Changpeng Zhao, the CEO of the Binance cryptocurrency exchange recently gave the world a sneak peek at his platform?s decentralized exchange known as Binance Chain.
Zhao made the announcement through a YouTube video uploaded on Thursday, August 9. In the video, he stated that he had expected it to be unveiled at a later date but the developers managed to deliver on time. He also made sure that he gave the credit to the developers for the achievement. Prior to showcasing a demo, CZ warned that not much should be expected especially since they were still in the early stages of development and what they were revealing was a pre-alpha demo.
?A first (rough, pre-alpha) demo of the Binance Decentralized Exchange (DEX), showing issuing, listing, and trading of tokens,” stated Zhao in a tweet.
The demo itself features a developer showing how the platform will feature and list digital currencies including how tokens will be created and pushed to the blockchain. Zhao ended the video by pointing out that the development team was aggressively working on the exchange with the main goal of highlighting the decentralized exchange as the future of the cryptocurrency exchange.
As for the Binance?s current centralized platform in relation to the development of DEX, Zhao stated that they will let the market decide the course of action. He however believes that they will most likely work alongside each other for some time. The Binance centralized platform is currently one of the top cryptocurrency exchanges in the word.
Binance revealed that it was working on the DEX project earlier this year in March. The crypto exchange announced back then that decentralized exchanges would exist separately from their centralized counterparts but that they would coexist in the same market.
The use of decentralized exchanges could finally allow cryptocurrencies to be fully decentralized. They might also be the solution that will help curb some of the major issues affecting the cryptocurrency market such as malicious attacks leading to crypto heists. Binance claims that the idea of decentralized crypto exchanges is the result of research on how to introduce new and unique trading offerings to clients.