on the crypto
The future of cryptocurrencies according to the CEO of Binance. Changpeng Zhao gives an interesting interview to Fortune media.
Changpeng Zhao is the CEO of Binance, become theexchange di cryptocurrency largest in the world. He is also one of the most listened top managers in the whole ecosystem criptovalutario, able to build a true empire out of nothingness on blockchain. And it is also for this reason that, recently interviewed by Fortune, he shared some very interesting ideas about the future of Binance and cryptocurrency.
According to Changpeng Zhao (or, as his collaborators call him, CZ), the future can only be focused on the typical decentralization of cryptocurrencies, but to achieve this goal it will still take some time.
Binance announced its first acquisition a few days ago in the form of Trust wallet, a wallet app that doubles as a browser for decentralized applications (dApps). The move is a real bet for the exchange, with the hope that more and more people will start using decentralized services, capable of providing more privacy, considering that they do not rely on servers controlled by a single organization.
On the other hand, although it is true that there has been an explosion of dApps in the past two years - the most famous example is Crypto-Kitties - the reality is that few use them, and in part because user interfaces are not exactly attractive. “We are still in the early stages of dApps. Most of them are just tests or simple games "- said CZ, and then remember that sooner or later it will probably change a lot.
blockchain 2020 will be ecommerce
In particular, for CZ by 2020 we will see a wider use of messaging, games, social networks and blockchain-based classification systems. The next next step will be e-commerce, he says. In the meantime, Binance is going full speed ahead towards building a decentralized financial system. This isn't a completely new idea (wasn't it part of Bitcoin's original vision?) - but Binance has taken some useful steps to expand in this direction. And to do so, for example, he collaborated with Malta to build a decentralized global financial institution. CZ also says that Binance is building its own blockchain to facilitate the decentralized exchange of cryptocurrencies.
Regarding blockchain, CZ also recalled that Ethereum is currently the most popular when it comes to hosting dapper and to set standards. But competitors - in particular tezos, Eos and Dfinity - believe they can dethrone Ethereum offering faster and more efficient protocols. So who will win?
In fact, CZ believes that none of the current contenders are ready to achieve long-term success in the sector we are talking about today, simply because they are all too slow. Although this criticism has long been criticized by EthereumCZ claims that any blockchain designed for generic smart contracts (like current competitors) is not fast enough. Instead, he thinks that existing blockchains will give way to more specialized ones.
CZ cited new tools such as Komodo e Tendermint, which allow you to write blockchain for specific purposes, suggesting that the future will consist of numerous personalized ledgers.
Finally CZ also spoke of its direct competitors, and in a very positive way. CZ says Binance, who made a profit of between $ 500 million and $ 1 billion last year, doesn't want to challenge Coinbase - the main competitor - in markets like the United States. "In developed markets, there is more money to be made but there is also more regulation and competition" - he said. “We don't want to compete with Coinbase and Gemini [owned by Winkelvoss]. The strategy requires many lawyers and lobbying, "he said, adding that he prefers to operate in places like Malta where he can work directly with the government to promote the ideals of a decentralized financial system.