A few hours back, Binance CEO ‘Changpeng Zhao’ conducted an all-new AMA-type session on Periscope during which he answered a host of questions related to:
— Binance (@binance) February 7, 2019
A Closer Look at the Matter
Starting off the Q&A event, CZ mentioned that there would be a total of 11 operational nodes that would be made available for use with the Binance Chain testnet. Additionally, he also mentioned that the number of validators within the network would be small— so as to keep the platform’s performance at optimal levels.
Following this, Zhao was questioned about his decision to use Cosmos as the base framework for his upcoming project. On the matter, he was quoted as saying:
“They had a solid product. The Cosmos architecture was closest to what we wanted… We took Tendermint and made a fork of it. We didn’t use the standard SDK. We forked it and chopped a lot of things out. So, in the Binance Chan, there are no smart contracts. We just have an interface for you to issue a token, and then you can trade it. Binance Chain is a very simple in terms of application, but it can handle very large loads.”
Other Key Points Worth Bearing in Mind:
- Only a select few partners will be granted early access to the Binance DEX platform.
- While the listing fees on Binance DEX will be adjustable over time, the initial amount that projects will have to pay will be somewhere close to the $100K mark.
- The popular Ledger Nano S wallet will provide full integration support for ‘Binance Chain’.
CZ Speaks About Decentralization
On the subject of decentralization, Changpeng said that while most people viewed the issue as being ‘black or white’, the matter was much more complex. Further elaborating on his stance, he went on to add:
“There’s a degree of decentralization you can achieve. Some blockchains are more decentralized, some blockchains are more centralized. Any blockchain that has a clear development leader or team, they are more or less centralized in some way. So, Binance Chain is a going to be a little more centralized initially in that way.”
Another subject that CZ broached during his recent Periscope chat was that of Bitcoin ETFs and whether or not they would ever see the light of day. On the issue, he stated that as and when such an offering would be made available to the masses, a lot of new investors would flock to this burgeoning industry.
Last but not least, he also added that Binance was looking to partner with Ripple and make use of its xRapid protocol in the near future.
“There’s nothing going on right now, but in the coming few months, we definitely want to add them as a partner.”