The world’s largest daily trading volume of the cryptocurrency exchange Binance plans to launch a beta version of decentralized exchange (DEX) by the beginning of 2019.
On Saturday, the head of the Binance, Chanpen Zhao (Changpeng Zhao), known in the community as CZ said:
“Just held a productive meeting about Binance DEX (decentralized exchange), fuel for which will be BNB, and this exchange will not control the means of users. Plan to launch a public beta by the end of this/beginning of next year.”
In July at one of the events, Zhao said that, in his opinion, decentralized exchanges are the future of the industry.
He believes that in the long run, users will be able to use neoscopelidae wallets to trade cryptocurrencies peer to peer way, with full control over their funds.
“I think decentralized exchange is the future. Don’t know when that future will be. I think that we are in the first stage, so it’s unknown, leave it a year, two, three or five years. I don’t know, but we have to be ready for it,” he said.
When exchange is centralized, a large part of its profits is generated by the various commissions. However, decentralized exchanges can also charge a Commission built into smart contracts, which are used by the framework to handle transactions to the main network of public blockchain like Ethereum.
Zhao emphasizes that the real advantage of using decentralized exchanges is the freedom and control over their funds. Users of decentralized exchanges do not need to create accounts or to send an application for withdrawal of funds. All trade transactions are in the blockchain with neoscopelidae wallet.
In the end, as the cryptocurrency continues to grow and Fiat — become less important on the cryptocurrency market, traders will gradually move from centralized to decentralized platforms.
Team Binance makes no assumptions about the timing of this transition, however, as he said, Chanpen Zhao, this should be ready.