The head of the largest crypto exchange Binance Changpeng Zhao said that his company plans to introduce a public beta version of the decentralized trading platform early next year.
Just had a productive meeting for #Binance #DEX (decentralized exchange), where $BNB will be native gas, and the exchange don’t control user funds. Aiming for a public beta end of the year/early next year. Yes, we work on Saturdays, non stop!
— CZ Binance (@cz_binance) September 29, 2018
“Just had a productive meeting for DEX (decentralized exchange), where $BNB will be native gas, and the exchange don’t control user funds. Aiming for a public beta end of the year/early next year. Yes, we work on Saturdays, non stop!,” said the head of Binance.
Earlier, Zhao repeatedly called decentralized exchanges “the future of the cryptocurrency industry.” In the long term, he believes, users will use non-custodial wallets for cryptocurrency trading. In this case, the exchange will be peer-to-peer. Such a model will give users complete control over the funds.
“I am confident that the future lies in decentralized exchanges. I do not know yet when exactly this future will come. I think we are now at an early stage, so it is not known whether it will take a year, two, three or five years. I don’t know, but we have to be ready for this,” Zhao said earlier.
It is no secret that the lion’s share of the profits of centralized exchanges is generated, as a rule, at the expense of various commissions. However, decentralized exchanges may also charge fees embedded in the smart contracts used by platforms to transfer transactions to the main networks of public blockchains.
Zhao stressed that the main advantages of decentralized exchanges are the freedom and control of the users over their funds. On such platforms, users do not need to create accounts or submit withdrawal requests. Any trading activity is realized through blockchain and by means of a non-custodian wallet.
In July, Changpeng Zhao presented the first demo version of the Binance decentralized exchange.
A first (rough, pre-alpha) demo of the Binance Decentralized Exchange (DEX), showing issuing, listing and trading of tokens. All cli based, no GUI yet. A small step for #BinanceChain, a big step for #binance. https://t.co/2aXkR0gclP
— CZ Binance (@cz_binance) August 9, 2018