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.
Finally got a date. Targeting to release Binance Chain testnet (@binance_dex) for public testing on Feb 20th. This is a testnet, your feedback would be most valuable.— CZ Binance (@cz_binance) February 12, 2019
All details shared, questions answered
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.
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.