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Binance Dexathon Decentralized Exchange Coding Competition Overview Currently, decentralized exchanges are inefficient and difficult to operate for the average user. As a result, they generally have reduced liquidity. Cryptocurrency is evolving at a rapid rate and we must ensure that blockchain technology is able to keep up. This is an all-hands-on-deck initiative, combining the state-of-the-art technological excellence at Binance and the best of the community to once again push the envelope in blockchain technology. In addition to having internal teams working on dex implementation, we will continue our community-driven approach and work closely with our community to build the next generation blockchain. To help facilitate this innovation, Binance will host a coding competition with the clear intent of merging the best implementation(s) and/or team(s) into Binance Chain. On top of this, we will also offer a total prize pool equivalent of $1,000,000 USD, paid in BNB. How does winning a million dollar prize, then joining the Binance team, sound to you? This paper outlines the high level requirements of what we are looking for, as well as our initial design philosophies for the Binance Chain. Goal The objective of this project is to solicit prototypes of a decentralized exchange with a focus on speed and capacity, or more precisely, a dex blockchain that is low-latency and high-throughput. The dex prototype should have the following features: Sending and receiving of the native coin New token creation Sending, receiving, freezing, and burning of tokens Ability to trade one token with another token (all within the same chain) Bonus feature: Native on-chain ICO For performance, we recommend the following design considerations: All features mentioned above built-in natively to the blockchain No support for smart contracts, virtual machines or turing complete languages If a trade-off is required, always choose speed and simplicity over fancy features. Mining & Consensus A blockchain where all native tokens are pre-mined, there will be no mining (all BNB coins will be converted from BNB ERC20 tokens that already exist today). You are free to use any consensus algorithm

Taken: 16 Mar 2018, 11:48:46
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