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Binance Chief Speaks On DEX – BNB Like Ethereum (ETH)
As reported by Ethereum World News last week, Changpeng Zhao, CEO of the world-renowned encrypted startup Binance, has recently reached its most promising enterprise, the so-called "Binance Chain" and the decentralized exchange (DEX) that rely on it.
Through a short video, an unnamed member of the vast project team outlined the latest edition of the DEX demo, which features a graphical user interface (GUI) that resembles the world-renowned central exchange of startups. The seven-minute video outlined a number of pertinent features of the venture, including the issue of commercial orders, which were surprisingly fast, the creation of accounts and wallets for the newfangled blockchain and the internal block explorer.
While the ambitious project was well received by the community in general, with Binance Coin (BNB), the startup's thirsty crypt, with a single-digit gain after the DEX preview of Tuesday / Wednesday, He still knows little. on the exact complications and caveats of the company. The former employee of Bloomberg, Zhao, who is also part of "CZ", recently brought CoinTelegraph to lend his opinion on the subject.
The supporter of the long-standing crypt, who made an entrance into this innovative ecosystem years ago, told the media outlet:
Binance DEX is a decentralized exchange that allows you to trade with another token on our chain … The chain also allows you to send and receive BNB, which is the native currency, as well as other tokens. So the blockchain can allow you to send and receive [tokens/coins] directly, only if I want to send them to you.
CZ, doing its best to thoroughly explain Binance's latest initiative, added that the blockchain that developed its upstart is very similar to how the Ethereum, ETH and ERC-20 tokens work and are traded / traded .
Touching what distinguishes Binx's DEX and blockchain from competing networks, namely Ethereum, Stellar, EOS or Tron, the industry savant noted that ideally cryptocurrency transactions would be "snapshots". However, as seen by the blocking times published by For example, Bitcoin networks almost always require 10 minutes of transactions.
While Zhao recognized this, stating that "initially [blockchains] "The CEO noted that with Bitcoin and Ethereum the popularity has grown dramatically, not only the transaction fees can increase, but also the speed of the transfers, CZ noted that with Binance Chain, faster and cheaper transactions should be possible once again, that he considers "the original inspiration for crypto" and related technologies.
Later on this point, the former OkCoin executive (OkEX), explained that the current DEXs, although far more distributed than centralized exchanges, are "slow or have relatively difficult user interfaces", with almost zero platforms to provide a happy medium for consumers. As such, Zhao seems to state that the creation of Binance's DEX was based on the need for a "high capacity chain" and a user-friendly decentralized platform. CZ explained:
So, we believe that by improving the latency and the DEX user experience, we hope to see an increase in liquidity on the DEX, we hope to make a [good] contribution to the market.
Putting a spotlight on BNB, which has followed Bitcoin's (BTC) performances in recent weeks, Zhao noted that his company is currently "working with many partners on the business side" to implement BNB in their services. One of the recent and remarkable partnerships of Binance is with TravelByBit, which allows cryptocurrency users to travel the world through the use of cryptocurrencies. In the end, as mentioned by Binance's main brass member, these partnerships come to Binance's goal of creating a cryptocurrency ecosystem that is cost-effective and time-consuming and widely used.
Binance Forges Ahead In Crypto Bear Market
Binance Chain and its decentralized platform are not the only initiatives that the pre-eminent crypto startup is undertaking.
Binance Labs, the venture arm and incubator of its namesake, recently invested $ 3 million in Koi Trading. Koi Trading, based in San Francisco, for those who are not aware, is an emerging platform that serves as an OTC window, specializing in facilitating encryption orders not issued by investors.
Title Image Courtesy of sydney Rae on Unsplash
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