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.”
Binance CEO Changpeng Zhao: Crypto’s killer app has arrived
Binance [BNB] token has been observing a good run since its launch as it climbed up the CoinMarketCap list and entered the top 10. Binance’s CEO, Changpeng Zhao has repeatedly expressed himself on the success of the coin and the future of Binance and cryptocurrency world. Changpeng Zhao also known as CZ, in a YouTube’s Venture Coinist interview, said that the crypto’s killer app is already here.
CZ noted the success of Tron’s BitTorrent Token [BTT] launch as a sign that ICOs will return and remain a powerful new way for companies to raise money. CZ said:“ICOs got a little bit of a bad name because it’s total freedom. So there’s quite a lot of chaos. It was too hot. You could write a five-page white paper and raise $10 million. And of course, the founders want to do nothing other than write the next white paper. So it was getting too hot and with the bear market in 2018. A lot of people lost money and it gave a bad name to ICOs.”
He also said that if we look past this, raising money on the blockchain, blockchain fundraising, is a killer app which has many advantages and impactions to entrepreneurs, reported Daily Hodl. For this to happen, CZ informs that there is a need for best entrepreneurs and legit projects while making sure that the token economics makes sense. CZ added:
“So we need to make sure they don’t raise too much, keep the initial prices lower because the project is not out yet. So there’s a strong structure to raising properly, and that’s what we want Launchpad to do.”
As per the CEO, entrepreneurs are going to build the crypto industry and this could be instrumental for the cryptocurrency industry at large. CZ affirms that it will not only be the crypto industry who will be using this application but also other platforms. CZ concluded saying:“The projects we support go through very detailed due diligence, and we want to make sure those are all legit, proper projects. Not every project will be successful in the end because there are many other factors that can cause startups to fail.”
Binance Delisting: Why were SALT lending, Substratum and others delisted from Binance?
Binance, one of the world’s top cryptocurrency exchanges announced on Friday that they will be delisting five altcoins, CLOAK, MOD, SALT, SUB and WINGS.
Binance’s reasons for such delisting were articulated in their blog and included, commitment of the team to project, level and quality of development activity, evidence of unethical/fraudulent conduct, among other reasons.
This isn’t a surprising development however as some of the delisted tokens do have a very dodgy history. Below is a small collection of facts that could have contributed to Binance’s decision to delist the select tokens.
The SALT token has quite a history since it once came under the SEC’s radar in February 2018 when it was subpoenaed for allegedly distributing securities tokens to insiders and seeking information on the $50 million it raised during its ICO.
Moreover, as per the data obtained from CoinMarketCap, it can be seen that the price of SALT fell from approximately $18 to a low of $1 and the company were forced to remove the option of paying principal to the loans using SALT tokens. This was a major concern since SALT tokens were fixed at a constant retail price, marked much higher than the market value of the tokens.
The price of SALT has suffered a huge blow due to the delisting announcement by Binance. The token which was trading at $0.21 has collapsed massively in a single hourly candle to the bottom and was trading as low at a low of $0.17, which is a decrease of 19%.
Considering that Binance is the major contributor to trading volume for SALT [~70% via trade pairs SALT/USDT, SALT/BTC], the actual delisting might cause another huge blow to the trading volume as well as the price.
Substratum has also received a lot of negative publicity ever since the ICO ended. Brian Li had reported that there were discrepancies in the ICO funds collected, soon after it ended. His report also suggested that tokens including 2.5 BTC, 702 BCH, 1142 ETH, and 35 LTC were missing from the ICO funds. This report was made worse after he mentioned that the CEO of Substratum was able to afford a ‘$400,000 home and a bunch of new toys in the first week of October 2017″.
Moreover, the fact that Substratum’s Founder, Justin Tabb, admitted to using the funds raised through ICO in his trades, for a company that is trying to decentralize the internet raises a huge red flag.
The price for SUB followed the same course as SALT, as it fell from $0.044 to $0.026, which is a decrease of 40.9% within a span of a couple of hours of the announcement.
Ontology Price Gains 13% Following “ONG on Binance” Rumors
Every weekend will feature at least one cryptocurrency, asset, or token which rises in value for no apparent reason. While Ontology is picking up steam on the Binance platform, that alone should not necessarily warrant the current Ontology price increase. However, it seems that is exactly what is happening right now. There is also some excitement regarding Ontology’s version of Gas, known as ONG.
Ontology Price Climbs Rapidly
Starting off the weekend with a bit of a surprise is not entirely uncommon in the cryptocurrency and token industry. New trading momentum materializes nearly every week even if there is no real reason for it to happen. As such, many people are left wondering why the value of Ontology is suddenly shooting up like a rocket. It would appear the Binance exchange has something to do with that as of late.
Over the past few hours, the Ontology price has increased by over 13% in both USD and BTC value. While this latter part is not necessarily all that surprising, it quickly becomes evident noting strong USD gains when Bitcoin isn’t moving up all that much is a different story. It is here where this uptrend gains some legitimacy, primarily because the BTC -based increase allows the USD value to rise, instead of the other way around.
On social media, most of the Ontology-related discussions pertain to Binance as well, for some reason. A.M. goes as far as claiming how Binance is the driving factor of this particular price trend. The company is seemingly in the process of adding Ontology’s Gas tot heir trading pairs,
which can spark some additional interest in both tokens. Even so, a 13% increase in value based on hype and speculation may not necessarily be sustainable for very long.Sriz is echoing some very similar statements by stating how the CEO of Binance is seemingly “playing with ONG” at this time. A bit of an odd way of phrasing what may be on the horizon for this utility token, although no one can deny Binance’s trading volume for ONT is picking up steam.
It is not the biggest exchange for ONT trading volume at this time, though.The actual price chart for Ontology looks a bit worrisome. A massive green candle has begun forming which will usually lead to a steep retrace. Strong gains are hardly ever maintained in this volatile industry, especially during the weekend. How that will affect the Ontology value over the coming hours and days, remains to be determined. A brief retrace would not necessarily be a bad thing to keep this train going a bit longer.As is always the case in the crypto,
asset, and token industry, weekends are not actual trading indicators for the week ahead. Anything that happens on Saturday or Sunday is hardly ever mimicked throughout the week that follows. For Ontology, there appears to be genuine excitement which may spill over to Monday or even Tuesday. However, hype can only sustain uptrends for so long where altcoins, tokens, or assets are concerned.