Binance to Launch a Decentralized Crypto Exchange, Based on Blockchain

Binance to Launch a Decentralized Crypto Exchange, Based on Blockchain

The crypto market is going to get enriched by another cyber money trading venue, and this time – based in the blockchain.

The news has been announced by the most considerable crypto bourse on earth (by trading scope) Binance.

The exchange officially notified this week that currently, it is working on the unrestricted blockchain in order to generate e new decentralized crypto trading platform.

Why Does The World Need a Decentralized Crypto Exchange?

According to the Binance statement, in the foreseeable future, both decentralized and centralized cyber assets trading venues will exist simultaneously. Therefore, they will elaborate each other.

The new project, which the exchange giant is developing at the moment, is called the Binance Chain. Binance also wants to use this as an opportunity to grow from a company into a network or community.

The crypto exchange added that it believes that developing blockchain-based projects is the optimal variant for keeping the crypto sphere going. Binance also emphasized that this aspect of developments has been determined by its whitepaper and it will continue working in accordance with it.

What’s The Difference Between Decentralized and Centralized Bourses?

Here are primary distinguishing traits between two of them:

  • The first one does not lean on the service of third parties when it comes to storing its clients’ funds.
  • At the same time, all customers of a decentralized bourse buy and sell coins between each other without the necessity of a central server.
  • Furthermore, there’s no central dominion that processes order books or custody.
  • Decentralized trading venues are anonymous.
  • They are tougher to be hacked.
  • However, they might be confusing for crypto trading newcomers and lack functionality.

A New Coin Will Emerge

Despite from a novel trading platform, there’s expected to appear a digital currency, called Binance Coin (BNB).