that he and other people of his age were attracted to technologies, since they can give power and are not greatly decentralizing.

The CEO said he is eyeing introducing blockchain systems which would enable users to control their own data, letting them keep it on DLT systems and then to log into web services, avoiding services of middleman firms.

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Negative sides per Zuckerberg

The head of Facebook reckons that apart from positive sides, the open ledger technology has its technical difficulties which are possible to tackle, but there are moral cons too.

Facebook’s CEO assumes that there are ethical issues to the matter of blockchain. In his opinion, implementation of DLT systems can cause more abuse than there is now and that to solve those negative issues would be more of a hassle than those on conventional centralized systems.

Privacy vs. security

Zuckerberg pointed out that his company may start encrypting the personal messages of its users. He admitted how important it is for people to keep their messages private and secure.

He also said that the company must think about the safety of people in general – the Facebook team intends to do their best to prevent acts of terrorism, children abuse or recruiting, etc.

Facebook forays into DLT

Earlier in February, U.Today reported that Facebook had bought blockchain platform Chainspace, allegedly as part of their DLT integration.

Chainspace works to solve the scalability issues of blockchains though sharding and smart contracts.

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