Binance Exchange Testnet Online!
The number-one cryptocurrency exchange by adjusted trade volume, Binance, has successfully launched the public testnet of its own blockchain, “Binance Chain,” and decentralized exchange, “Binance DEX,” which will run on top of the Binance Chain system!
“Binance Chain is a new blockchain developed and released by Binance. Binance DEX is a high performance and user friendly platform built on top of Binance Chain, where users can create, issue and trade digital assets.” – Binance Chain Testnet Announcement
Other tools include a Web wallet and the Binance Chain explorer. The launch date of the mainnet is still yet to be announced.
The Binance Phenomenon in the Cryptocurrency Space
Binance and its CEO, Changpeng Zhao, known as “CZ,” have become crypto community icons.
The popular exchange offers an ICO token launchpad for investors to participate in, an ever-growing list of cryptocurrencies to buy and sell, and offers credit/debit card deposit options for BTC, LTC, ETH, and XRP.
Truly cementing its place in the cryptocurrency and blockchain sector in Q1 2018, Binance outperformed Deutsche Bank, Germany’s largest bank and one of the leading financial institutions in Europe.
Since its launch in 2017, Binance has relocated from China to Malta, and it also runs its own tradable cryptocurrency (BNB), which will migrate from being an Ethereum ERC-20 token to a native asset on the new Binance Chain.
CZ hasn’t stopped there; the Binance empire will be launching a fiat-to-crypto exchange that supports GBP and EUR, known as Binance Jersey.
“Binance is excited to announce that Binance’s EUR/GBP Fiat Exchange, Binance.je, is now online, with trading in BTC/GBP, ETH/GBP, BTC/EUR and ETH/EUR trading pairs now open. Registrations, deposits and withdrawals are now also available.” – Binance Jersey Announcement
Binance Chain Can Process Thousands of Transactions Per Second!
According to reports by CZ and Binance, the new Binance Chain can achieve one-second block times. It’s aiming at being a simplistic blockchain in terms of application, with the primary focus on speed and transactional capacity.
“At its current beta form, Binance DEX can handle trading volumes as huge as the ones we process on the centralized exchange, at a rate of about ‘a couple of thousand’ transactions per second.”
Decentralized exchanges (DEXs) are nothing new in the cryptocurrency sector, but they lack the needed volume and adoption to truly make an impact. Many see DEXs as the answer to escaping third-party corruption. Binance’s ambitious plans help raise the standard and awareness of DEXs in the digital asset sector.
“These capabilities, which are already light years ahead of most DEX options, are made possible by the Binance Chain, which has a one-second block time. By comparison, block times are estimated at 10 minutes for the Bitcoin blockchain and 20 seconds for the Ethereum blockchain.”
Binance Chain could play a critical role not only for decentralized exchanges, but also in how digital assets are bought, sold, and even stored. A win for one is a win for all at such an early stage in the adoption of digital currencies and ledger technology.
This is not investment advice; please always do thorough research and only invest what you are willing to lose, especially in times of uncertainty.