Binance CEO: Ethereum and EOS Will Be Too Slow to Succeed in the Long Run
The CEO of leading cryptocurrency exchange Binance says any general smart contract platform (i.e. Ethereum, EOS) will not be fast enough to achieve success in the long run.
In a new interview with Fortune, Changpeng Zhao (“CZ”) says he believes they will be overtaken by projects that give developers tools to write blockchains for specific purposes.
Fortune reports, “the Ethereum blockchain rules the roost when it comes to hosting dApps and defining standards. But deep-pocketed competitors—notably Tezos, Eos, and Dfinity—believe they can dethrone Ethereum by offering faster and more efficient protocols. So who will win?”
CZ chose none of them because “they are too slow.”
The report continues,
“While this criticism has long been leveled at Ethereum, CZ says any blockchain designed for general smart contracts (as the current competitors are) won’t be swift enough. Instead, he thinks the existing blockchains will cede the field to more specialized ones.
CZ cited newer tools like Komodo and Tendermint that make it possible to write blockchains for specific purposes, suggesting the future will consist of numerous bespoke ledgers.”
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Ethereum and other smart contract platforms are working to dramatically improve their current transaction speeds. Ethereum creator Vitalik Buterin recently said he believes it’s feasible to push the speed up to one million transactions per second.
As for the future of decentralized apps, Zhao says we’re just at the very beginning, and broader use of blockchain-based messaging, games, social networks and rating systems are on the way.
Zhao also says he’s moving ahead full steam on Binance Chain, the company’s decentralized exchange that he is pushing to launch sometime this year.
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Comments 7
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Sun Drez (@SunDrez)
Aug 8, 2018Zen Protocol (ZP) will surpass all these projects… As it does not run on hype and empty promises, it is created as a financial engine.. To do a job like no other…
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Mike
Aug 3, 2018Zilliqa is the future!
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OmahaStakes
Aug 3, 2018I believe the NULS is the future of blockchain.
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Bitcoins and Gravy (@BitcoinsNGravy)
Aug 3, 2018These are platforms with which and upon which new technologies will be built (read ARE BEING built).
CZ is a silly man who has a lot to learn.
: ) -
MAVEN (@Excursionist85)
Aug 3, 2018An objective truth that many are gradually coming to terms with is that CREDITS (CS) is the fastest and most scalable blockchain by a very large margin.
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Anonymous
Aug 3, 2018Crédits is the future of blockchain
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Fanner
Aug 3, 2018Komodo is the future !
Comments 7
Sun Drez (@SunDrez)
Aug 8, 2018Zen Protocol (ZP) will surpass all these projects… As it does not run on hype and empty promises, it is created as a financial engine.. To do a job like no other…
Mike
Aug 3, 2018Zilliqa is the future!
OmahaStakes
Aug 3, 2018I believe the NULS is the future of blockchain.
Bitcoins and Gravy (@BitcoinsNGravy)
Aug 3, 2018These are platforms with which and upon which new technologies will be built (read ARE BEING built).
CZ is a silly man who has a lot to learn.
: )
MAVEN (@Excursionist85)
Aug 3, 2018An objective truth that many are gradually coming to terms with is that CREDITS (CS) is the fastest and most scalable blockchain by a very large margin.
Anonymous
Aug 3, 2018Crédits is the future of blockchain
Fanner
Aug 3, 2018Komodo is the future !