What is a Decentralized Exchange (DEX)?
Decentralized Exchanges (DEX) are a new type of the cryptocurrency exchange in which traders own their private keys and control their funds. This solves the problem of centralized exchanges storing private keys in their bases, and as the saying goes: Not your keys – not your Bitcoin.
What is Binance DEX?
Binance DEX is based on a peer-to-peer (p2p) protocol and allows users to exchange crypto assets directly between each other. The main advantage of Binance DEX is the matching system. It is created on the high-powered blockchain engine "Tendermint Core," with one-second block times, which provides the same speed as centralized exchanges.
What is Xeonbit Token (XNS)?
XNS is an ERC-20 Token by Xeonbit Project. It is a decentralized trust system through a blockchain-based payment gateway. When joining Binance Chain, XNS assets will become BEP2 smart contracts and with a swap from ERC-20 to BEP2.
Why is there XNS when we already have XNB?
XNB is a private cryptocurrency blockchain. Because of this, it is difficult to be accepted by major exchanges. XNS will help XNB because, with ERC-20 and BEP2 smart contract based on Ethereum and Binance Chain, it is easier to implement on most exchanges and DEXs – especially Binance DEX.
Why does XNS want to join Binance DEX?
We are proud to be a supporting sponsor of the Binance Blockchain Week 2019 event because we believe Binance’s voice is worthy of a global conversation.
Binance Chain validators will have voting rights for the approval or disapproval for proposed token listings. They can either vote with a Yes/No/No-With-Veto or Abstain. Our aim to list XNS on Binance Dex is also to differentiate ourselves from the other tokens that may possibly be a scam or fraudulent, as Binance Chains workflow is designed to punish scam- and fraud-initiators if the proposal is “denied” with a majority.
What is the benefit for hodlers and investors?
After launching on Binance DEX, there will be virtual staking for XNB from our side: The more XNB you have, the more XNS reward you will get and vice versa, which you will get in a period of time after the official announcement, which will be released soon. Responses from our private survey of our miners and XNB hodlers show that they still want a private cryptocurrency and also indicate support for the listing of XNS on Binance DEX.
Moreover, we will focus on building and implementing more merchants with a use case for our cryptocurrency in Singapore – where cryptocurrency and fiat can be switched easily for not only XNS, but also XNB – with our passion in cryptocurrency and technology. We had used our own funds for developing and continuing the Xeonbit project more than a year since 2017, part of the funds can also be used to support our current miners community on XNB. We only need enough funds to maintain our current miners, server hosting and in-house development team, with more funding for app development, which could be easier and faster than the previous one based on ERC-20 and BEP2 smart contracts.
We are excited about how things may pan out for this event and are thinking if we should launch an IEO after that. Do follow us and join our community by sharing your point of view.
Proposal Listing information: https://community.binance.org/t/proposal-for-listing-xeonbittoken-xns-on-binance-dex/1934/
XNS link: https://xns.xeonbit.com/login
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