Head Binance Executive Believes In Cryptocurrency-controlled Market Future
Changpeng Zhao, the chief executive officer of Binance, also the world’s largest digital currency exchange spoke about decentralized digital trading platforms and believes they will fully take over the current traditional and centralized systems.
Speaking in an interview, the head executive stated that it was just a matter of a time before the crypto-revolution within exchanges on the market. Although it may take a while, he stresses his belief in a decentralized exchange future. Zhao also thinks that such a shift in the economy and marketplaces is still quite early and that no certain timestamp can be placed as to when it will happen.
He goes on to explain that the company is taking every necessary measurement to ready itself for the future, including investing development, time and effort into the matter. The company’s expert team is actively developing the platform for any possible future outcome. Although the CEO clearly sides with a decentralized future in regards to trading platforms, he outlines a few benefits of a centralized system.
As he explains, Zhao says that currently centralized exchanges operate at a much higher efficiency and provide a much bigger volume of trade. He says that as of now, Binance may be safer than other decentralized exchanges towards customers and traders. These exchanges will provide more leeway in terms of asset control, anonymity and transaction data.
Currently Too Slow
Zhao believes that decentralized exchanges will fail to perform faster and as efficiently as centralized trading platforms. As he puts it, 1000 connected together to perform one process as opposed to just one computer processing and finalizing, decentralized exchanges will always come in second. Adding that as soon as these exchanges reach a high and efficient speed, trading volumes will increase and make way although this won’t happen within a day.
Another announcement by the CEO was made in regards of the new Binance Chain’s release in 2018, a decentralized exchanged designed by Binance. Talking about the new exchange, he said that the company will be relieved of its current level of power and that any user may possibly add any coin to the exchange listing which falls under the very nature of a free, decentralized system. Although just as many risks are associated with the benefits, Binance will not be able to control criminal activity.