The major cryptocurrency exchange Binance has recently launched the testnet of its new decentralized exchange named Binance DEX, according to a press release that was shared with Cointelegraph on February 20th. The PR made the crypto news today mostly because of the advancement of this exchange.
According to Binance, the exchange is powered by Binance Chain which is a new blockchain and peer-to-peer (p2p) distributed system which is already available for customers. With it, users can create wallets and start exchanging tokens on the Binance DEX testnet.
The CEO of Binance, Changpeng Zhao (CZ) explained that this new exchange will help users regain control of their private keys. As he commented:
“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 will reportedly support secure decentralized software as well as hardware wallets. Its Trust Wallet will also be integrated with Binance DEX, along with the Ledger Nano S. More wallets will likely be added in the future, as the press release noted.
Meanwhile, BNB is currently up over 12% over the past 24 hours, trading at $10.80 and ranked as the 10th largest coin by market cap by press time.
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Teen Bitcoin Millionaire: BTC Will Die If 4 Major Issues Are Not Solved
‘’It’s facing four big problems. One, its high transaction fees. Two, it takes a long time you know to kind of send anything. And then three, the people that are trying to solve those problems… it’s fragmented, it’s cultish, it’s really kind of a lot of group in-fighting. And I think the fourth one is it’s really hard to get into bitcoin. It’s really not easy.’’Even before the interview, the teen bitcoin millionaire outlined the problems of the currency on social media. He first purchased bitcoin at the age of 12 after his grandmother gave him $1,000. Over the years, he was trading cryptocurrencies and now has about 457 bitcoins which is nearly $3.6 million. Finman also pointed out that the future for bitcoin as a leading cryptocurrency is not guaranteed. Bitcoin is ‘’facing a lot of stiff competition and I think it really has to respond to that.’’ Erik also revisited his statement which was deemed as extremely controversial in 2018 when he pointed out that the ‘’long-term bitcoin is dead.’’ He defended the statement saying that the cryptocurrency needs to have one or two more bull runs in order to be set for the better future. As reported in the altcoin news last week during the MarketWatch, Finman raised his concerns about Bitcoin. He even stated that Litecoin was also afflicted since the altcoin decreased over 95 percent since its record high. Despite his pessimistic view, Finman is bullish on blockchain technology as well. He added that anyone who failed to become a billionaire by investing in crypto or in blockchain, in ten years from now they would have themselves to blame. Among the top cryptocurrencies that Finman believes have the best chances of success include ZCash and Ethereum. He praised Bitcoin Cash’s technology but he says the altcoin is poorly marketed.
Crypto Startups Should Go All-In On Blockchain: Expert Opinon
“So why should you as an entrepreneur or investor care more about blockchain than Bitcoin? Bitcoin is still a speculation on a future crypto currency that the world may not yet adopt. Maybe in the future, maybe not. But blockchain is a serious technology that can provide a variety of solutions. Imagine you are an automotive manufacturer and you have a product quality problem. Rather than recall thousands or millions of cars, you can simply recall the cars whose part is potentially defective based on blockchain identification and tracking.”The areas that the crypto startups should follow include digital rights management, tokenizing other assets, customer rewards programs and digitizing real estate. Of course, there are more uses cases for blockchain technology but he believes those are the most important areas. Schroeder focuses mostly on those because he believes they have the most potential. Following the reports in the best cryptocurrency news sites, a huge number of companies are tackling digital rights management via blockchain. For example, BitTorrent’s cryptocurrency is one example of how to handle that. The holders of the coin will be able to use it to purchase content directly from its creator. Schroeder makes a valid point that people are too close to cryptocurrencies and usually get burned. This is why he stated:
“In the 1800’s it was not always the gold miners who thrived. But the people who sold picks and shovels did. In the early days of the internet, it was not the multitude of startups that were rewarded. Most failed. But the builders of web infrastructure and internet technology thrived. Don’t confuse the adoption of Bitcoin as a digital currency with the enormous potential for blockchain technology.”
Bitcoin In Myanmar No More: CBM Sees It As Liability
“Before making crypto illegal, its impact on the local currency and compatibility with existing policies should first be analyzed and discussed.’’
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