Reading Time: 2 minutes

It doesn’t seem to take long these days for Binance to make headlines. But what a headline this is.

Binance CEO Changpeng Zhao announced on his Twitter this weekend that they plan on launching a decentralized exchange within a year:

Binance have invested in decentralized development hub Contentos to assist with the building of what would surely be their biggest project to date. What is interesting is that Contentos are already funded by NEO, highlighting their credibility and network.

Many important crypto thinkers in the space have lamented on decentralized exchanges being the ideal future of digital asset trading, meeting the criteria of the cypherpunk narrative, but there has been little tangible progress in their development. To date, only the exchange Crypto Bridge has seen any sort of significant user adoption. But with high latency, constant bug discoveries, and a hugely overwhelmed support team, they have shown that decentralized exchanges are still months if not years away from matching their centralized counterparts.

With the financial (and technical) support of Binance though, we could see a serious decentralized operation that runs at peak trading performance before the financial year is out.

What will be interesting to note is just what aspects and how much of this decentralized exchange is truly decentralized. What will the server structure look like? Will users control their own private keys? What will the asset listing process involve? All yet to be answered questions as we see this project develop.

It’s hard to determine from the outside if this highlights CZ’s desire for world domination in the digital asset exchange industry, or his desire to simply make the industry as robust and user-friendly as possible. World domination? Or world changer? Or a bit of both?

Either way, with Binance and CZ’s involvement, it is extremely likely that this product is going to be a serious contender among digital asset exchanges, if not an outright pioneer in the space.

James Preston
James Preston is the Executive Editor of Global Crypto. He is a writer and media commentator who has been reporting on how the Tech industry will make the world a better place for 14 years, with a large following on South African radio. He is an early adopter of Bitcoin, and began reporting on its revolutionary capabilities in late 2014. Philosophical by nature, he is intrigued by how the world works, and in turn, how it can be bettered. James believes wholeheartedly that the world can become as close to perfect as we humans can imagine, but it will take a lot of effort (and time) to get there. He believes his life purpose is to inspire people to believe this, and find their place in helping humanity achieve it. James regularly does talks on emerging technology and its impact on society at Universities, global conferences, and events. To invite him to speak at your event, or comment for your media outlet, email info@globalcrypto.tv

LEAVE A REPLY

Please enter your comment!
Please enter your name here