Binance DEX launches Testnet, its new decentralised exchange platform.
From today on the Binance Testnet you can create your wallet and start trading tokens. Like all DEXs and most custodian nom wallets, the creation of the wallet is anonymous, and no KYC is required.
In the future, Binance DEX will also support several wallets, both soft and hard, with well-established security systems.
To date, the Binance Trust Wallet and Ledger Nano S have already been integrated.
Viktor Radchenko, the founder of the Binance Wallet Trust, said:
“We’re working toward decentralized accessibility to cryptocurrency,. We want users to have full control over their private keys, and easy access to decentralized applications, to maximize the potential and mainstream adoption of cryptocurrency. Binance DEX is one step further to realizing our vision for greater freedom of money.”
Binance CEO Changpeng Zhao (CZ) added:
“Binance DEX is a decentralized exchange with a decentralized network of nodes, where you hold your own private keys and manage your own wallet. With Binance DEX, we provide a different balance of security, freedom and ease-of-use, where you take more responsibility and are in more control of personal assets.”
Binance DEX is based on Binance Chain technology, a new blockchain and peer-to-peer system developed by Binance itself. In this way, all DEX transactions are recorded on the Blockchain, forming a complete and verifiable record of all exchange activity.
The reference token is Binance Coin (BNB), which will be migrated from the current ERC20 version on Ethereum to Binance Chain, to become its native resource.
CZ has revealed that:
“Binance Chain has near-instant transaction finality, with one-second block times. This is faster than other blockchains today”
Ethereum, for example, takes about 20 seconds, and Bitcoin 10 minutes, to add a new block to the chain.
“With the core Binance Chain technology, Binance DEX can handle the same trading volume as Binance.com is handling today. This solves the issues many other decentralized exchanges face with speed and power”