https://testnet.binance.org/What’s in Binance Chain and DEX?
With Binance Chain and Binance DEX, our immediate goal is to quickly launch a platform that does one thing very well: exchange assets. “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 said about the upcoming blockchain. Once we show that the infrastructure is sound enough to handle many transactions quickly, the additional features will follow.
That said, we agree that Binance Chain and Binance DEX should start with functions that allow for the exchange of assets. Binance DEX will allow you to send and receive Binance Coin (BNB) between different addresses. You can issue new tokens on the blockchain, which you can then send, receive, burn, mint, freeze, or unfreeze. In addition, any participant in the chain can propose the trading pairs they want to see and, with enough support, start trading in that exact pair he proposed. As the DEX grows, more functions will be explored and developed further.
In relation to these functions, we are migrating Binance Coin (BNB) to the Binance Chain, turning it into the blockchain’s native coin to be used for blockchain fees and other transactions. This transition will result in more usage of BNB, now one of the top 10 cryptocurrencies in the world.
Binance DEX was designed to handle the same amount of transactions that the current Binance platform handles. 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, according to CZ. 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. This easily fixes the speed issues that hinder DEX platforms.
On the user experience side, Binance Chain is designed in a way that incorporates the most user-friendly functions on the Binance website. It also provides people with many options to participate in the chain. You can create your own address via the Binance Chain Web Wallet, which has a user interface similar to what is on Binance. From there, wallets that support Binance Chain include Trust Wallet, Binance’s official crypto app, as well as third-party wallets like the Ledger Nano S and many more to come.
Once we establish that all functions are running smoothly, we will grow the DEX accordingly to include support for more wallets, as well as interchain and cross-chain features.
Infrastructure-wise, the testnet of Binance Chain will start with 11 test nodes. We will test various combinations of nodes to optimize performance. While many have asked, the number and selection criteria of mainnet nodes are yet to be decided. At this stage, we simply want to develop a best-in-class DEX as fast as possible. In the long term, the blockchain governance will be community-driven. And the more this community grow, the better equipped we are to realize our vision for greater freedom of money.
Has anyone tested? It appears to be very slow. But it could be better them ForkDelta
