Binance’s long-awaited Decentralized Exchange (DEX) Test Net will be launched tomorrow on Feb 20, 2019. Binance Chain is a Blockchain project initiated by the people at Binance. The goal of the project is to create a decentralized marketplace for issuing, using and exchanging digital assets.
The first offering from the Binance Chain Project is the Binance DEX, a new Decentralized Exchange (DEX) that aims to combine the existing successful features and characteristics of Binance exchange, and the security and privacy of a decentralized exchange.
Binance DEX will allow to send and receive Binance Coin (BNB) between different addresses. New tokens can also be issued on the Binance Chain, which is traded like any other token, burnt, frozen or stored. A new trading pair can also be proposed by a user which if becomes popular would get listed on the exchange through a democratic process.
A variety of existing wallets will support Binance Chain. These wallets that support Binance Chain include Trust Wallet, Binance’s official crypto app, as well as third-party wallets like the Ledger Nano S and many more to come.
While the number and selection criteria of central net nodes which acts like ‘master nodes on the Dash network’ are yet to be decided. The focus of the Binance Team is currently developing the ‘best-in-class DEX as fast as possible.’ The Governance of the DEX according to the blog post will evolve, as the user base will grow and the regulation of countries will come into effect, the DEX governance model will develop eventually.
The exchange has combined the user-friendly functions and interface of the Binance exchange and has incorporated decentralization through Blockchain on it. The team announcement as on Feb 18, 2019, mentioned that: