Binance Chain Presents Decentralized Exchange Interface
Bitcoin exchange Binance has published the second video presenting the capabilities of the upcoming decentralized trading platform. The video shows a complete trading interface, an account creation and reviews Binance blockchain – Binance Chain.
According to the video, Binance DEX will have the look similar to an existing exchange. However, there will be additional features such as an option to generate a 24-word mnemonic seed phrase for users’ private keys, a “balances tab” to inform users of the status of their accounts and a “user icon” in the navigation bar that shows individual wallet addresses. The users can search for an individual block and view transactions included in a particular block with the blockchain explorer.
The combined prowess of a DEX and a public blockchain allows BNB holders to speculate on a bright future of the Binance platform. Binance Chain, in particular, expects to function like Ethereum blockchain, which would enable projects to issue their company tokens on the main chain. Overall, the development leads to a binance-based ICO market of its own.
Binance DEX is expected to be launched at the beginning of 2019. Traders will be able to send and receive Binance’s own BNB tokens and other coins via trading pairs, Binance said, adding that while BNB is currently an ERC-20 token, it will soon be migrated to Binance Chain upon its mainnet launch.
As a reminder, Binance CEO announced the launch of Binance developed blockchain on Tuesday, December 4. The first demo version of Binance DEX was published in August.