Changpeng Zhao has officially overseen the launch of Binance’s Decentralized Exchange (DEX) today according to the official press release that reached out latest cryptocurrency news.
The largest crypto exchange launched the long-expected decentralized exchange and the official press release on the Binance Chain mainnet explains the entire process thoroughly. The DEX platform is a not-custodial and decentralized exchange that uses the Binance Chain blockchain protocol which enables users to trade crypto assets while still having control over their funds. Chanpeng Zhao or better known as CZ said in an interview that the DEX developers have worked hard to implement the ideas provided by the crypto community in order to improve scalability, efficiency, and speed.
The Binance CEO stated:
“During the testnet period, many developers from the community contributed new features and ideas to Binance Chain that are reflected now in the mainnet. The Binance DEX developers have been working hard over the past several months to get the DEX up and running as quickly as possible. We are excited to introduce the platform to the community, and we encourage more projects to explore Binance Chain for the speed and benefits it offers.”
Over the years, many decentralized exchanges emerged on different blockchain networks including the Ethereum blockchain. Many of them attempted to provide a platform where users can get control over their funds as Changpeng Zhao explained. However, the attractiveness of complete control over the private keys can be enough to get the traders to choose the decentralized exchanges; it is still hard to get all of the users to join seamlessly.
The Binance CEO and the team confirmed that during the testing phase of the Binance Chain protocol; nearly 8.5 million transactions were processed simultaneously which is a great capacity that can handle large demand from traders.
Changpeng Zhao also pointed out that the DEX team will continue to work with projects and teams that know how to grow the DEX ecosystem and will provide users with much more control over their assets and funds. He stated:
‘’We believe decentralized exchanges bring new hope and new possibilities, offering a trustless and transparent financial system. With no central custody of funds, Binance DEX offers far more control over your own assets. We hope this brings a new level of freedom to our community. We will work closely with projects and teams to grow the entire ecosystem.’’
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Telegram Open Network Will Finally Launch On October 31st
“Telegram was the first big project that legally prohibited investors from selling their allocation. Investors usually just share their allocations with friends, without signing documents.’’The purchase agreement which was written for Telegram by the US legal powerhouse Skadden, Slate, Meagher, and Glom LLP according to one investor stipulates that the buyers of grams may not offer pledge, swap, sell and encumber or dispose of their tokens directly and indirectly. The investors may sell any securities convertible into or exercisable or exchangeable for the investment contract between an investor and the company. The issuance of the tokens is conditional upon the investors’ compliance with the rule. One investor stated for the latest cryptocurrency news:
The future issuance of tokens is conditional upon the investor’s compliance with this rule. If Telegram learns the investor broke the agreement, it can cancel the allocation.
Blockchain CEOs Tired Of The South Korean Regulation: Report
‘’Experts point out that domestic blockchain projects are flocking to foreign exchanges largely due to tougher domestic cryptocurrency exchange market conditions. Investors cannot make or withdraw deposits in the Korean currency at Korean exchanges’’If we don’t include the nation’s four largest exchanges, some of the 200 smaller exchanges cannot even open real-name virtual accounts and this is one of the reasons why crypto investors cannot benefit from the protection systems. The international players such as China’s BW.com, Bitholic and Binance Labs sense the demand from South Korea hence they are either opening Korean won markets or in this case, Binance Labs is only sponsoring the blockchain efforts. Only this week, Japan as one of the governments that openly claim to foster crypto exchange innovation while still has a strict licensing scheme added another platform to its domestic economy in the form of Rakuten Wallet. These moves are also impacting other exchanges and market players' share of the market. As a result the South Korean exchanges are less appealing in 2019 because of the low volume and out of the top one hundred in the world, there are only a few exchanges that are located under the jurisdiction in Seoul. Other issues faced by the local include added responsibility for loss or theft of the customers’ funds. Earlier this month, the commentators warned that the existing restrictions on cryptocurrency by the regulators will throttle attempts to foster blockchain innovation as read in the latest cryptocurrency news:
“It is no exaggeration to say that 97 percent of domestic exchanges are in danger of going bankrupt due to their low volume of transactions’’
Coinbase Confessed To Have Put Traders’ Funds At Risk
‘’Under [a very specific] and rare error condition, the registration form on our signup page wouldn’t load correctly, which meant that any attempt to create a new Coinbase account under those conditions would fail. Unfortunately, it also meant that the individual’s name, email address, and proposed password (and state of residence, if in the US) would be sent to our internal logs.’’The exchange noted that the users who resubmitted the form had their usernames and passwords and other details kept securely. Unfortunately, more than 3,000 customers as mentioned logged their private data onto the servers. Coinbase pretended to be the good Samaritan and fixed the issue on top priority. The company traced the entire line of storage to confirm that they are not holding any more information from the customers’ personal information. According to the blog post:
‘’We have an internal logging system hosted in AWS, as well as a small number of log analysis service providers. Access to all of these systems is tightly restricted and audited. A thorough review of access to these logging systems did not reveal any unauthorized access to this data.’’The company also started a password reset for affected customers and asserted that a password alone could not have a hacker potentially stealing their bitcoins because they protect each account with mandatory email and 1FA authentications. Coinbase confessed:
‘’We maintain incredibly high standards for securing the Coinbase platform, and any time we fall even slightly short of those standards, we mobilize a team to figure out what went wrong, and how we prevent it from happening again. We also believe in being transparent with our customers, which is why we’re sharing the results of our investigation today.’’As we can read in the coming altcoin news today, the alert came in a time when the institutional investors are taking huge steps into introducing bitcoin in their portfolio because security is still the top of their concerns.
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