The CEO of the largest crypto currency exchange Binance, Chanpen Zhao said that he does not consider exchange-traded funds (ETFs) “a key factor in the growth of the industry.”
— Binance (@binance) February 7, 2019
“I think for the growth of our industry needs more entrepreneurs, creating real-world projects,” — said Zhao during Periscope broadcast.
Chapter Binance asked to comment on the situation with the problematic crypto currency exchange QuadrigaCX. Zhao said that usually he is reluctant to talk about other trading platforms, but in this case, “there is something suspicious.”
Chanpen Zhao also revealed some details about the upcoming launch of the decentralized exchange Binance DEX. According to him, testnet Binance Chain underlying trading platform, starts “one two-weeks.”
The most popular tokens of standard ERC20 — Binance Coin (BNB) — will soon move to its own blockchain. The asset BNB entered the top ten ranking CoinMarketCap.
Binance Chain is built on a Protocol Tendermint from the project Cosmos Network. According to Zhao, the architecture of this Protocol is best suited for tasks a new site. Blockchain based Binance DEX will work on the basis of delegated proof of stake (Delegated Proof of Stake, DPoS) and the Byzantine consensus (Byzantine Fault Tolerant, BFT).
Also, according to Zhao, Binance Chain represents a fork Tendermint, in which “cut a lot of things” including smart contracts. This is done to improve the performance of that task of the exchange is more important than an abundance of possibilities.
The interface platform will enable the projects to produce tokens on the basis of the Binance and Chain “effectively conduct ICO”, attracting funds in tokens BNB.
According to Zhao, the Commission Binance DEX will be “small”. In addition, there is a charge for launching tokens into Binance Chain, which initially will be “about $100 thousand”, but in the future will vary.
“I purposely want to set a fairly high listing Commission. This will help reduce the number of spam and Scam projects. Also, the validators will be involved in the voting process for the candidates listed on the DEX”.
Binance DEX will neostalinism solution. This means that only users will control their private keys. However, Zhao said that at first Binance will have ample opportunities to influence the network and validators. The latest in Binance Chain is only 11, at least at the initial stage.
“I think in the early stages we need to maintain a significant impact on the network, shares his thoughts head of the largest exchange. Over time, more and more validators will join the network, and our influence will decrease”.
He also added that such a small number of validators will be used for performance reasons:
“It will be like NEO or even on Ripple: a small number of nodes, each of them are quite powerful.”
The disk space requirements for node-validator will be fairly large, as in Binance Chain will be every second to generate a new block. This approach will allow the network to handle “several thousands” of transactions per second. Moreover, Zhao noted that the local area already has to cope with the current volume of trading on the primary exchange Binance.
After the launch of the test network access to the user interface Binance DEX will appear in a web browser. The company has already provided early access to manufacturers of wallets, blockchain browsers and other decisions, wanting to integrate with the new platform. The first hardware wallet that supports Binance Chain and DEX, will be the Ledger Nano S. is Then followed by integration with KeepKey and best wallet.
Over time Binance intends to develop crosscan-interaction between different chains.
Recall Binance eyeing the technology xRapid from Ripple, which involves the use of tokens, XRP.
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