Leading cryptocurrency exchange desk Binance has been working on a new decentralized version of its platform for a couple of months now, and it appears CEO Changpeng Zhao is finally ready to share a glimpse into the upcoming project with the rest of the world.
Earlier today, the Binance boss took to Twitter to showcase a brief demo of the “rough, pre-alpha” version of the Binance decentralized exchange.
You can see the app in action in the YouTube footage below:
As Zhao notes, the platform is currently all client-based and does not have a working graphical user interface (GUI). That is why the demo is mostly footage of a command line terminal.
“That is a very casual, early demo for [sic] the Binance Chain.” Zhao said in the video. “There is still tons of work to be done to turn it into a final product. The team is working very aggressively [on accomplishing that].”
For those unfamiliar, Binance first revealed it is working on decentralizing its exchange back in March, advertising the upcoming platform under the name Dexathon.
While the company has kept the lid on details about its new platform, it recently acquired a cryptocurrency mobile wallet with the aim of improving “the centralized architecture” of its platform.
It is worth pointing out Binance is hardly the only exchange determined to eliminate centralization on its platform. Competitor Huobi has similarly announced plans to invest $100 million into creating its own decentralized network where it can move its operation.
It will be interesting to see which company crosses the finishing line first – and whether their solutions can prove good enough for mainstream users and traders.