Binance CEO Changpeng Zhao says he disagrees with Ethereum creator Vitalik Buterin’s recent comments on blockchain scalability.
In an interview with The Star, Buterin said the speed and cost of blockchain transactions remain the biggest challenge facing blockchain technology.
“The main problem with the current blockchain is this idea that every computer has to verify every transaction. If we can move to networks where every computer on average verifies only a small portion of transactions then it can be done better.”
In response, Binance CEO Changpeng Zhao issued a tweet saying newer blockchains have already successfully pushed blockchain transaction volume and speed to acceptable levels.
“I like Vitalik and ETH, but speed and capacity was a problem a year ago, but now a largely solved problem for newer blockchains (for now). We need to increase real applications that people actually use, so that we hit the new capacity issues/limits again. Focus on applications.”
Buterin quickly countered, saying recent attempts to beef up blockchain speed are too centralized, citing EOS as an example.
“It’s not solved at all. Even the newer semi-centralized blockchains have TPS in the hundreds; AFAIK EOS has already had scalability bottleneck issues.”
Hundreds of comments poured in, sparking a rigorous technical discussion about orphan blocks, nodes, Raspberry Pi, reorgs and how to solve the holy grail of scalability without sacrificing security and decentralization.
The team at MetaHash countered that their next-generation blockchain outperforms Buterin’s assumptions.
He highlighted Bitcoin SV as a more scalable solution.
Binance launched its own blockchain, called Binance Chain, in April of this year. Zhao says it can handle about 2,000 transactions per second. In contrast, the Ethereum blockchain currently supports roughly 15 transactions per second. However, Binance Chain is not designed to support smart contracts, a key factor in its ability to support higher transaction volume.
HTC announces smartphone integration of Binance Chain
With the increasing use of smartphones, so is the use of cryptocurrencies across the globe. Recently, HTC announced Exodus 1, in an attempt to make the use of cryptocurrency and blockchain easier for the masses. Binance, the Malta-based crypto-exchange, has now joined HTC’s project, with the smartphone giant revealing its plan to provide support for Binance Chain.
Binance Chain will be added to the latest edition of its blockchain mobile, paving the way for effectively supporting the world’s largest exchange by volume, and its native token. The EXODUS 1 Binance edition will be integrated with Binance Chain by using the native application of HTC smartphones – Zion Vault wallet app. Here, it is important to note that crypto-hobbyists and traders will get the opportunity to get their hands directly on Binance’s DEX platform using the phone.
Addressing news of the integration, HTC’s Decentralized Chief Officer, Phil Chen, stated,
“Binance is one of those fearless companies that challenge traditional financial systems and how things are done.”
The integration of Binance with EXODUS 1 will empower users to enjoy the speed and efficiency of the smartphone, while also being safeguarded by the cryptocurrency hardware wallet, EXODUS 1 – Binance Edition. Talking about this development, Binance CEO Changpeng Zhao said,
“Smartphones will play a key role in the mass adoption of crypto and smartphones are the most natural devices for a hardware wallet that is simple to use and always with you.”
This is yet another step in Binance’s rapid expansion plans to maintain its position as the world leader. HTC’s own crypto-initiative is also a fresh step towards crypto-adoption across the globe.
‘Binance Phone’: HTC to Launch DLT Phone with Direct Link to Binance Chain/DEX
Binance teams up with the HTC giant to launch EXODUS 1 that supports the Binance DEX and Binance blockchain – limited edition.
The leading digital trader Binance that has been expanding its presence aggressively as of late and has introduced BTC futures trading recently has partnered HTC to release a limited number of crypto phones. Apart from crypto wallets, those will automatically support Binance ledger and the Binance’s decentralized platform for crypto trading.
Binance teams up with HTC
The Binance corporate blog says that the biggest and the most innovative digital exchange is collaborating with HTC to release a DLT phone that will let customers trade on Binance DEX and benefit from using the Binance Chain – right on the new smartphone Binance Edition.
On this smartphone, the Binance DEX will be integrated with the native crypto wallet of HTC – Zion Vault – and this will allow customers to trade on the dex directly.
Earlier, it was reported that the most recent edition of EXODUS crypto phone allows users to run a full-scale Bitcoin node on it.
HTC’s Phil Chen believes that this collaboration will change the current paradigm of using crypto exchanges and accessing them from mobile devices.
HTC Will Support Binance Chain With Special Edition Smartphone
Smartphone developer HTC plans to provide support for Binance Chain with a new special edition version of its blockchain mobile.
The company announced Tuesday that it would release an EXODUS 1 smartphone that integrates with crypto exchange Binance’s namesake blockchain, providing support for its decentralized exchange and token.
The EXODUS 1 Binance edition will integrate Binance Chain with the device’s native Zion Vault wallet app, according to the announcement. Essentially, users will be able to directly access the Binance DEX using the phone.
HTC decentralized chief officer Phil Chen said Binance’s “borderless vision is a cause that EXODUS also aspires to” according to a press release.
“We are partnering with the biggest and most liquid crypto exchange along with the trust minimized principle of empowering users to own their own keys and run their own full bitcoin node,” he said, further suggesting that supporting the Binance DEX natively in the device might help change how users interact with exchanges.
Binance CEO Changpeng “CZ” Zhao said smartphones “are the most natural devices” for hardware wallets, particularly ones users will always hold onto. “Crypto, on the other hand, will make every smartphone both a POS terminal and a payment device, cutting out most other middlemen,” he said.
CZ said he was “excited” to see how people might adopt cryptocurrencies using the device:
“The implications are profound and far-reaching. The most innovative smartphone makers are racing to adopt crypto. We are delighted to support and work with HTC EXODUS to make sure its users can access the Binance chain and DEX to help people access crypto and exchange anywhere.”
HTC first announced it would be launching a cryptocurrency-friendly smartphone last May, when it unveiled the EXODUS 1. The phone was released later in 2018, initially only available for purchase using cryptocurrency. The company opened up fiat sales to the wider public earlier this year.
Among its features, the EXODUS boasted of a “secure enclave” function to act as its mobile hardware wallet, acting as a secure environment for users to store their cryptocurrency private keys without risk of being hacked or otherwise compromised.
This year, HTC followed up its EXODUS 1 offering with the 1s, a more affordable variant capable of running a full bitcoin node provided users added (a lot of) extra card storage.
The new Binance edition of the device will retail for US$599, or 899 Singapore dollars, at a discount to the original price of the device. Once more, the phone can only be purchased through cryptocurrency on HTC’s website. Some early customers may also receive BNB airdropped to their devices.