Binance announced on March 13th that they would be developing a public blockchain to create a new decentralized exchange. They state that “centralized and decentralized exchanges will co-exist in the near future, complementing each other”, which has inspired them to develop Binance Chain.
This new blockchain will be used for transfer and trading of all blockchain assets. They are hoping that this move will help push cryptocurrency exchanges towards a more company to community transformation.
Binance Chain will host Binance Coin, which will inherently become its native coin with its own blockchain main net.
The difference between a decentralized exchange and a centralized exchange is that decentralized exchanges do not rely on third party services to hold customer funds. Users transact with other users without the need for a central authority that possesses order books or custody over the transactions.
Decentralized exchanges tend to provide more anonymity and are touted as being a bit more difficult for hackers, however they can be less intuitive for novice traders and lack features and functionality of standard centralized exchanges.
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