In our view, there are fundamentally two different types of exchanges: the ones that deal with fiat currency; and the ones that deal purely in crypto. It is the latter one that we will focus on. Even though they are small now, we strongly believe that pure crypto exchanges will be bigger, many times bigger, than fiat based exchanges in the near future. They will play an ever more important role in world finance and we call this new paradigm Binance; Binary Finance.
With your help, Binance will build a world-class crypto exchange, powering the future of crypto finance
Problems
Some of the current crypto exchanges suffer from a number of problems:
Poor technical architecture
Many exchanges are “put together quickly”, by good tech people, but who have little or no experience in finance or in operating an exchange. They often choose the simplest approach to get the system up and running. While this may work well in the beginning, as traffic grows, the system will not able to handle the increased load. Exchange systems need to be engineered from the ground up with security, efficiency, speed, and scalability in mind. This often slows down the initial development, but is critical for long-term success. Our team has decades of combined experience building and maintaining world class financial systems that shape the economy. We understand how these systems are built from the ground up.
Insecure platform
There are hundreds of exchanges that went down due to being hacked. Binance is built to high standards, audited, and penetration tested. We have experience building financial systems to the highest security standards and strive to ensure security first.
Poor market liquidity
Professional traders and normal users are significantly affected by this. Having a shallow orderbook means high slippage when trading, which is very expensive for traders. Getting miners, institutional investors and large traders into a new exchange is a chicken and egg problem, and requires a team with deep industry resources. Binance’s team have been in both the finance and crypto industry for many years. The team has worked on and operated a number of exchanges, and have accumulated a large network of partners in this space. These partners will be key in bootstrapping the exchange.
Poor customer service
Traders are a different breed when it comes to users. Understanding the trader mentality is vital for running a successful exchange. Money is literally on-the-line. Many exchanges service traders as if they were running a social media site. A 3-second delay in seeing your friends’ status update would hardly be noticed, but on an exchange, the same would be unacceptable, resulting in a torrent of user complaints. In additional to the technology stack, Binance is built with service in mind. Binance shares support responsibilities across the entire staff and company. When a trader has a problem, they get an answer directly from someone who knows the system and not someone reading from a script.
Poor internationalization and language support
Blockchains have no borders. Most exchanges focus only on one language or one country. Our international multi-lingual team has extensive working experience in North America, Europe and Asia, and we are able to smoothly support the global market.
Binance Exchange
Matching Engine
Our matching engine is capable of sustaining 1,400,000 orders / second, making Binance one of the fastest exchanges in the market today. You can be certain, on our exchange, that your orders will never be stuck due to the matching engine being overwhelmed.
Feature Rollout
We will roll out the platform in roughly the following order:
● Spot trading
● Margin trading
● Futures
● Anonymous instant exchange
● Decentralized (on-chain) exchange
● and more…
Coins
Binance will support trading pairs in the following coins:
● BTC
● ETH
● LTC
● NEO (ANS)
● BNB (Binance Coin)
More coins will be added over time. We generally will only add coins that have strong credibility, user base, and liquidity. If you have a coin that you wish to be listed on Binance later, participating in our ICO will help. We have no plans to support any fiat currencies such as USD, RMB, JPY, or KRX.
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