Binance has released another video demo of its upcoming decentralized exchange. This time we get a look on the UI of exchange.
Binance is recently getting involved in a lot of cool stuff. It just announced its plans to launch a new blockchain called Binance Chain, and it also announced its partnership with Decentraland to develop blockchain-based games. Now a few hours back it has also released the second demonstration video of its decentralized exchange Binance DEX. The first demo was released back in August when exchange was in a very rough pre-alpha stage. Now this second demo is showing us what this upcoming exchange will look like when it finally goes live.
The demo video gives us our very first look on the UI of Binance DEX. And it turns out that the looks and UI of this exchange are not going to be very different from the UI of Binance. There’s also a web-based crypto wallet and an explorer for company’s new native blockchain called Binance Chain that can be used to search for individual blocks. The testnet for BinanceChain has already been announced and it will be live within next few months.
The functions of Binance DEX look very similar to the functions of Binance itself. For instance, it generates a 24-word mnemonic seed phrase for private keys of users, it has got a Balances tab to help users take a look on all their balances easily and a user icon in the top navigation bar that shows the individual’s wallet address. The Binance Chain explorer can be used to find out details related to individual blocks and transactions on company’s upcoming public blockchain. User funds will be managed by company’s recently acquired Trust Wallet. The company said in this regard:
“User funds on the DEX will be secured with decentralized wallet applications like Trust Wallet, which has a server-free infrastructure that stores private keys only on the user’s device, meaning only users have access to their funds.”
Binance DEX is built on Binance Chain itself with the aim of providing low-latency, high throughput trading in a secure and reliable environment. The company also said that its BNB token, which is currently an ERC-20 token based on Ethereum blockchain, will soon be migrated to Binance Chain itself.
The move of Binance to launch a decentralized exchange has led to other exchanges also planning something similar. Recently Huobi had also announced its intentions to evolve into a decentralized exchange. Let’s see how much time they take to do it and which other exchanges do something similar.