Against the background of this news, the course of BNB grew by 25% of all for an hour
The Chinese Binance Exchange, the world’s largest crypto-exchange in terms of volume of trading, officially announced the development of a public blockchain for the new decentralized trading platform.
In a statement published on March 13, it is said that, according to Binance experts, in the near future centralized and decentralized exchanges will exist in parallel, complementing each other. This inspired them to develop a platform Binance Chain, designed for trading and transfer of blockchain-assets. According to the authors of the project, this step will also help to transform crypto-exchange into a community.
“We believe that the constant support of high-quality blockchain projects is the best way to develop the industry. We will continue to work in this direction in accordance with the goals outlined in our “White Paper”, – representatives of Binance report.
The new Binance blockchain also ensures the functioning of the coin Binance Coin (BNB) – its own coin and the blockchain-network of crypto-exchanges.
The decentralized exchange differs from the centralized one in that it does not use third-party services to store client funds. All transactions are conducted directly between users without the participation of the central server and any third parties storing the order books, and/or responsible for the safety of the data.
In turn, decentralized exchanges provide a higher level of anonymity and are considered more secure from hacking. At the same time, beginners to trade on such exchanges may find it more difficult. In addition, they may be deprived of some of the functionality of centralized exchanges.
It should be noted that decentralized exchanges are not entirely new. Platforms like Waves DEX, BitShares, NXT and CounterParty have been around for quite some time.
Interestingly, Binance’s statement was published one day after the announcement of a reward of $ 250,000 for any information that would help arrest the hackers responsible for the attempted cracking of the crypto-exchange, undertaken on March 7.