Binance to Launch Its DEX on Binance Chain in Late Feb for Public Trial

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Tue, 02/12/2019 - 16:27
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Yuri Molchan
The Binance platform is about to launch its decentralized trading network for the open trial in late February
Binance to Launch Its DEX on Binance Chain in Late Feb for Public Trial
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On Monday, Feb. 11, Changpeng Zhao (CZ), the head of Binance, wrote on social media that Binance Chain, the company’s own blockchain platform to power Binance DEX, will be released for public trial on Feb 20 – in slightly over a week.

All details shared, questions answered

Almost a week ago, when answering questions during an AMA (ask-me-anything) session on Twitter, CZ shared all details and nuances of the approaching start of the DEX. The session took 45 minutes.

CZ pointed out that the firm has already let a few special partners in on trialling the newly-made blockchain, among them are dev teams, which are going to embed various tools into the new DEX.

Among the good news is that Ledger Nano S has already been linked to Binance Chain. Ledger Nano X, along with other wallets, such as Trezor, will be embedded later.

Binance DEX and, correspondingly, the closely connected to it Binance Chain, are going to work on all PC and mobile platforms – Linux, Windows, iOS, Mac OS, etc.

As per CZ, the principle under which Binance Chain (and the DEX) is going to work will be very close to those Bitcoin is based on, i.e. total transparency. No place for anonymous operations.

To list a coin on the new DEX will cost their creators $100,000. This high fee is meant to bring down the amount of scam projects.

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BNB will be fueling Binance Chain

Back in December, Binance created a video that was an instruction manual for using the new DEX. There, users could see the local crypto wallet, the interface and an explorer for Binance Chain.

CZ also commented on what part BNB will perform on the new network. He said that its function will be the same as ETH coins or GAS on Ethereum – to pay for transactions.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.