Changpeng Zhao aka CZ, the CEO of Binance gave some new insights on the platform’s new decentralized exchange dubbed as Binance DEX. He elaborated that it will operate on the Binance chain with native currency as Binance Coin [BNB].
In an interview with Cointelegraph, CZ opened up about Binance DEX and noted that the new decentralized exchange was similar to Ethereum’s ERC20 tokens, though it will enable the user to trade between tokens like the BNB. He further elaborates that the aim of cryptocurrency was to enable transactions that are fast and middleman free, however, Bitcoin (BTC) network takes a lot of time for transacting on-chain and also has huge fees. Changpeng Zhao added:
“The Binance DEX also lives on the Binance chain that allows you to trade in a decentralized manner… Cryptocurrency is supposed to be cheaper to transfer as supposed to be instantaneous, I think initially it did that but… I think the current decentralized exchanges are either slow or have relatively difficult to use UI.”
He further added that this DEX is aimed at making the user interface simple and easy to use and also improve “latency and the user experience”. CZ also took to his Twitter account announcing more details about the DEX.
Three things about the @Binance_DEX
1. ONE SECOND block time, ONE confirmation finality = INSTANT TRANSACTIONS
2. You control your funds (private keys). No holding of coins at the exchange.
— CZ Binance (@cz_binance) December 5, 2018
CZ notes that Ethereum’s smart contract based options are too slow to be adopted by the masses and his team’s endeavour is to change this with their new exchange, which scheduled to launch in early 2019. Binance’s official Medium blog stated:
“Have your DEX funds secured through decentralized wallet applications like Trust Wallet, which will store private keys only on your device, so traders can retain full control over their funds and private keys.”
After its launch in early 2019, BNB will swap from the Ethereum blockchain and move to their main net, as stated by CZ. A user Damilola Akinleye tweeted the CEO asking him if the old binance platform will remain same or change. CZ replied to the user:
“Binance.com will continue to run. Just like Google doesn’t shutdown their search engine when they launch Gmail.”
When another user Shavneet Singh commented:
“So in future bnb won’t be erc20 ?”
“BNB will swap to our own mainnet.”
Another comment came for a Twitterati, CryptoVast :
“Will it support integration with @LedgerHQ and @Trezor ?”
“those are being worked on, but may not be done on day 1 of testnet launch.”
Known for his openness and honest replies on the social media platform, CZ went on to hint in one of his Tweets that to recover from the current bear, the crypto market needs men in the likes of Amazon Founder Jeff Bezos.