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As Projects Flock to Binance Chain, Its DEX Has a Lot to Live up To

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As Projects Flock to Binance Chain, Its DEX Has a Lot to Live up To

You wouldn’t know to look at it, but Binance DEX could soon become the busiest exchange in the cryptosphere. At present, MITH is the only token tradable on there, though it will soon be joined by NOW – the first token to be added to Binance Chain – plus hundreds more if exchange boss CZ has his way. But how accessible is Binance DEX, particularly to users of countries that are denied access to centralized exchanges? And exactly how decentralized is Binance DEX?

Also read: Wizsec Security Blames Coinlab After Mt. Gox Trustee Delays Proceedings

Binance Wants to Make DEXs Sexy

Characterized by poor UX, low liquidity, and slow onchain order execution, decentralized exchanges (DEXs) aren’t much fun. Binance DEX promises to change all that, with an interface that resembles its parent exchange, and block times of just a few seconds ensuring trades are settled rapidly. Cryptocurrency projects seem sold on it, at least, with dozens having already applied to join Binance Chain and be listed on its DEX. The first project to be officially added to Binance Chain, Change Now, is in the midst of initiating a token swap, and appears destined to join the DEX next, based on tweets from Binance CEO Changpeng Zhao and sentiment expressed on Binance Community. There it will join mithril (MITH), which is currently trading on Binance DEX against BNB.

As Projects Flock to Binance Chain, Its DEX Has a Lot to Live up To

There’s not much to do on Binance DEX at present other than create a wallet and acclimatize to its layout and ordering procedure, before waiting for projects migrating to Binance Chain to complete their token swaps. In addition to Change Now, whose Now Swaps service has also been assisting with the BNB token migration, CZ has spoken of welcoming multiples more projects onto Binance Chain and its corresponding DEX than are currently listed on the main exchange. In the weeks to come, the trickle of tradable projects on Binance DEX looks set to become a torrent.

Getting Started With Binance DEX

A wallet creation tutorial guides beginners through the prerequisites to begin trading on Binance DEX and there’s also a detailed guide to getting started. Users are given three ways to access their wallet: using a keystore file and password, using a 24-word mnemonic phrase, or with a private key. The Binance-owned Trust Wallet, as well as the Coolwallet S and Ledger devices are all supported, enabling users to access the DEX directly from their hardware wallet. Trust and Coolwallet utilize a service called Wallet Connect, which provides DEX authentication by scanning a QR code via the respective mobile wallet.

As Projects Flock to Binance Chain, Its DEX Has a Lot to Live up To

True Decentralization or Just Window Dressing?

Much has been made of the design of Binance Chain, whose node validators are all controlled by the exchange. In the context of censorship resistance, therefore, Binance DEX, which runs on Binance Chain, doesn’t score highly, but then that was never the intention. The DEX has been designed to facilitate trustless trading without the need to deposit funds, and it achieves that with aplomb.

Binance Chain doesn’t need to rival Bitcoin or Ethereum in terms of decentralization; its primary purpose is to enable the noncustodial exchange of assets. These assets are of course limited to Binance Chain’s native BEP2 tokens. Unless wrapped versions of BTC and ETH are made available on the chain, therefore, leading cryptocurrencies will remain unavailable on the DEX.

As Projects Flock to Binance Chain, Its DEX Has a Lot to Live up To
Binance DEX looks very similar to its parent exchange

As for who can trade on Binance DEX, the exchange has issued no formal guidelines as to which countries, if any, are excluded. With no KYC or registration required to participate, however – not even an email address – anyone can technically trade on the decentralized exchange, with a VPN taking care of any IP blocking that might otherwise stand in the way. Binance caught flak for quietly excluding countries that were subject to U.S. sanctions, such as Iran, late last year. These individuals will be able to trade on Binance DEX in the knowledge that central powers are powerless to seize their funds. If Binance DEX can provide that, it will have justified its existence. Justifying the great expectations surrounding the new decentralized exchange will take longer.

What are your thoughts on Binance DEX? Have you tried it yet? Let us know in the comments section below.


Images courtesy of Shutterstock.


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Founder of Defunct Cryptopia Launches New Crypto Exchange

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The founder of defunct cryptocurrency exchange Cryptopia, which entered liquidation following a hack in January 2019, has launched a new exchange called Assetylene.

The LinkedIn employment history for the founder of the failed New Zealand exchange, Adam Clark, indicates that he’s been working on Assetylene since September 2018, which is also when the exchange’s Twitter account went live. With fewer than 100 followers, the account is billed as representing “New Zealand’s most advanced crypto-currency exchange [sic].”

Once a highly prominent exchange in New Zealand, Cryptopia lost nearly 10 percent of its entire liquidity in a hack earlier this year. Attempts to salvage the business ultimately failed. On May 15, 2019, its liquidators formally announced that the company was defunct. At the time of this writing, hundreds of thousands of dollars worth of Cryptopia’s assets are still circulating in an easily tracked manner.

