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Binance CEO’s reorg idea could be implemented, but would incur ‘too many side-effects,’ claims Adam Back

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Blockstream CEO Adam Back has always been in the news for discussing relevant topics in the cryptosphere through various social media channels. On the sidelines of Consensus 2019, Back addressed popular questions related to the future of crypto mining, during his interview on Crypto Finder.

Back believes that although existing protocols related to “transaction and mining fees are improving overtime,” the amount of Bitcoins mined are positioned to go lower in the future. The crypto-veteran commented that lower mining costs can also be attained through decentralization-enabled direct profitability from mining. He added,

“If the mining reward gets very low, you can get a situation where it becomes profitable for miners only to reorganize previous blocks and take the fees. Such a technology can be developed at the time to average out the fees.”

Contrary to popular opinion, Back stated that Binance CEO Changpeng Zhao’s reorg decision could easily have been implemented. However, it would incur “too many side-effects,” he added. One of Back’s suggestions to reduce service fees is to enable users to mine. While speculating about the future possibilities of mining, he added,“Some exchanges are still profitable with some reporting a $400 million profit. On the other hand, there are other miners who are benefiting from bitcoin via merchants and payment processes. And ultimately if bitcoin wasn’t secure, the miner business would not exist.”

Back also shared Blockstream’s intention to be a reviewer of code in the space, rather than a decision maker. The interview concluded with Back encouraging the growing number of independent developers, something which Back believes, will enable much-intended decentralization in the crypto community.

Source/ambcrypto

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Binance DEX Gaining traction as TomoChain unveils trading competition

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Binance’s decentralized exchange, Binance DEX, recently launched to much hype with a non-custodial integration of TrustWallet. Since then, the exchange has undergone a flurry of listings, from stablecoins to analogous tokens of public blockchains via its BEP standardized token contracts for Binance Chain.

Binance DEX is already considerably outpacing other DEXs in volume, attracting a normalized trading volume over $5 million in the last 24 hours. Couple that with more than 1.27 million monthly web visits, according to SimilarWeb, and it is evident that Binance’s DEX push is paying dividends so far.

The rise of Binance DEX has also come with a series of projects launching on the exchange, with Binance even announcing pegged tokens on its network, such as BTCB using the BEP-2 protocol standard that has been adopted by several projects.

In particular, TomoChain, the scalable public blockchain, has produced a bridge protocol using Binance’s BEP-2 standard to allow cross-chain swaps between the native TOMO token and TOMOB – the Binance DEX analog of TOMO. And the TomoChain team is moving forward with a trading competition following the success of their pegged listing.

TomoChain team in the blog announcement shared details,

“To celebrate the event of the BEP-2 TOMO token [TOMOB] listing on Binance DEX, TomoChain is rolling out a TOMOB trading competition on Binance.org — with up to 30,000 TOMOB and 300 BNB to be airdropped.”

The Trading Competition and TomoChain’s Financial DApp Emergence

The trading competition, which will commence on July 12th at 0:00 UTC, is a bid to reward the early users of the TOMOB token on Binance DEX, where a minimum of 2,000 TOMOB is required for eligibility. The top 5 traders throughout the entire competition will be rewarded with 60 BNB each.

Outside of the listing on Binance DEX, TomoChain has been gaining traction in DApp development and users, particularly in gaming and financial areas.

The project is set to begin the final stages of its International Gaming DAppathon, which has seen more than 1,500 developers from around the world participate, creating more than 10 games. Similarly, DApp.com’s recently unveiled Q2 DApp Report shed a spotlight on TomoChain’s prominence as a public blockchain for facilitating financial DApps.

According to the report, over 60 percent of TomoChain DApp users tapped financial applications, with finance DApps accounting for over 70 percent of the transaction volume throughout Q2.

The report also shared,

“Most of the DApp users were driven by TomoMaster, the governance DApp for TomoChain.”

And specifically referencing the financial DApp usage, the report continued,

“There is a huge difference compared to the other blockchains where gambling and high-risk DApps took huge place at the early stage.”

Backed by the largest spot trading exchange in the cryptocurrency market, which recently rolled out margin trading, Binance DEX is poised to continue its growth as a non-custodial favorite among investors.

Its BEP standardized token contract has proved a valuable resource for project listings on the platform, and networks like TomoChain have presented some diligent technology [i.e., their bridge protocol] congruent with providing more liquidity to its users.

Source.ambcrypto

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Binance Prepares To Block US Customers – Former Ripple Exec Get Behind The Wheel Of Binance U.S.

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Back in June, we were reporting that the Binanceplatform has been gearing up to ban the citizens in the US from trading on the platform.

On the other hand, it’s been revealed that the platform promises much wider crypto trading opportunities later.

The whole panic began when Binance revealed that some restrictions would be introduced for the US citizens and they will be banned from trading on Binance.com.

September 12th will be the last day when Binance serves US customers

Binance marked in September 12th as the last day that it will serve US customers.

From then on, users from the 50 stated will no longer be able to trade on Binance.com but they will still be allowed to withdraw their digital assets.

Binance teamed up with a company called BAM Trading Services which will operate its new trading platform that’s dedicated to the US market.

The new platform is called Binance.US, but so far, Binance CEO Changpeng Zhao said that no launch date had been set.

It’s also not clear which digital coins will be offered on the new exchange.

“We definitely hope it will be within the three months timeline and we are working very hard together with our partner on that. But the truth is, there is some uncertainty. We don’t control everything. But I think three months is generally a reasonable amount of time to get an exchange up and running.”

BAM Trading Services hires Ripple former executive

BAM has appointed Ripple’s former head of XRP institutional liquidity, Catherine Coley, as its CEO.

Coley’s primary role is to manage the launch of the new digital asset marketplace.

The Crypto community on Twitter celebrated the news and said that this is huge for everybody.

People are also rooting for XRP as you will see in Alex Cobb’s tweet below:

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Binance Might Launch a Korean Subsidiary Soon

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According to a recent report, Mr Feng Xindeng Zhao who is the head of the global crypto exchange Binance has revealed that very soon, the firm might be launching a Korean subsidiary.

He said:

“We do not know the details related to the establishment of the Korean branch,” Zhao told reporters at the block in a press release on the 16th, “We are working with local partners, but we do not know the details.”

Initially, a global representative of Binance stated that the news was gainsaying.

He said:

“I do not plan to establish any office in Korea,” “We have been discussing cooperation with BxB (a blockchain FinTech company), but we have not made any specific decisions,” he added.

He further stated that:
“We have not decided whether or not to establish a Korean subsidiary.”

Recently, there have been several discussions regarding the launching of a new branch in several location. ‘Binance LLC’ was registered as an establishment of a domestic corporation with a co-representative of Binance Kang Ji- ho as director.

Although, there has not been any reaction from the Chief Executive Officer of Binance Changpeng Zhao who is usually very active on social media giant Twitter reporting every new development in the exchange, he previously mentioned at the Blockchain Partners Summit in Seoul on July 2018 that there is a possibility that the exchange will be expanding to Korea. He further noted the importance of the South Korean market and how the exchange will help grow its digital assets industry.

Another spokesperson from Binance reportedly said that the question of launching a local branch in South Korea is “not the case” to date.

Meanwhile, major global exchange Huobi has officially announced plans to expand operations to Turkey, where 20% of residents are reportedly in possession of a form of crypto.

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