Binance teases new decentralised exchange with first-look video

Binance is showing off an early version of Binance Chain in a new YouTube video – see it here.

“Hi, this is CZ from Binance, and today I have something really exciting to share with you guys…”

So starts this six-minute YouTube video, in which the main man behind Binance – and one of Forbes’ crypto rich-list – gives us a first look at the new decentralised exchange that the world’s biggest crypto-trading site is working on right now.

CZ seems surprised to be demonstrating the system – called Binance Chain – admitting that, “Honestly, this happened much earlier than I anticipated…”. He does however seem happy that the team has delivered what he describes as a “pre-Alpha demo” so early and pleased to be showing it off for his “camera shy” developers.

The demo then takes only a few minutes, but in that time the developers create their own supply of a 100,000,000 ‘XXX Tokens’, place them on the blockchain, and see them in their wallet. They then set up a listing for XXX Token on the decentralised exchange, pair it with Binance’s own BNB token, set the price of a sell – before quickly jumping to a second machine to quickly place a buy order matching the requested price, completing the trade.

As CZ then ads, there “still a ton of work to be done”, but he calls it a “major milestone for Binance chain” and says that regular updates will follow.

Here’s the video in full…