todaysgazette.com
Criticisms have been trailing the newly launched Binance Decentralised Exchange, an innovation of the world’s largest cryptocurrency exchange.
Critics on twitter opined that the purported Exchange is not decentralised going by available standards. One of the arch critics of the innovation, Eric Conner – founder of Ethereum information site ETHHub –posited that “the Binance “DEx” is basically just CZ (Binance CEO) running a few nodes on his phone, laptop and tablet”. Eric said it is absurd for a DEX to be running on 11 test nodes.
The Binance “DEx” is basically just CZ running a few nodes on his phone, laptop and tablet.
— Eric Conner (@econoar) February 21, 2019
Under his statement, another emphasised that the system would have been much decentralised if eleven friends of CZ are running the nodes, but surprisingly they still “own most of the BNB coins”.
He said: “Isn’t it like eleven friends of CZ running nodes, much Decentralised. They own most of the BNB coins too.”
“Binance launches decentralized exchange on testnet.”
…
“Infrastructure-wise, the testnet of Binance Chain will start with 11 test nodes.”
How are people just lapping this up and not calling out the bullshit?
— Eric Conner (@econoar) February 21, 2019
Read: Binance Coin (BNB) Is Up 100% Since Bitcoin Hit $3,150: What’s The News?
Although, Binance DEX is still in its testnet, it is not clear if Binance will give the test nodes to those outside its circle the opportunity to run it independently.
Somebody please explain to me how creating a DEX ON YOUR OWN CHAIN is a DEX at all?? @Binance_DEX
— Kwadrax ⬙ (@kwadrax) February 20, 2019
Yesterday, Binance announced the launch of its DEX on its personal blockchain. The Binance DEX, according to released information is to be powered by Binance Chain.
In an interview with Forbes, Binance CEO Changpeng Zhao said “Binance Chain has near-instant transaction finality, with one-second block times.”
He added that the blockchain is faster than other well-known blockchains today. In the same line, the core Binance Chain technology makes Binance DEX capable of handling the same trading volume as Binance.com, CZ has asserted.
Also Read: Binance Coin (BNB); The Only Coin Defying All Odds, Surges By 8% As Most Coins Record Losses
The latest DEX has the tendency to overcome problems that are common to Decentralised projects especially speed and power.
With the user-friendliness of the platform, and some other things put in place, there is a very high possibility Binance DEX outperform others.
Meanwhile, Today’s Gazette has recently gathered that Binance unknowingly deposited BitTorrent Token (BTT) in some wallets ascribed to BBT launchpad buyers, however, the CEO confirmed that the funds are being reverted.