Business

Steve Kaaru

Binance to issue $100k reward to promote its decentralized platform

Binance will issue a $100,000 reward to its users as it seeks to promote its soon-to-be-launched decentralized exchange (DEX). The exchange will issue the reward to the winners of its new simulated trading competition. The competition will be open to all users who hold at least 1 Binance Coin (BNB) in their account. 

Each Binance account will be able to register 20 Binance Chain addresses. These addresses will each receive 200 virtual BNB tokens to use in the competition as the starting funds. The competition will kick off on March 7, the exchange announced.

Binance DEX is a decentralized platform that will run on the Binance Chain. The platform is built on top of the main Binance system and will allow traders to exchange tokens without having to deposit them with the centralized Binance.com platform. It also allows traders to issue tokens.

The trading competition will take place in two phases. In the first, the participants will issue and list tokens on the Binance Chain. The tokens will rank by price volatility over every five-minute period. The tokens with the highest sum volatility at the end of the competition will emerge the winner.

The winner of the first phase of the competition will walk away with 3,000 BNB tokens which at the current market price are worth $34,000. The runners up will receive 2,000 BNB and 1,000 BNB tokens respectively.

The participants will also get to compete in an absolute return competition. They will get to use the virtual testnet BNB tokens to execute trading strategies on BNB, BTC, XRP and ETH. For this competition, the winner will walk away with 1,000 BNB, worth $11,350 at the current market price.

The competition will help Binance to test the DEX platform, the CEO Changpeng Zhao stated. CZ, as he is fondly known, urged Binance traders to help the exchange launch the DEX mainnet faster.

Announced in December last year, Binance DEX has been the subject of intense debate in the past. Some have criticized the partial decentralization of the exchange. CZ responded a week ago stating:

“A few guys seem to be bent out of shape, take it easy. Don’t call it a DEX. Call it an exchange where users control their own funds, runs on a fast blockchain maintained by a number of nodes, plus a fast and easy UI. That’s it.”

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as SegWitCoin BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins. Altcoins, which value privacy, anonymity, and distance from government intervention, are referenced as dark coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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