What is Binance DEX and Binance Chain ?

What is Binance DEX and Binance Chain ?

Bitdeal - The Leading Cryptocurrency Exchange and Blockchain Development Company, offers the best cryptocurrency exchange development services and blockchain solutions across the globe. We develop and deploy the dex script to start your own exchange as like Binance DEX.

In this article, we gonna look at the concept of Binance DEX and Binance Chain and also how Bitdeal can help you in launching your own dex platform on a mainnet as like Binance DEX on its Binance Chain.

What is Binance?

The name Binance is a Combination of Binary and Finance.

Binance is one of the popular cryptocurrency exchanges that initially offered a centralized platform for trading 100+ cryptocurrencies. From 2018, Binance exchange is the world's biggest cryptocurrency exchange in terms of global trading volume and users.

As a private cryptocurrency exchange based in Malta, allows users to securely trade a wide range of cryptocurrencies. Binance Coin (BNB) is the native cryptocurrency of the Binance which follows the ERC 20 standard.

Founder: Changpeng Zhao, Yi He
Founded Year: 2017 
Headquarters: Malta

 

 

What is Binance DEX?

Binance DEX is a Peer-to-peer protocol of Binance running on Binance Chain that allows users to exchange cryptocurrency directly without the involvement of admin.

The notable benefit of Binance DEX is its matching system as it is created on a high power blockchain medium " Tendermint Core " with 1sec block time. This provides speed as same as centralized exchanges.

 

Source : CoinMarketCap

Key Features of Binance DEX 

The key aspects of Binance DEX platforms are as follows :

1. Private keys are under the control of users
2. Decentralized order book 
3. Matching mechanism with 1 sec block time

These three factors can take the binance and crypto market to the next level.

What is Binance Chain?

The latest iteration is called Galileo — v.0.6.0 — as announced by Binance on July 15.

"Binance Chain is a very simple chain in terms of application, but it can handle very large loads. It is our opinion that the load is more important than the features". - Binance CEO Changpeng “CZ” Zhao.

The Binance Chain is a core technology of Binance DEX with which it can make trade volume as like Binance centralized platform. You can not mine crypto coins on Binance Chain, Instead, tokens can be created.

Binance сhain uses blockchain mechanism such as Byzantine Fault Tolerant (BFT ) and Proof-of-Stake (PoS ).

The launch of Binance Chain on mainnet  Galileo has made the migration of Binance Coin (BNB ) from ERC 20 to BEP 2, the native token standard of Binance. Now BNB, the 7th largest cryptocurrency by market cap has become the native asset on Binance Chain and used to assist network transactions.

Binance Chain can be used for the following functions :

1. For Sending and Receiving crypto assets.
2. For releasing your own tokens.
3. For Burning and freezing tokens.
4. For creating trading pairs on Binance DEX.
5. For trading new crypto assets on Binance DEX.

Highlights of Binance DEX 

1. Functionality 

Binance DEX uses a web-based exchange platform with UI similar to Binance centralized platform. It contains Tradingview charts with full range technical indicators. The Binance DEX offers users a way to create their own wallet and hold their own private keys.

Also, It supports for alternative software and hardware wallet that can be integrated with trust wallet and Ledger Nano S.

2. Technology 

Binance DEX utilizes the Binance Chain technology and supports for same trading volume as like binance.com although it utilizes different matching mechanism. 
Binance DEX has one-second block times than that of Ethereum. 

3. Customer Support 

Binance DEX is available for traders across a wide range of countries and the team behind Binance DEX provides high-end support for their traders than any other DEX platforms.

They provide 24 X 7 support system for exchange, Github page and also FAQ sections for all other user queries. There is also a Forum platform and they maintain a Telegram group and Twitter for further support.

4. Security 

Binance DEX provides wallet development in which the users can store their private keys confidential. As mentioned earlier, it uses Byzantine Fault Tolerance and Proof of Stake which involves a series of qualified validators, and a number of anti front running mechanisms for maintaining trading.

5. Fees 

Fees for Binance DEX are set after a periodical review, adjustment, and agreement among validators through a proposal-vote procedure.
The trade fee is calculated based on trade notional value and other transaction fees are fixed. 

As a result, the exact fees are unsure but they are shared among the block producers or validators in order to maintain the network, pay for network usage which prevents abuse and attack on the network.

Advantages 

1. As Binance already gained a good reputation, this inturns continues to be with Binance DEX.
2. Build with familiar UI and UX.
3. Control of funds is in the hands of users.
4. Users have the rights to test trading tricks.
5. Low or considerable fees.

Some of the features that Binance DEX does not support involves :

1. Live Trading 
2. Easier Learning Curve
3. 100% Decentralized Platform

What Bitdeal can afford?

We, Bitdeal help you in developing your own DEX platform as like Binance DEX on your own blockchain network. We also provide integration of DEX features for your already existing centralized cryptocurrency exchange platform. Develop your DEX platform with live trading and cent percent decentralized trading platform.

Our Blockchain experts are experienced and they can deploy a blockchain network as like Binance Chain to maintain the trading on your own DEX platform as like Binance DEX.

Its time to launch your own DEX platform as like Binance DEX !!

Get a free demo for Binance DEX Clone Script !!

Reference :

1. What's Binance Chain Trying To Accomplish And Why Is It Pulling Projects From Other Platforms?​

2. Beginners Guide to Binance DEX: Complete Review

3. What is Binance DEX and Binance Chain

decentralized exchange script

About Zaara Hary

Hey All !! I am Zaara Hary. I am a Business Consutlant at Bitdeal and having 5+ years of experience in blockchain and cryptocurrency field. I am interested towards the upcoming online crypto and blockchain trends. Stay Connected with Us to move forward with innovations in crypto globe!! Follow me on twitter @ HaryZaara Mail me @ [email protected]

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