Changpeng “CZ” Zhao, the CEO of Binance, the largest crypto exchange in the world, has tweeted yesterday, February 10, that he advocated for Elon Musk, the founder of Tesla, to be the next participant of a Lightning Network initiative named the Bitcoin Lightning Torch.
The project, which had begun as a way publicity stunt in order to bring awareness to he Lightning Network, has seen massive adoption so far and the CEO and founder of Twiter, Jack Dorsey, was one of the latest celebrities to join the project. Dorsey himself appointed the founder of Tesla as a potential follow-on for the project, but it looks like Elon Musk has decided to remain silent ever since.
Who Will Get The Bitcoin Lightning Torch?
The Bitcoin Lightning Torch, which is somewhat like the Olympics Torch, just digital and based on the Lightning network, is currently being held by Changpeng Zhao. He has talked about it on Twitter and made several tweets to commemorate the occasion.
After inviting Elon Musk to light the torch, he was called by Charlie Lee, the founder of the Litecoin Foundation, but he has turned him down by saying that “he will get it soon enough” and that he wanted to “harass brother Elon Musk a bit more” before parting with the digital torch.
The Bitcoin Lightning Torch Is A Very Successful Marketing Campaign
In fact, this has been a very successful marketing campaign for the Lightning Network, an off-chain Bitcoin solution that was created in order to make payments faster.
This initiative has only existed for about three weeks so far and several high-profile people have already been a part of it. The idea is that Bitcoin transactions are being made by the users and passed on the next, just like an Olympic Torch.
In part, this marketing display is being made to raise awareness but also to commemorate that more and more people are interested in using this off-chain solution now.
At the moment, according to 1ML.com, which monitors blockchains, there are 6124 nodes on the Lightning network and over 24 thousand open channels, which have a capacity for 655 BTC (around $2.35 million USD).
Binance Plans Launch of New Global Crypto Project to ‘Reshape the World Financial System’
Binance, the world’s largest crypto exchange by trading volume, is launching a new blockchain project called Venus. It’s designed to spur the development of stablecoins and crypto assets backed by various fiat currencies. As a “localized” take on Facebook’s Libra, the Venus project intends to have a global reach.
According to the announcement,
“Binance is looking to create new alliances and partnerships with governments, corporations, technology companies, and other cryptocurrency companies and projects involved in the larger blockchain ecosystem, to empower developed and developing countries to spur new currencies.”
Binance intends to leverage its existing blockchain ecosystem and cross-border payment technology in to launch the stablecoin-focused Venus project. Unlike the California-based Facebook, however, which has had to defend its Libra project at US Senate hearings, Binance is based in Malta.
While the latter’s potential impact on the financial system may provoke less backlash than Facebook, which has the ability to leverage it massive userbase of 2.5 billion active monthly users, Binance has been cultivating its own vast blockchain-based ecosystem since the company first launched in 2017. Its reach extends across the globe and includes partnerships, initiatives and exchanges based in Singapore, Uganda, Argentina, Jersey and Australia, along with its upcoming launch in the US.
Introduced in April of 2019, its distributed ledger technology (DLT)-based platform Binance Chain supports several new stablecoins such as the Bitcoin-pegged stablecoin (BTCB) and Binance BGBP stablecoin (BGBP).
The company aims to provide full technical support and a “compliance risk control system” while working on the Venus initiative. The exchange also intends to offer a multi-dimensional cooperation network and will leverage its existing infrastructure and regulatory establishments to create the Venus platform.
Like Facebook’s initiative Libra, the Venus project intends to revolutionize the traditional financial system that uses fiat currencies and often excludes people who don’t have access to bank accounts.
According to co-founder Yi He,
“We believe that in the near and long term, stablecoins will progressively replace traditional fiat currencies in countries around the world, and bring a new and balanced standard of the digital economy.”
“We hope to achieve a vision, that is, to reshape the world financial system, allow countries to have more tangible financial services and infrastructures, protect their financial security and increase the economic efficiency of countries.”
Binance new set of stablecoins to rival Facebook’s Libra
- Binance announced the development of Venus; a crypto inspired by Libra.
- Binance intends to fight the established financial hegemony with a new set of stablecoins.
Malta-based Binance exchange is getting ready to develop stablecoin that will more or less resemble Facebook’s Libra. Unlike Libra, Binance will have different stablecoins for different regions.
The announcement from the company outlines that the reason for the endeavor is to compete with the monopolistic financial hegemony. Binance intends to utilize its position in the global crypto space to push for the adoption of the stablecoins.
According to the announcement the first of the stablecoins is dubbed Venus. The company says that the idea of Venus was inspired by Facebook’s Libra. This will help Binance “to use the technological innovation power given by the times to instigate a new currency and create an independent “regional version of Libra.” Moreover, Binance seems motivated by the idea of replacing the fiat as a system of payment and fund transfer.
Libra is still in development, however, a number of similar coins have already been announced and undergoing development. Binance has the financial power and position in the crypto industry to push for the adoption of the Venus and other such stablecoins. However, we will wait to see if Venus will spur regulatory heat as Libra did.
Binance Reveals ‘Venus’ — Its Own Project to Rival Facebook’s Libra
Top cryptocurrency exchange Binance is launching an open blockchain project “Venus” focused on developing localized stablecoins worldwide.
In an announcement published today, Aug. 19, the exchange argues it is well-positioned to launch such a currency ecosystem in light of its existing public chain technology, Binance Chain, wide user base and already established global compliance measures.
Leveraging existing know-how
The exchange says it is seeking partnerships with governments, corporations, technology firms, and other cryptocurrency and blockchain projects in order to develop a new currency ecosystem that will empower both developed and developing countries
The exchange’s vision for the project, per the announcement, is to “build a new open alliance and sustainable community” that enlists partners who wield influence on a global scale.
Binance Chain, as the announcement notes, has already been running several native asset-pegged stablecoins, including a Bitcoin (BTC)-pegged stablecoin (BTCB) and the Binance BGBP Stable Coin (BGBP) pegged to the British Pound.
Binance says it will leverage its existing infrastructure and experience with various regulatory regimes to consolidate a compliance risk control system and build a multi-dimensional cooperation network for the Venus project.
Vying with Libra
Binance’s ambitious new venture appears to compete directly with plans from social media titan Facebook to launch a fiat-pegged stablecoin, Libra, that would power a global crypto payments network embedded into the company’s three wholly-owned apps: WhatsApp, Messenger and Instagram.
With its choice of name, “Venus,” Binance is also stepping into the astrological waters of both Facebook’s Libra project and the Winklevoss Twins’ Gemini exchange and Gemini dollar