Seeing as Cryptopia did not fully close until May 2019, and Assetylene’s date of founding is listed in the preceding September, it may be that Clark had moved on to this new business well before Cryptopia’s collapse began. However, there’s also reason to believe that Clark set up the new exchange quickly, after Cryptopia’s hack had already occurred.

For one, an archived copy of the Assetylene site shows that it is based on the TradeSatoshi platform, which can set up exchanges within minutes. Furthermore, Clark’s own LinkedIn shows that he was TradeSatoshi’s senior software development engineer when Assetylene was first set up. More damningly, Assetylene has zero liquidity, is not listed on CoinMarketCap and its about page is empty with no trading data found on the site.

Assetylene may very well become a full-fledged exchange with time. However, given the time period that it has apparently remained inactive while Cryptopia was still viable and its current insufficiency, the jury’s still out.

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Founder of Defunct Cryptopia Launches New Crypto Exchange

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The founder of defunct cryptocurrency exchange Cryptopia, which entered liquidation following a hack in January 2019, has launched a new exchange called Assetylene.

The LinkedIn employment history for the founder of the failed New Zealand exchange, Adam Clark, indicates that he’s been working on Assetylene since September 2018, which is also when the exchange’s Twitter account went live. With fewer than 100 followers, the account is billed as representing “New Zealand’s most advanced crypto-currency exchange [sic].”

Once a highly prominent exchange in New Zealand, Cryptopia lost nearly 10 percent of its entire liquidity in a hack earlier this year. Attempts to salvage the business ultimately failed. On May 15, 2019, its liquidators formally announced that the company was defunct. At the time of this writing, hundreds of thousands of dollars worth of Cryptopia’s assets are still circulating in an easily tracked manner.

Seeing as Cryptopia did not fully close until May 2019, and Assetylene’s date of founding is listed in the preceding September, it may be that Clark had moved on to this new business well before Cryptopia’s collapse began. However, there’s also reason to believe that Clark set up the new exchange quickly, after Cryptopia’s hack had already occurred.

For one, an archived copy of the Assetylene site shows that it is based on the TradeSatoshi platform, which can set up exchanges within minutes. Furthermore, Clark’s own LinkedIn shows that he was TradeSatoshi’s senior software development engineer when Assetylene was first set up. More damningly, Assetylene has zero liquidity, is not listed on CoinMarketCap and its about page is empty with no trading data found on the site.

Assetylene may very well become a full-fledged exchange with time. However, given the time period that it has apparently remained inactive while Cryptopia was still viable and its current insufficiency, the jury’s still out.

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Robinhood Zero-Fee Trading App Officially Launches in New York

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American stock brokerage Robinhood Crypto has officially launched its zero-fee crypto trading app in New York, the company announced in a blog post on May 23.

Following the acquisition of a BitLicense by the New York State Department of Financial Services (DFS) in January 2019, Robinhood now allows New York citizens to trade in seven major cryptos with no commission fee using its Robinhood Crypto platform.

From now, the Robinhood Crypto service is available in 39 states in the United States, including California, Washington and Florida, among others.

The Robinhood trading app allows for the trading of bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH), litecoin (LTC), bitcoin SV (BSV), ethereum classic (ETC) and dogecoin (DOGE). Robinhood users can also track price alterations and updates for those cryptos and 10 additional coins, the blog post notes.

Earlier in April, Robinhood applied for a bank charter with regulators in the U.S. in order to offer traditional banking products and services.

Previously, the DFS granted a BitLicense to a institutional-grade crypto trading platform Tagomi Trading, enabling the company to offer trade routing and order execution services for non-security cryptos including bitcoin, ethereum, litecoin and bitcoin cash.

Recently, on April 18, Bloomberg reported that the ICE was considering acquiring a New York BitLicense to launch bitcoin futures, citing anonymous sources familiar with the matter.

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Here’s Why Bitcoin, Ethereum and Litecoin is undervalued at Spot Rates

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Bitcoin, Ethereum and Litecoin are still incredibly undervalued as present valuations stand. This is on account of the potential of these coins and planned upgrades to make them better according to a crypto trader and enthusiast.

Yes, Bitcoin may have rallied back to possible bull territory. However, it is still fair to say that the coin sits below its true and projected position as a currency and security. Bitcoin came about as an alternative currency with decentralization as a catch for investors and enthusiasts alike.

Bitcoin is resilient and has shrugged off legitimacy questions from naysayers time and time again. The price volatility is just a consequence of intense speculation and uncertainty common with new inventions. Nonetheless, Bitcoin’s transcendent ability to transform the financial world remains effectively eliminating borders and regulatory overreach.

Bitcoin as Digital Gold

Bitcoin is a finite currency. Notably, every fiat currency will return to its inherent value of zero at times of hyperinflation. This is clear from the Venezuelan Bolivar which is worth less than its printing paper at the moment. In this light Bitcoin can become an alternative to collapsed currencies especially in failed states.

It’s become a trusted alternative when fiat money’s value is corrupted by politics”

-John McGinnis and Kyle Roche of Wall Street Journal.

