Teck Chia, Binance: “The blockchain is compatible with regulation”
Interview

Teck Chia, Binance: “The blockchain is compatible with regulation”

By Marco Cavicchioli - 24 Nov 2019

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During the Crypto Coinference 2019 in Milan, The Cryptonomist interviewed Teck Chia of Binance X

Binance X is the initiative of the famous exchange dedicated to developers. During the event in Milan, Teck spoke in particular about decentralised exchanges and blockchain. 

How many people are currently using Binance DEX, bearing in mind that Binance’s decentralised exchange has only been online for a few months?

“I don’t have the exact number and it is hard to tell anyways, right because you use it from your own client. So there’s no account. So, I don’t know that number off the top of my head, but you can look at the number of transactions on the blockchain with explorer and you can see for yourself how many transactions there are and how many unique addresses”.

At the time of writing this article, a total of 316,656 unique addresses, with 38,138,278 transactions, appear to have been recorded on Binance Chain, but these also include those relating to the exchanges of BNB or other BEP2 tokens.

“DEXs, in general, are definitely harder to use than centralised exchanges, and they have lower liquidity. So naturally, we’re still very early in this crypto evolution. I think it will take a while for people to get used to these innovations. I think it will happen in the future. It will probably be a world where both decentralised exchanges and centralised ones co-exist together because people prefer one or the other for different purposes”.

Aren’t there already too many tokens in circulation?

“I don’t think they’re too many. I think it is always healthy to have many different types of innovations in this space and then, of course, a lot of will fail and some succeed, but you do need a lot of different things to be thrown on the wall to see what sticks. This is relevant also outside the crypto space, since many different people are required to try different ideas in order for the good ones to come out. So I think it’s a healthy thing to have many projects come out. We’ll see failures as well as successes, but the important thing is that people continue to try to innovate”.

But what does Teck Chia think about the relationship between regulators and the use of cryptocurrencies?

“Regulators are there to protect the users and constitutional rights. I think cryptocurrencies are safe because when you do a transaction on the blockchain things are transparent, things are verifiable. So I think it’s very compatible with regulation since cryptocurrencies want to also provide transparency and safety.

Most DEXs are open and anyone can inspect what’s going on. So they just need to find different ways to regulate it”.

What are the opportunities that Binance Chain offers to startups?

“Binance Chain is a public chain. Right now it is managed by a set of nodes but potentially we could open up to anybody with some kind of governance model”.

 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 11 thousand subscribers.

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