Binance presented a demo version of a decentralized exchange

Binance, one of the largest cryptocurrency exchanges, presented a demo version of the new decentralized exchange Binance Chain (DEX).

Binance announced the development of a platform for trading crypto assets without a centralized operator in early spring of this year. Yesterday, CEO Changpeng Zhao presented a demo of the new DEX trading platform, which will allow the listing of trading pairs without central control, increasing user freedom of choice.

There is no exact launch date for Binance Chain yet, but a video presentation from Changpeng Zhao on YouTube revealed the main technical points. The six-minute video demonstration attached to the tweet showed three significant features of Binance Chain: token creation, listing and trading. Binance's own token, BNB, in the top 10, will be used on Binance Chain. Zhao noted that the demo version does not yet have a graphical user interface (GUI).

Fierce competition in the market is forcing not only Binance to develop rapidly. Huobi is also working on creating an open-source protocol to build an autonomous decentralized crypto platform on it.

Amid hackers, decentralized exchanges are hailed as more secure than their centralized counterparts, which are more vulnerable to hacks. Decentralized platforms are set up so that users retain ownership of their coins using private keys. This solution prevents the accumulation of cryptoassets in one centralized “honeypot” or point of attack.

For the same purposes of securely storing cryptoassets, earlier this month Binance acquired the mobile Trust Wallet. An anonymous, open-source, decentralized wallet will become the default wallet on the new decentralized platform, allowing private keys to be stored on users' devices. 

The head of the exchange, Changpeng Zhao, plans to entrust the future of crypto platforms to the crypto market. He is confident that the centralized exchange Binance and the new decentralized trading platform DEX will operate in parallel for some time.  

The Binance cryptocurrency exchange today remains one of the largest players in the crypto market with a daily trading volume of more than $1.1 billion.. The platform usually stimulates large price movements when deciding to expand a listing. This week, Binance published stricter rules for adding new crypto assets.

In the spring, Binance moved its operations to Malta. In July, the exchange supported plans to creation of a bank based on blockchain with symbolic property.