Binance CEO Comments on Binance Chain, Bitcoin ETFs, Decentralization, Ripple, and XRP
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On Thursday (February 7th), Changpeng Zhao (also known simply as "CZ") held his first Q&A session on Periscope. This article features the main highlights, including his comments on Binance Chain, Binance DEX, Bitcoin ETFs, decentralization, Ripple, and XRP.
Binance Chain and Binance DEX
Q: How mny validator nodes will Binance Chain run?
A: "I think for the testnet, we elect to run 11 test nodes. I think any number is fine. The number of validators in our network will be small, mainly for performance reasons. So, it will not be as big as a Bitcoin network with thousands of nodes. It's going to be more like NEO or even Ripple... Smaller number of nodes, and each node will be rather large. "
Q: Where does the gas and fees collected by the nodes go to?
A: So, right now, all of the gas and fees collected by the nodes are kept by the nodes. So, right now, we are launching Binance Chain with a very simple business model... Our main goal is to get Binance DEX up and running as quickly as possible. My philosophy is always get the thing working, make sure everybody uses it, and then adjust the business model."
Q: Why did you choose Cosmos?
A: "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."
Q: How can one get early access to Binance DEX?
A: "We've given a few of our selected partners access to our DEX. Most of them are either wallet developers or blockchain explorers. Basically, guys who have some tools that we are integrating with... Very soon, we will open the beta."
Q: How much will the listing fee be on Binance DEX?
A: "I actually deliberately want to set that a bit high [because] we want to reduce scam projects. There's also a voting process by the validators to be listed on the DEX. I think the fee will be close to $100K... The fee is adjustable over time."
Q: Can we store BNB on Ledger Nano S?
A: "The Ledger Nano S will support Binance Chain."
Q: What utility will BNB have on Binance Chain and Binance DEX?
A: "Very simple. Binance Coin on Binance Chain is the same as ether on the Ethereum network."
Binance Exchange
Q: Any plans to extend Binance's trading features?
A: "Yes. We are still working on a lot of new features for Binance.com. A lot of features are missing. Once you have a product running, it's never done. OCO [One Cancels the Other] is a feature that's requested very heavily from many of our users. So, we are working on that. We want to support OCOs natively in the matching engine."
Q: Any plans to allow margin trading?
A: "In the future, we do plan to allow margin trading, but it may take a little while."
Decentralization
Q: Is crypto truly decentralized?
A: "On decentralization, most people view that as a binary thing, is it decentralized or not. But the reality is that decentralization is a gradient scale. So, 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."
Bitcoin ETFs
Q: Any thoughts?
A: "If it [a Bitcoin ETF] is listed on a big traditional exchange... that does bring in a lot of attention from people outside our industry. I don't think ETFs are core to our industry's growth. With or without them, our industry will grow. I think for our industry to grow we need more entrepreneurs to build real projects."
QuadrigaCX Exchange
Q: What do you think about the QuadrigaCX Exchange exit scam?
A: "I don't really want to comment on other exchanges, but there's something fishy going on."
Ripple and XRP
Q: Any plans to become a Ripple partner by using xRapid?
A: "There's nothing going on right now, but in the future, we definitely want to add them as a partner."
Q: Will there be more XRP quote pairs?
A: "We already added XRP as a base currency. So, in the future, we will look to add more quote pairs, but we want to make sure that every pair we add has decent liquidity."