Business 13 February 2019

Erik Gibbs

Binance’s DEX exchange coming soon to a public testnet

The decentralized exchange (DEX) being developed by Binance could soon go public. The Binance DEX exchange is rapidly advancing and the blockchain that will support it will be made available for public testing on a testnet this month in anticipation of a live rollout shortly after if the tests go well.

Changpeng Zhao, the CEO of Binance, said in a Twitter post yesterday that the company is currently expecting to launch the Binance Chain on February 20. The platform is the native public blockchain that has been developed to host Binance DEX. Zhao stated, “Finally got a date. Targeting to release Binance Chain testnet (@binance_dex) for public testing on Feb 20th. This is a testnet, your feedback would be most valuable.”

Zhao participated in an Ask-Me-Anything session about the DEX last week on Twitter, which was later made available on the company’s website. He acknowledged that a few “selected partners” had already been given access to the platform, indicating that these included several blockchain explorers and wallet developers. They were allowed to have an inside peak due to their work in creating tools for the platform.

The Nano S hardware wallet offered by Ledger has already been integrated into Binance DEX. Others, such as Trezor’s Nano X and wallets from KeepKey, will be added in the future. The exchange is expected to be made available for all computer and mobile operating systems.

Zhao added, “Binance DEX works very similar to bitcoin. So most transactions are transparent. There’s no hidden transactions or private transactions.”

Binance’s BNB token will have an integral role on the new exchange. Zhao points out, “Binance Coin on the Binance Chain is the same as the Ethereum coin on the Ethereum network. You will have to use it to pay for network transactions, as gas.”

Regarding the gas, he added, “Right now, all of the gas and fees collected by the node are kept by the node. Right now we’re just launching Binance Chain with a very simple business model. Our main goal is to get the Binance DEX up and running as quickly as possible. My philosophy is always, Get the thing working, make sure everybody uses it, then adjust the business model. Initially, all of them will go to the nodes.”

Being listed on the exchange won’t come cheap. There is a listing fee of around $100,000, which was created in an effort to prevent, or at least reduce, the number of scam projects that could request addition to the platform.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB 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.

COMMENT

latest news

‘Irresponsible tweets’ land John McAfee in hot water with Skycoin

Business 22 March 2019

‘Irresponsible tweets’ land John McAfee in hot water with Skycoin

Skycoin has responded on Twitter that it John McAfee’s comments about “whale f--king” that actually led to the project being forced to sever ties with the cryptocurrency influencer.

Read More
Watch out: Fake Wasabi crypto wallet out to steal your crypto

Business 22 March 2019

Watch out: Fake Wasabi crypto wallet out to steal your crypto

The scam wallet is an uncanny clone of the real Wasabi wallet. It comes with a fake website and for those who are not keen, it's almost impossible to distinguish between it and the real one.

Read More
UPS partners with blockchain startup for B2B platform

Business 22 March 2019

UPS partners with blockchain startup for B2B platform

UPS, a global leader in logistics, announced a partnership with Inxeption that targets B2B merchants.

Read More