Binance DEX based on the Peer-to-Peer protocol and allows users to exchange crypto assets directly between each other. The main advantage of “Binance DEX” is the matching system. BNB is created on a high powerful blockchain engine “Tendermint Core” with one-second block times, that provides the speed, which is also the same to centralized exchanges.
How the Binance DEX works
The difference is that the centralized exchange constantly matches orders, and in the Binance DEX all orders will be executed at the same time when it is added to the block.
If the order is not complete within 72 hours, it will be canceled. Here is what Binance post about Order Matches details:
— Orders with best bid price would match with an order with best ask price; — If the orders on one price cannot be fully filled by the opposite orders: for the orders with the same price, the orders from the earlier blocks would be selected and filled first.
— If the orders have an equivalent worth and block height, and can’t be totally crammed, the execution would be allotted to every order in proportion to their amount (floored if the number has a partial lot). If the allocation cannot be accurately divided, a deterministic algo would guarantee that no consistent bias to any orders: according to a sorted sequence of a de facto random order ID”.
The Binance DEX / Binance Chain Overview
Despite the fact that the idea of a decentralized exchange has already been implemented, and there is already exist an exchange with a decentralized order book, such as Waves Platform, for example, the Binance DEX is looking like one of the first mass-adopted solutions in the DEX area. In conclusion, here are the main advantages of Binance DEX:
- Private keys under user’s control
- Decentralized order book
- Matching with one-second block time
The combination of these three factors can really take the cryptocurrency market to the new level.
To get your own BNB address on the Binance Chain download a non-custodial Atomic Wallet that supports 300+ cryptocurrency assets, built-in exchange and “Buy crypto with a credit card” service. When Binance Chain will be launched you’ll get your own BNB address and will be able to perform a token swap to move your BNB to the Binance Chain.
Binance is one of the most popular and largest cryptocurrency exchanges with trading amount about $3 BLN daily. Created in 2017 as a token, BNB coin was supported the Ethereum blockchain as associate degree ERC-20 token. Then Binance announced moving to its own blockchain called Binance Chain. This news has attracted the interest of even more investors than before.
What is BNB
BNB may be a tradable quality, its total quantity is two hundred MLN, ~1,600,000 BNB tokens are burned by Binance to create the remaining coins even additional valuable. Once the testnet is verified for efficiency, Binance will begin a token swap that is predicted to take place in March 2019.
After launching the Binance Chain, there will be burned as many BNB coins as BNB tokens have already been burned before on the Ethereum Network and this process will continue. All BNB users will need to transfer their tokens to the Binance Chain to maintain their BNB token balance. To manage Binance Coin you may use Atomic Wallet.
There will be no mining on the Binance Chain. BNB сhain uses a BFT (Byzantine Fault Tolerant) and PoS (Proof-of-Stake) consensus. This is like some common blockchain systems, like Greek deity or modern.
Binance Chain you can:
- Send and receive assets
- Release your own token
- Burn / mint and freeze tokens
- Create trading pairs on Binance DEX and trade assets
- And most importantly, on the Binance Chain basis will be created a new Crypto decentralized exchange – Binance DEX.
Binance DEX Launches on Binance Chain, Invites Further Community Development
Binance, the leading global crypto exchange and ecosystem, joins the community in celebrating the launch of Binance DEX, a decentralized Crypto exchange running on the Binance Chain. As part of Binance’s effort to push the industry forward, the Binance DEX development team invites projects to participate in and issue new tokens on the native blockchain.
“We believe suburbanised exchanges bring new hope and new potentialities, offering a trustless and transparent financial system,” said CZ (Changpeng Zhao), CEO of Binance. “With no central custody of funds, Binance DEX offers much more management over your own assets. We hope this brings a replacement level of freedom to our community. We will work closely with comes and groups to grow the complete system.”
BNB Chain mainnet launch, Binance Coin (BNB), the seventh largest cryptocurrency by market cap to date, has migrated from ERC-20 to BEP-2 to become the native asset on Binance Chain, where BNB is used to assist network transactions.
Wallets initially supported on Binance Chain include Trust Wallet, Ledger, Enjin, Magnum Wallet, Cool Wallet, Coinomi Wallet, Atomic Wallet, ZelCore Wallet, Infinito Wallet, Math Wallet, Ellipal Wallet, Guarda Wallet and Exodus. Users now have access to the Binance Chain Explorer, web wallet, public data nodes and APIs, and trading will begin at a later date.
The launch of Binance DEX follows a two-month testnet period, during which nearly 8.5 million transactions were made across a simulated trading competition, coding competition and bug bounty program, with several new updates and enhancements implemented. As a testament to the community-led nature of Binance DEX, many of the new features and open-source tools that have emerged on the mainnet are contributions made by the Binance community.
To access Binance DEX, visit https://www.binance.org