Binance Launches Blockchain DEX to Compete with Ethereum, EOS, TRON

Binance, the world's largest cryptocurrency exchange by trading volume, is launching its own blockchain that will support the forthcoming decentralized exchange Binance DEX and host its native Binance Coin, the company announced in a Medium post on December 5, 2018.

One of the largest cryptocurrency exchanges and the largest crypto company in the world, Binance has ambitious plans to bring blockchain technology closer to mainstream adoption.

Binance DEX is made by the blockchain community, for the blockchain community, with support from Binance developers, as part of advancing our mission to spread the freedom of money.

The launch of the company's own blockchain follows its earlier plans to launch a completely new decentralized exchange.

According to Binance, the community-driven decentralized exchange will allow traders to issue and exchange digital assets without having to deposit onto a central exchange.

The new exchange is currently being built on top of Binance Chain, and will use Binance Coin as a native asset, the company explained.

In its post, Binance said that the new blockchain will allow millions of entrepreneurs and developers worldwide to issue tokens, which led many to believe that the new blockchain may be designed as a fully-fledged smart contract platform-just like Ethereum.

The move doesn't come as a surprise as Binance CEO Changpeng Zhao, has frequently criticized Ethereum for its lack of speed and scalability.

While Ethereum developers have already agreed on a system-wide update that will fix major issues such as scalability, Binance went ahead with plans to launch its own network and decentralized exchange.

Binance DEX was built as a direct response to the need for a "High capacity chain" and an easy-to-use decentralized platform, Zhao explained in an interview.