The limited availability means Bitcoin can efficiently store value at times of financial crises. This is eerily similar to gold which is also a great commodity to store value that rises in value in hard times for fiat. This has led to some proponents calling Bitcoin digital Gold and rightfully so. As such, the value of $8,000 is momentary as the developed world economy is still doing well.

Ethereum And Litecoin As Alternatives

Ethereum is a great alternative for Bitcoin. That said, the price of $270 is still on the low because of the incredible potential given the possibilities of Smart contracts. More significant is the upcoming Serenity or Ethereum 2.0 upgrade. This upgrade will significantly improve the coin by incorporating technical improvements that improve scalability and performance. At the premier Ethereum Supermeetup, hosted at Token2049, Vitalik Buterin explained the update as follows;

“(It is) a way to bring technical improvements, like PoS and sharding, together to improve the Virtual Machine, Merkle Trees, the efficiency of the protocol, and a whole bunch of small technical things that you have never heard of.”

Ethereum is in this regard still on the downside price-wise. The upgrades are necessary and timely to keep the protocol efficient.

Litecoin, on the other hand, is essentially a better version of Bitcoin. This is because the coin, while having essentially the same possibilities as Bitcoin, is more adaptable to change such as the introduction of smart contracts.

Charlie Lee, a former Google employee, who founded Litecoin, has also given financial support to the Lightning Network.  There are also possibilities of incorporating Mimble Wimble that will inherently scale the network while introducing better security and privacy for the end user. When we add the halving mix in the equation, investors and traders are convinced that we are in the early stages of a mega bull run that will propel asset prices, valuing them fairly.

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Generation Bitcoin: 90% of Millennials Prefer Crypto to Gold: ETF Expert

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By CCN: The US investing industry stands on the precipice of a dramatic upheaval that could see bitcoin and other cryptocurrency assets replace gold in investor portfolios.

That’s according to Nate Geraci, president of the ETF Store, an independent investment advisor. He revealed in a Bloomberg TV interview that his millennial clients are clamoring to hold bitcoin in their portfolios – if only the SEC would let them.

Crypto in a Landslide: ETF Expert Says Millennials Plan to Kick Gold to the Curb

Responding to a question from Bloomberg analyst Eric Balchunas about whether he would ever invest client funds in a bitcoin ETF, Geraci stunned his fellow panel members when he said that millennial investors overwhelmingly desire to hold bitcoin instead of traditional hedge assets like gold.

How overwhelming? Ninety percent.

“When we talk to our younger clients – we have a core gold allocation in our portfolios, and they’ll ask about that and say, ‘What about crypto?’ And if you talk to, primarily millennials, and ask them which they prefer, bitcoin or gold, it’s a landslide. It’s not even close, it’s like 90% prefer bitcoin.”

Geraci’s bold claim was more anecdotal than scientific, but there’s plenty of hard data that demonstrates that younger investors are vastly more comfortable with holding cryptocurrency in their portfolios than investors who grew up in the pre-digital era.

In April, a Harris Poll survey found that 18 to 34-year-olds are “very” or “somewhat” likely to purchase bitcoin within the next five years. That might not seem overwhelming, but consider that only 37% of Americans in that demographic currently own stocks.

Similarly, a February eToro survey found that 43% of millennials trust crypto exchanges more than stock exchanges, even though crypto trading platform hacks dominate the mainstream news cycle.

ETF Would Reduce Crypto Investing Risks

bitcoin etf vaneck bitcoin price

ETF Store President Nate Geraci said that there is rabid demand for a bitcoin ETF, especially among millennials. | Source: Shutterstock

Nate Geraci further pointed to the success of the $1.5 billion Bitcoin Investment Trust (OTC: GBTC) as proof that there is sufficient market demand for a crypto ETF.

He noted that the over-the-counter product regularly trades at a staggering premium to the underlying value of its BTC assets. That’s because GBTC shares fluctuate based on supply and demand, not just the price of bitcoin. An ETF, he said, would flatten that premium and thus reduce investor risk.

“It seems a bit incongruent to me that we have that product out there trading, where investors really could get hurt if they don’t understand that premium, but we don’t have a bitcoin ETF.”

“The demand is there,” he concluded.

SEC Kicks the Bitcoin ETF Can Down the Road

Unfortunately for crypto bulls, millennials aren’t the ones manipulating the levers of the Securities and Exchange Commission (SEC), which holds unilateral authority to approve or deny bitcoin ETF applications.

The SEC, as CCN reported, continues to punt on the issue. Last week, the regulatory agency extended its long trend of delaying ruling on cryptocurrency products when it postponed its decision on the VanEck/SolidX Bitcoin ETF to August 19. Most industry insiders expect the SEC to delay the VanEck/SolidX product again, pushing its final ruling until October 18.

Dave Nadig, the managing director of ETF.com, said that he believes the SEC is still in “information gathering mode” but that there is a “reasonable chance” regulators approve the first bitcoin ETF before the end of 2019.

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