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.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.