Binance has released a second video demo of its advancing decentralized crypto exchange, Binance DEX.
Binance Grinds Out Pre-Alpha Decentralized Exchange
World-class cryptocurrency platform Binance has been hard at work on its in-house decentralized exchange platform for months now.
While no product was expected this early, Binance’s team has been hard at work, recently releasing a “sneak peek” of a pre-alpha version of the platform, which will be an essential part of Binance Chain.
On Thursday morning, Changpeng Zhao, Binance’s CEO and an industry golden child, took to Twitter to release a short (but sweet) demo of an early-stage development iteration of Binance’s planned decentralized exchange (DEX).
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 (not giving crypto away) (@cz_binance) August 9, 2018
Opening off the sneak peek video, Zhao, or CZ as he is known by the crypto community, told his viewers not “to expect too much,” as this is a “casual, rough and pre-alpha” demo that has no graphical user interface (GUI) to speak of, for now, that is.
In the six-minute video, a Binance developer showed off three essential features that will be an integral part of the fully-fledged platform, these being the creation, listing, and trading of tokens. From what was seen, it seems that all seems to be working according to plan. But until Binance releases a version available for public consumption, it remains to be seen whether the DEX can handle an influx of volume and users.
Closing off the “casual and early demo,” Zhao noted:
“There is still tons of work to be done to turn it into a final product. The team is working on it very aggressively. Nevertheless, I think that this is a major milestone for Binance Chain and we’ll keep you guys up to date from time to time.”
While this may look like nothing much on the surface, CZ sees this as “a small step for Binance Chain, (but) a big step for Binance.”
In an interview with CNBC Africa’s Ran NeuNer, who hosts the Crypto Trader show, Binance’s CEO added that he isn’t 100% sure when the official release of the DEX will occur. As CZ puts it, “it could be one year, two years, three years, or five years. I don’t even know.”
Decentralized Exchanges — The Future For This Industry
Many see decentralized exchanges as the next step for this industry, as many investors have begun resisting the restraints put upon them by centralized exchanges. For those who are unaware, decentralized exchanges remove a centralized intermediary, allowing its users to trade crypto to each other directly, removing the need for an asset to be routed through an exchange-owned wallet.
Not only does this reduce the risk of a hack, but it is also censorship-resistant and can be available worldwide for any user that may be seeking its services.
However, some have their doubts, with some skeptics bringing up the recent hack of the Bancor DEX, where a smart contract was hacked and over $30 million in funds were stolen. While none of these funds were owned by consumers, critics brought up the fact that Bancor was able to freeze BNT tokens through a back-door, “emergency” function, which negates the purpose of decentralization.
Hopefully, Binance will address all the current concerns about decentralized exchanges and will create a platform accessible to a worldwide audience.
The Stellar Project and XLM Coin are one of those entities in the crypto-verse that are slowly but surely making significant progress under the radar of mainstream news. Maybe this is due to the fact that the Stellar Organization is a non-profit and it focuses more on its projects rather than creating a ‘buzz’ in the crypto-verse.
Therefore, let us explore 12 Projects utilizing the Stellar blockchain that no one is talking about.
Ethereum World News had highlighted this project that is working on tokenizing the carbon credits economy using the Stellar blockchain. Veridium is partnering with IBM and Stellar to integrate their VERDE Token to simplify the tracking and auditing of carbon credits and the carbon market trading that follows.
IBM has long been known to be a solid partner of the Stellar organization and plans on using the blockchain to explore the option of creating a cryptocurrency pegged to the US Dollar (a Stablecoin). The computing giant has also been known to be running 9 Stellar nodes around the globe to aid in the settlement of cross border payments.
Stellarport Decentralized Exchange
Stellarport Decentralized Exchange is a one of a kind decentralized exchange that runs on the Stellar network. Stellarport is a reliable, flexible and secure portal to the Stellar network where you can view your wallet, send payments and trade on the decentralized exchange.
Stronghold is your on stop shop to trading digital currencies. Stronghold accepts deposits in USD and can issue tokens of any kind on the Stellar Network as well as the traditional assets of Bitcoin and Ethereum.
