The upcoming Trust wallet version with built in Binance DEX support will be a game changer. This is in line with Binance launching its mainnet in the second quarter of 2019 to improve exchange efficiency.
This wallet will certainly make trading seamless. Additionally, it will boost wallet security which is something investors are always keen on. Binance founder and CEO spoke of the wallet as follows:
“When you use a hardware wallet or our own Trust Wallet to connect with the Binance Chain you know that your private keys never leave your device…You’re guaranteed to know that you’re the only one holding your private keys.”
Binance chain is a public blockchain that will migrate to PoS (Proof of Stake) in the near future. This exchange is essentially seeking to make the multi-asset wallet as easy-to-use and accessible as possible.
The Binance Token (BNB)
Notably, the Binance exchange has about $3 billion in trade volume. This is a staggering amount essentially cementing Binance’s position as one of the top exchanges globally. Binance has its own native token to provide extra liquidity for the network.
The Binance token (BNB) is an ERC-20 token that Binance launched in 2017. The token means that Binance had to release the Binance chain which the exchange will be moving to. This news has obviously spiked investor interest in the exchange.
There are a total of 200 million BNB. Notably, Binance will burn about 1.6 million tokens to make the remaining tokens more valuable. Token swap will take place once the TestNet gets verified. The tokens will not be mineable on the chain. The Binance chain also uses a BFT (Byzantine Fault Tolerant) and PoS (Proof-of-Stake) algorithm as consensus.
Users can therefore send and receive tokens on the chain and create pairs for Binance DEX and trade assets.
The Binance DEX uses the Peer-to-Peer (P2P) protocol and allows users to exchange crypto assets directly between each other. Essentially, what makes the DEX better is the matching system. As such, the network is on top of a high powerful blockchain engine “Tendermint Core”. There are also one-second block times, which provide the speed, which is also the same to centralized exchanges. While commenting, Changpeng Zhao said:
“With the core Binance Chain technology, Binance DEX can handle the same trading volume as Binance.com is handling today. This solves the issues many other decentralized exchanges face with speed and power”.
The matching system allows for simultaneous order execution when the network adds them to the block.
Benefits of the Changes
Binance is looking at successful exchanges with DEX like the waves platform as a benchmark. The main advantages of Binance DEX are:
- Private keys under user’s control.
- Decentralized order book.
- Matching with one-second block time.
These will undoubtedly take exchange operations a notch higher. The Trust wallet is a critical part to the chain transfer because of its exceptional security. Moreover, the fact that it has exchange support is ideal for investors who look for a Binance wallet with integrated exchange support. This should generally mean increased customer base for Binance and bigger profits.