Binance Going Main Stream With Decentralized Exchange
it is known.
The whales have been pumping and dumping the Long Candle barts,
it is known.
Yet if you listen to the song within the wind the crypto economy is whirling into a storm
with more power stored than ever before.
More projects (competition), more hashing power (security), more mainstream adoption (movies), more international and political influence (central bank, IMF, SEC).
Exchanges: Centralization and Decentralization
Many financial institutions that exist today operate on centralization.
The disadvantage of this is being prone to a single point of vulnerability. Any failure from the uppermost authority has a negative effect on the entire system. This includes cultural and consensus mechanisms from within that authority system. This is not ideal from a security standpoint yet it is currently the main method by which global finance is carried out.
In crypto, we have heard of series of hacks on financial institutions leading to loss of user’s funds. Just recently, CNBC reported that an estimated $1.1B worth, in Cryptocurrencies have been filched in the first and second quarter of the year 2018.
Many of these attacks revolve around security vulnerabilities inherent in the centralization form of many financial interfaces with crypto...
Decentralised
Decentralized exchanges allow traders to exchange cryptocurrencies straight from their wallets. What this means is that there is no single point of failure that exists outside of the user's behavioral capability to secure themselves. No central authority.
Decentralization is bringing security and efficiency to how we can trade cryptocurrency. It is the future of cryptocurrency in terms of harnessing the power of mainstream adoption. The more exchanges can become accessible by any type of asset and create efficient trading, the more demand for scalability will exist in the trade markets of crypto. This will lead to types of decentralized, cross currency, trading that will allow great price actions to happen when crypto's influence on the physical world starts to become noticeable through the emerging replacement of traditional finance.
Be on a look out for increased liquidity of all coins in the coming months.
The worlds most renowned digital currency was developed to be a decentralized substitute to fiat currencies and thus, doesn’t have a single point of failure of any kind. The redundant feature poised by Bitcoin makes it highly preferred due, in simple, to it's dominance of hashing power on the total network.
Binance Chain.
As many have been aware the company announced that they have decided to officially launch the development of the Binance Chain this year.
It will focus on the seamless flow of block chain assets, already something that Binance excels at, on the platform. So in essence Binance wants to do Binance better... and that means DEX (decentralized exchange).
Binance coin (BNB) will be improved to become a native coin, thus existing on its own blockchain mainnet.
After it was launched close to a year ago, BNB has enjoyed a massive boost. BNB currently runs on the Ethereum blockchain and follows the ERC20 token standard. BNB exists as an option which allows users the ability to pay for fees on the Binance exchange at a reduced rate.
In the coming months BNB will be integrated onto the decentralized exchange.It will be used as one of the key base resources of Binance Chain as well as a gas to be spent.
If Binance Chain goes as planned, It will open doors for all coins as traders will have control over what they seek to trade. You will see an explosion of coins as there will be a secure cold wallet for users keep their coins which will facilitate increased use.
However the ninja team would remind you that if you truly wish to store your cryptos safe you should host a personal node and encrypt your keys from there, if possible.
There will not be any form of single point of failure. There will be room for a lot of redundancy thus creating a better environment for traders to trade. And with Binance's global recognition it is clear that they are moving in to try to secure a top place in the soon to be main stream DEX landscape.
Catch you later!
Julzin "Sensei" - Altcoin Ninjas
Good job ninjas, keep going!
@bible.com