Tempo is a European money transfer company that recently transitioned to the Stellar Network. This in turn will make money transfers using the platform cheaper and easier for its users. Clients are able to send global remittances from Europe through the Stellar e-wallet, online or by visiting TEMPO locations.
Open Garden was on of the finalists in the Stellar Build Challenge that was organized by the Stellar Foundation. The project aims at turning your phone internet connection into an Open Garden WiFi hotspot as part of a global bandwidth-sharing community. The revolutionary network protocol enables everyone to offer up surplus bandwidth in exchange for cryptocurrency, or purchase Internet service from other people nearby.
TillBilly is an integrated ‘tap and go’ terminal connected to a regular POS (point of sale) terminal. It is based on the Stellar Network and aims at making the payment process cheaper than the regular Visa and Mastercard platform. TillBilly also has a digital receipt system that solves the problem of having massive paper receipts after visiting your regular grocery store.
Slice is tokenizing the real estate industry in the United States making it possible for individual investors to access projects that were previously accessible only to institutional investors. Slice allows private investors to gain access to wealth building opportunities, while real estate owners and operators gain access to a large pool of untapped capital.
As the name suggests, SureRemit is a cross border remittance service that is used mostly by African workers abroad to send money home. It has joined the Stellar Network with 300 locations across Kenya, Rwanda and Nigeria. You can even use SureRemit to pay Utility Bills and send Airtime to loved ones.
Smartlands is setting out to tekonize assets in industries such as real estate, manufacturing, private shares as well as agriculture. The platform manages auditing, legal due diligence and other preparatory procedures of a token issuing company. Investors buy tokens of the company with the possibility of trading them and receiving profits.
Chynge is a digital payments platform that aims at making remittances free. Chynge uses tokens to digitalize payments on the blockchain to transfer funds immediately. Liquidity pools created by Chynge in various countries eliminate bank credit lines.
In conclusion, these 12 projects on the Stellar blockchain are impressive and more reason to look forward to a future powered by blockchain technology and cryptocurrencies.
Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.
The evolution and known value of cryptocurrencies has led to many of the exchanges being unfit in terms of keeping up with blockchain technology and guaranteeing fund security within them. The sole purpose of crypto and blockchain is to make every aspect decentralized and secure on the blockchain. One project has gone ahead and used this concept in an exchange. The Waves Decentralized Exchange is live and running with the Waves (WAVES) cryptocurrency as the main trading coin in the available pairs.
The traditional centralized exchanges have fallen off the radar one by one due to hacking. One such exchange was Mt. Gox that was hacked back in 2014 and lost a tonne of Bitcoin (BTC) that led to the company filing for bankruptcy. A second exchange was YouBit that was hacked twice in 2017 and also forced to file for bankruptcy. Coincheck was recently relieved of $500 Million worth of NEM (XEM) by hackers.
Binance has also not been spared by hackers. In early March, users complained of not being able to access their funds. Some of their coins on the popular exchange were converted to Bitcoin (BTC) without their consent. This attempted hack caused a slight market dip as there was a panic by coin and token owners. This was the second such attempted hacking on Binance in a span of a month.
It is with such information and incidences that the Waves Platform has come at an opportune time when more and more hackings are prevalent. Also, regular exchanges have the disadvantage of being prone to system delays when the websites cannot handle traffic as was the case around last December when everyone was rushing to buy crypto.
Waves’ DEX (Decentralized Exchange) solves all these issues of traditional centralized exchange. The users are allowed to trade pairs directly on the blockchain. Transactions are secure and the user does not have restrictions on the withdrawal of funds. The traded tokens are sent direct to your wallet and not held by the exchange hence guarantee security. Fees are also low on the Waves DEX with each transaction costing the user 0.003 WAVES. That is the equivalent of $0.01404 with the present value of Waves (WAVES) at $4.68.
If you are the adventurous and progressive type of crypto trader, it is about time you created an account on the Waves Decentralized Exchange.