Changpeng Zhao and Binance updates
Blockchain

Changpeng Zhao and Binance updates

By Alfredo de Candia - 26 Sep 2019

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A few hours ago an AMA session (Ask Me Anything) ended with Binance CEO, Changpeng Zhao, who addressed several issues including the recent updates for the platform on the U.S. territory.

After a brief chat about his T-shirt, one of the 10 Binance T-shirts dating back to 2 years ago, we went on to read some questions from users. 

First of all, Zhao explained that he launched a new service for users to send feedback on the platform. In this way, they have collected a number of interesting comments and suggestions.

Speaking about the current market situation, Zhao focused on the price of the BNB token, which has recently fallen significantly. In this way, the CEO of Binance could clarify that the company does not have control of the market and therefore the asset follows those rules, but he still trusts in the market and in the blockchain industry in general and in their business model, so according to him the price of the token will rise soon.

Also with regard to the market and the price of Bitcoin (BTC), Zhao did not complain because it is well above what was recorded on December 2018, and reiterates that the market is always strong, as well as Binance.

CZ also wanted to point out that the BNB token is not a security token but rather a utility token: in fact, Binance Coin can be used to pay the fees on their exchange. BNB is listed on Binance US and with what recently happened to Kik with the SEC, Zhao probably wanted to reiterate once again the function of the token to avoid running into the same problem. 

Not to mention their new product, the futures: for the moment Binance has only one type of contract, only on bitcoin (BTC), but despite the volatility of recent days it has not had problems or glitches.

CZ praised futures in general because according to him they allow you to trade at lower costs: in fact, compared to margin trading, a system for which you borrow the crypto in exchange for an interest, futures have the same function but free of charge and Zhao has confirmed that other types of contracts will be launched soon.

Some questions have concerned the listing of other cryptocurrencies and how they are listing the same in a process that takes into account the liquidity since, without that, would not be possible a balanced market for users. 

Not to mention Binance Launchpad, which allows projects to recover funds to launch their own startups: according to CZ recovering funds using the blockchain is one of the killer apps in this sector.

As for the recently launched lending service, Zhao explained that the team is working on support for the mobile version.

CZ also explained that Binance is always ready for new hacker attacks and that every day they suffer from new ones but, according to him, even with the improvements they have made in recent months, Binance is the most secure exchange on the market.

Finally, as for Binance Chain, Zhao explained that the team is trying to strengthen the network and add some features such as smart contract, which confirms that they will be similar to those on the blockchain of Ethereum (ETH).

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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