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The managing director of Binance Changpeng Zhao aka CZ provided information on Binance's new decentralized exchange, Binance DEX, which would operate on the Binance chain with a native currency such as Binance Coin. [BNB] in an interview with Cointelegraph.
CZ also said that the new decentralized exchange is similar to the token of Ethereum ERC20, but it also allows you to exchange between tokens such as Binance Coin. He said that the main objective of cryptocurrencies was to be quick and to drop the intermediary that effectively reduced taxes, but even now, the Bitcoin network takes a long time for on-chain transactions and also has huge commissions.
Changpeng Zhao added:
"Binance DEX also lives on the Binance chain that allows you to negotiate decentralized … The cryptocurrency should be cheaper to transfer as it should be instantaneous, I think it initially did but … I think the current decentralized exchanges are either slow or relatively difficult to use. "
Furthermore, CZ has stated that with DEX they aim to make the user interface simple and easy to use and also to improve "the latency and the user experience".
CZ has announced the news on Twitter by providing more details on the DEX.
According to CZ, the options based on the smart contract of Ethereum are too slow to be adopted by the masses and they want to change them with their new exchange, scheduled for launch at the beginning of 2019.
The official average blog of Binance said:
"Make sure your DEX funds are protected through decentralized portfolio applications like Trust Wallet, which will store private keys only on your device, so that operators can keep total control over their funds and private keys."
CZ said that BNB will trade from the Ethereum blockchain and move to the main network after the launch of DEX at the start of 2019.
A user Damilola Akinleye tweeted asking if the old binance will remain the same, to which CZ replied:
"Binance.com will continue to work, just like Google does not shut down the search engine when it launches Gmail."
Another user, Shavneet Singh commented:
"So in the future bnb will not be erc20?"
CZ replied:
"BNB will switch to our mainnet".
One Twitterati, CryptoVast asked:
"Will it support integration with @LedgerHQ and @Trezor?"
To the above question, CZ replied:
"Those on which you are working, but may not be done on day 1 of the testnet launch."
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