Binance Changpeng Zhao, the CEO of the largest cryptobirge, said he did not consider ETFs "a key factor in the growth of the industry."
https://t.co/1XzeaJYm1O
– Binance (@binance) 7 February 2019 p.
“I think that in order to grow our industry, we need more entrepreneurs to create real projects ,” Zhao stressed during the Periscope broadcast.
The head of Binance was asked to comment on the situation with the problem of QuadrigaCX cryptographic trading . Zhao replied that he usually reluctantly talks about other trading floors, but in this case "something suspicious is happening."
Binance dex
Changpen Zhao also revealed some details about the upcoming decentralized Binance DEX exchange. According to him, the testnet Binance Chain, which forms the basis of the trading platform, will start “in one two-week time period”.
The most popular tokens of the ERC20 standard – Binance Coin (BNB) – will soon be transferred to their own blockchain. The other day BNB asset entered the top ten of the CoinMarketCap rating.
Binance Chain is built on the Tendermint protocol from the Cosmos Network project. According to Zhao, the architecture of this protocol is best suited for the tasks of the new site. The blockchain at the heart of Binance DEX will operate on the basis of the delegated share (Delegated Proof of Stake, DPoS) and the Byzantine Consensus (Byzantine Fault Tolerant, BFT).
Also, according to Zhao, Binance Chain is a fork of the Tendermint, in which "many things are cut out", including smart contracts. This is done to increase productivity, which is more important for exchange tasks than an abundance of opportunities.
The platform interface will allow projects to release tokens based on Binance Chain and “effectively carry out ICO”, attracting funds in BNB tokens.
Commissions
According to Zhao, Binance DEX commissions will be “small.” In addition, there is a fee for launching tokens on the Binance Chain, which will initially be “about $ 100,000”, but will vary in the future.
“I intentionally want to set a rather high listing commission. This will help reduce spam and scam projects. Also validators will be involved in the process of voting for candidates for listing DEX »
Validators
Binance DEX will be a non-custodial solution. This means that only users will control their private keys. However, Zhao noted that at first Binance will have ample opportunities for influencing the network and validators. The last in Binance Chain will be only 11, at least at the initial stage.
“I think at the early stages we need to maintain a significant impact on the network ,” the head of the largest stock exchange shares his thoughts. “ Over time, more and more validators will join the network, and our influence will diminish.”
He also added that such a small number of validators will be used for performance reasons:
“It will be like NEO or even Ripple: a small number of nodes, with each one quite powerful”
The disk space requirements for validator nodes will be quite large, since a new block will be generated every second in Binance Chain. This approach will allow the network to process "several thousand" transactions per second. Moreover, Zhao noted that a decentralized platform could already handle the current trading volume on the main Binance exchange.
After launching the test network, access to the Binance DEX user interface will appear via a web browser. The company has already provided early access to manufacturers of wallets, blockchain browsers and other solutions wishing to integrate with the new platform. The first hardware wallet supporting Binance Chain and DEX will be Ledger Nano S. Then integration with KeepKey and Trezor will follow.
Over time, Binance intends to develop crosschain interaction between different chains.
Recall Binance eyeing the technology xRapid from Ripple , which involves the use of XRP tokens.
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