Binance.com has announced its new decentralized trading platform, called Binance Chain, will be available by the end of 2018. According to the official announcement, almost anyone will have the capability of listing a coin on the new exchange. Binanceâs founder, Changpeng Zhao, has said that the Binance Chain team will have significantly less control than they do over their current centralized platform. Zhao was quoted in an interview with Bloomberg earlier in the month, saying:
â...Thatâs the philosophy of the decentralized exchange, itâs freedom of choice, freedom of investments. But with freedom, there will be people who are scammers. Thatâs not something we can control.âZhao went on to speak with CNBC, where he said that it is only a matter of time before decentralized exchanges become so popular that they take over their centralized counterparts - but traders should not expect the transition from CEX to DEX to occur overnight:
âI believe that decentralized exchanges are the future. I donât know when that future will come here yet. I think weâre at the early stages for that. I donât know if itâs a year, two years, three years, five years â I donât know. But weâve got to be ready for it. Weâre now actively investing our efforts, our time into it. We have a dedicated team working on this. Iâm hoping to see a working prototype in a couple of months.âFor Bitcoin and other cryptocurrencies to remain true to Satoshiâs original concept, it must remain decentralized and trustless. Investments must be not be associated or backed by the government, meaning they should not be deposited on centralized platforms. While Binance Chain has power in its popularized name, only time will tell if traders will trust the platform as a decentralized operation. It is likely the community will flock to new projects, like LQDEX.com, which promises to be a user-friendly inter-blockchain trading platform.