Binance is currently the world’s leading cryptocurrency exchange in terms of trading volume. The platform has shown all its willingness to surpass the barrier with recent partnerships with accurate services to improve its position.
Recently in an interview with the CEO Changpeng Zhao to share his prediction on the future of blockchain. During the interview, Zhao explained his beliefs mentioning that cryptocurrency will become more decentralized in future. He also expressed some huge ideas on the future of Binance and cryptocurrency.
Changpeng Zhao, The CEO of Binance Cryptocurrency Exchange
Zhao is a down to earth personality, even though being amongst the cryptocurrency billionaire. Last year, he was nowhere; however today he is the owner of world’s largest cryptocurrency exchange. This is nothing to boast or brag about, which is actually a fact. Most of the people call this man as “CZ”, all due to his friendly behavior. Zhao mainly focuses on developing a global blockchain empire.
Binance recently announced its first acquisition of TrustWallet prior this week. The platform challenges that more users will start using this decentralized services, with enhanced privacy. Even you don’t need to rely on the servers or any single entity.
The first thing that comes to our mind analyzing the DApps explosion is Crypto-Kitties, the collectibles site. Still, most of them are using this platform in part because the interfaces are so unwieldy.
By 2020, Zhao believes to see the wider usage of blockchain-based games, messaging, social networks, rating systems, etc. He also expects the next stage to be the e-commerce business.
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Meanwhile, Binance is practicing the tactics to build a decentralized financial system. This takes us to the recent bond of its working with Malta to set .up a global community bank. Zhao also says that Binance is in the process to develop its own blockchain facilitating a decentralized cryptocurrency exchange.
Limitless Cryptocurrency Market Space
In the interview, Zhao politely and happily shared his huge ideas about blockchain and good things about Coinbase as well; along with adding Binance is the most prominent cryptocurrency platform.
“In developed markets, there’s more money to be made but more regulation and it’s saturated with competition. We don’t want to compete with Coinbase and [Winkelvoss-owned] Gemini. The strategy there requires lots of lawyers and lobbying.”
He prefers to operate in areas like Malta, which allows him to work directly with a head-of-state, promoting the ideals of a decentralized system.
Zhao states Coinbase acknowledges the groundwork Binance is placing in Malta, while Binance is thankful for Coinbase work to help U.S. lawmakers understand cryptocurrency. He said: “We have a very good relationship with Coinbase.”
Zhao Believes Popular Blockchains Are Not Secured
At the moment, Ethereum blockchain rules the market while taking about hosting DApps and streamlining the standards. However, competitors like Tezos, Dfinity, and Eos believe that they can easily dethrone Ethereum by providing quick and efficient protocols.
According to Zhao, there are no such contenders that are poised for long-term success as they are working quite slowly. He says any blockchain which is built on general smart contract won’t work swift enough. Instead, the existing Blockchains will cede the sectors to more specialized ones.
Changpeng Zhao cited newer tools such as Komodo and Tendermint that improves the possibility to write Blockchains for particular purposes, indicating that the future will hold several bespoke ledgers.
His comment was:
This is just my interpretation which implies that Blockchains will evolve in the way of chips, where customized ASIC (“application specific integrated circuit”) chips have come to dominate computing over general purpose ones.
The additional big problem that Zhao feel is ease of use and security, which are somewhere interlinked. They both have to be specialized simultaneously, and he believes that the developers are already working to solve these issues.
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Image Source: Changpeng Zhao