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It is safe to say that the giants of the cryptocurrency exchange, Binance caused a stir when he announced his own decentralized platform and blockchain for digital finance trading at the start of 2018.
The digital exchange (DEX) was built on Binance's mainnet blockchain and is destined to arrive on the world stage in the next year. Known as the Binance Chain, blockchain technology is designed not only to maintain the status of the organization as the hub of cryptographic exchange platforms, but also facilitates the evolution of financial exchanges as the world continues to sit and takes note of the powers of cryptocurrencies.
But how exactly does Binance Chain work? And what does its technology at the forefront of space mean both crypto and blockchain?
Presentation of the Binance chain
Rome was not built in a day and Binance Chain was not a technology that was born from today to tomorrow. As the Binance team explains, Binance Chain was the product of "extensive research and analysis" of decentralized exchange frameworks and existing market research.
Significantly, the company also said that the future will not see us confronted with a centralized or decentralized monopoly in the crypto-exchange market, but both forms will co-exist "complementing each other, but also having interdependence".
Introducing their new technology, Binance described Binance Chain as a public blockchain that "will focus primarily on the transfer and trading of blockchain assets, as well as providing new possibilities for the future flow of blockchain assets." Binance Chain will focus on performance, ease use and liquidity. "
Building towards DEX
Binance showed how deep their intentions are for their decentralized blockchain network when they announced their & Binance Dexathon & # 39; in March 2018. The aim of the project was to solicit prototypes of a decentralized exchange with a focus on speed and capacity, or more precisely, a blockchax dex that is low latency and high-throughput. & # 39;
The coding competition of the decentralized exchange invited participants from around the world to share their ideas for a decentralized viable exchange.
By publishing their advertising for the competition in Medium, Binance laments the lack of efficiency and ease of use of decentralized exchanges currently available in encrypted markets.
The article was read as a sort of weapon call to the coding community, and Binance clearly saw their initiative as an essential solution to keep up with the rapid pace in which cryptocurrencies were evolving at the end of the day. 39; year.
Addressing their readers, the Binance team wrote:
"This is a" hands on deck "initiative that combines technological excellence with the state of the art in Binance and the best of the community to push the envelope into blockchain technology once again ".
The result of the collective work of the company and the programmers who participated in the competition was the Binance DEX, a decentralized exchange intended to support "millions" of cryptographic resources, saving taxes and unnecessary delays.
In fact, according to FOTON, a decentralized cryptographic system can save around $ 36 billion a year for the entire industry.
Centralized system (on the left) and decentralized (on the right). Because there are no intermediaries, the FOTON platform is convenient of 7.75%.
This releases over 36 billion dollars annually in the cryptocurrency market.
From the first previews, DEX has undergone an important revision that helps distinguish it from the traditional Binance framework. It boasts a new user interface, eWallet and block explorer.
More specifically, Binance DEX represents a significant step forward for exchange cryptography technology. Unlike centralized exchanges that rely on securely stored data in a central location to operate, a decentralized system does not need storage space in one place and allows users to control their private keys. This, in turn, helps keep investor assets safe without carrying the burden of data processing in one location.
Basically, Binance has surpassed its centralized system, and Binance Chain coupled with Binance DEX is its solution to ensure greater growth while continuing to gain popularity.
Reject hackers
Considering the massive growth of malware for coin miners in 2018, the most significant improvement made by Binance Chain is the increase in the level of security in the exchange of cryptocurrencies.
Image source: Business Insider
At a time when cryptographic hackers are becoming more frequent, Binance's shift to decentralized blockchain technology opens the way to greater security with digital assets.
The prevalence of these hacks is due, in no small part, to the centralized nature of most of the exchanges that we are used to using today. With almost $ 1 billion of cryptocurrencies stolen only in 2018, security will undoubtedly be among Binance's priorities when devising a plan for an exchange that will catapult the encryption into a more modern era.
Since the data stored on Binance DEX will be executed in a decentralized manner, there is no specific position for hackers to attack. This offers investors an unprecedented level of control over their finances and greater peace of mind than rival exchange companies.
In particular, NewsBTC recognized in their article the importance of decentralized technology in the prevention of further cryptographic hacks and labeled the Binance Chain developments in the sector as "the future of cryptocurrency".
Looking at the future
The visible enthusiasm that Binance had when calling programmers to help them develop Binance Chain illustrates the perceived need to develop a coherent decentralized exchange in order to secure both the company and the security of encryption in the future.
Binance DEX is only the beginning of the progress in the industry that Binance Chain can bring. Decentralization not only helps to keep data more secure from hacking attempts, but also guarantees a more peer-based future for the markets. In its heart, both cryptocurrency and blockchain should be free of centralized control. Just as Satoshi Nakamoto meant.
Dmytro Spilka
CEO of Solvid and founder of Pridicto
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