The Yin Lang (音浪) music copyright token, STYL, will become the first music copyright token to list on the Binance decentralized exchange (Binance DEX) on December 17th. We would like to take this opportunity to share some additional details about this listing, and also provide a how-to guide for users who want to participate in this historic event.
Centralized vs. Decentralized Exchange
Binance, a leading cryptocurrency exchange, has both a centralized exchange and a decentralized exchange. Centralized exchanges work like brokerage houses in traditional markets, like Charles Schwab, E*TRADE, etc., and holds tokens for their users. Machi X is currently setup as a centralized exchange. Decentralized exchanges allow users to trade from self-custodied wallets, whereby users never have to give up custody of their tokens. For a more detailed explanation of the tradeoff, please see this very thoughtful post from CZ, the CEO of Binance. Since STYL is listing on Binance’s decentralized exchange, users will have to move STYL onto their own Binance Chain wallet first in order to trade STYL.
Self Custody / Wallet Options
Users have different options when it comes to managing their own wallet on Binance Chain, through the Ledger hardware wallet likes of Ledger, or through apps like Trust Wallet. For this guide, we will focus on Trust Wallet, as it is the most user-friendly option.
Machi X Fund PasswordIf you have not yet set up a Fund Password, you will need to first do so in order to initiate withdrawals from Machi X. You can set up your Fund Password through machix.com (not on the mobile app), under Account -> profile. There is a 24-hour waiting period after setting this password before withdrawals can occur.
Setting Up Trust Wallet
1. Download the Trust Wallet app by visiting your mobile app store or visit https://trustwallet.com/
2. Setup your wallet; BE SURE TO BACKUP/SAVE YOUR RECOVERY PHRASES. Given the nature of decentralized wallets, nobody else has access to your recovery phrases. Please be sure to save these phrases carefully.
3. Add STYL to your wallet by clicking on the + icon on the upper right from the Wallet view:
Trading on Binance DEX from Trust Wallet appTo Trade on Binance DEX via Trust Wallet, select (1) the DEX page and toggle (2) “Exchange”. We are using the MITH / BNB page as an example. Once the STYL / BNB pair is available for trading, you should be able to find that in the search box.
Further Questions and SupportIf you require further assistance, please drop us a line at firstname.lastname@example.org, tweet/follow us @machixofficial, like us on Facebook. Also, the Binance Chain community has a great community following at https://community.binance.org/. Here’s an older article from Binance Chain forums on how to trade on Binance DEX.Thank you for your support as always, and helping us make history!Machi X Team
Update on 2019 Dec 17th: the STYL logo is now on BEP2 Token / Trust Wallet