Binance Launches Testnet of Decentralized Exchange

Binance Launches Testnet of Decentralized Exchange

The world’s largest cryptocurrency exchange, Binance announced the launch of Binance DEX testnet. Binance DEX is said to be secure and scalable – with a block interval of one second. User account registration is now open. Testnet went live on Wednesday morning, 20 February 2019

Binance DEX is a decentralized exchange with a decentralized network of nodes, where you hold your own private keys and manage your own wallet.

Changpeng ‘CZ’ Zhao, Chief Executive Officer of Binance

Changpeng ‘CZ’ Zhao, CEO of Binance, stated in a blog post that with the Binance DEX users can take ‘more responsibility’ and can have more authority over their personal assets. The exchange’s DEX platform is a ‘different balance of security, freedom and ease-of-use.’

Binance’s decentralized exchange is built on the Binance Chain, their very own blockchain. It serves as a secure marketplace where network nodes match buy and sell orders. All transactions are documented on-chain.

Scalability of Binance DEX

With the core Binance Chain technology, Binance DEX can handle the same trading volume as Binance.com is handling today. This solves the issues many other decentralized exchanges face with speed and power.

Changpeng ‘CZ’ Zhao, Chief Operating Officer of Binance

Binance DEX has scalability without compromising security. Binance Chain, where the DEX is built, can settle transactions ‘near-instant’ with one-second block time. In contrast, IDEX, one of the best known decentralized exchange and built on Ethereum, has a block interval of roughly 20 seconds. And Bitcoin takes about 10 minutes for the network to confirm transactions.

Cryptocurrency Support

Currently, 16 cryptocurrencies are available for trades on the Binance DEX. Among the 16 are Cardano (ADA), Bitcoin Cash ABC (BCHABC), Bitcoin Cash SV (BCHSV), Dash (DASH), EOS (EOS), and Ethereum Classic (ETC). These digital coins can only be traded with the Binance Coin (BNB).

According to the website, BNB is an ERC20 token but it will eventually be migrated onto the Binance Chain to make it the blockchain’s native asset.

Wallet Support

Binance’s Trust Wallet is fully integrated with Binance DEX, as well as the Ledger Nano S, with more wallets supported over time.

Binance Blog Post

Ledger Nano S hardware wallet owners can access the Binance Chain app via Ledger Live. This will allow them instant access to the testnet platform.

Trust Wallet, a software wallet, is Binance’s official wallet.

Binance Coin Market Information

Since the beginning of February, BNB is on an uptrend from $6.19. As of 21 February, 8:59 AM (UTC+0), it is valued at $10.33 USD (-6.70%) with a market cap of over $1 bln. It jumped up on Coin Market Cap rankings, placing tenth among the most valuable crypto coins in the market, surpassing BCHSV.

EOS

6.51 USD
8.32%

BNB

33.97 USD
3.53%

ETC

7.30 USD
3.99%

DASH

159.42 USD
3.27%

BSV

99.06 USD
2.50%

ADA

0.08185 USD
4.25%

BCHABC

244.32 USD
0.00%

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