Binance Founder Declines Proposal for Decentralized Stable Coins
On February 14, Zhao Changpeng, the founder of Binance, said in reply to the relevant proposal of \”suggesting that Binance issue decentralized stable coins sim…
On February 14, Zhao Changpeng, the founder of Binance, said in reply to the relevant proposal of “suggesting that Binance issue decentralized stable coins similar to DAI next”, “At this juncture, we prefer to have others do it to make it more decentralized. We can’t do everything. Thank you for your support.”
Zhao Changpeng: At present, the issue of decentralized stable currency is not considered
Interpretation of the news:
Binance founder, Zhao Changpeng, has declined the proposal for Binance to issue decentralized stable coins similar to DAI. In response to the relevant proposal, Zhao stated that, “At this juncture, we prefer to have others do it to make it more decentralized. We can’t do everything. Thank you for your support.”
Stable coins are a new breed of digital currencies that are backed by traditional assets, such as fiat currency or commodities like gold. They are designed to minimize the volatility of cryptocurrencies by maintaining a stable value in the market, offering a more reliable means of payment and transfer of value. Decentralized stable coins, like DAI, are issued and managed through smart contracts on a blockchain network, ensuring transparency and eliminating the need for a centralized authority.
Despite the growing interest in stable coins, Zhao appears to be more focused on decentralization. Decentralized finance (DeFi) has emerged as a new trend in the blockchain industry, allowing users to access decentralized financial systems without the middlemen traditionally used in traditional finance. The main advantage of DeFi is that it promotes transparency, trust, and autonomy by enabling direct and secure access to relevant financial services.
By declining to issue their own decentralized stable coins, Binance appears to be embracing the DeFi trend by supporting decentralization in the blockchain space. Zhao’s statement suggests that Binance is not interested in taking on every task in the blockchain ecosystem, but rather working with others to achieve shared objectives.
Overall, the decision by Binance to decline the proposal for decentralized stable coins suggests a long-term vision towards decentralization in the blockchain space. While stable coins offer numerous advantages, decentralization remains a fundamental principle that promotes trust, transparency, and autonomy in the blockchain ecosystem. By supporting decentralization, Binance is contributing to the growth and expansion of the entire blockchain industry.
In conclusion, Binance founder Zhao Changpeng’s response to the proposal for decentralized stable coins suggests an overarching interest in decentralization in the blockchain ecosystem. This decision aligns with the growing trend of decentralized finance, which is offering more transparent and secure financial services to users around the world. By embracing decentralization, Binance is contributing to the growth and expansion of the blockchain industry, creating a more diverse and inclusive ecosystem that empowers users and promotes innovation.
Word count: 400
This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/175/
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Recommended articles
-
BTC Drops Below $28,000: Understanding the Volatility of the Cryptocurrency Market
According to reports, the market shows that BTC has fallen below $28000 and is currently trading at $27985.5, with a daily decline of 4.78%. The market is highly volatile, so pleas
-
#Solana Ecosystem Project Rebrands to @0xLukaeth: What Does This Mean?
According to reports, according to on chain detective ZachXBT, the Solana ecosystem project, which previously had 200000 followers, has deleted all tweets and changed its username
-
Why does Japan have restrictions on buying and selling Bitcoin
Why does Japan buy and sell Bitcoin? According to the latest data from Coinmarketcap, between December 1, 2017 and April 20, 2018, the number of BTC/JPY on the Japanese exchange was 90000. Since 2014, with more and more institutional investors entering the Cryptocurrency market, the price of Bitcoin has been rising. Between July and August 2020, the total transaction volume of the global crypto market exceeded $6 billion. Since early November 2019, Bitcoin has skyrocketed from over $4000 to over $8000. Why does Japan buy and sell Bitcoin There are two reasons: one is the economic recession caused by the COVID-19 epidemic, the other is the inflation caused by the increased demand for the central bank digital currency (CBDC); Thirdly, the Japanese government believes that there are currently no plans to issue any digital assets Are there any restrictions on purchasing Bitcoin in Japan? Bitcoin is considered a payment method and asset in Japan. According to the Law on Virtual…
-
Russia Starts First Cryptocurrency Mining Mutual Fund
It is reported that Russia has started to set up the first mutual fund to invest in cryptocurrency mining enterprises. It will act as a risk fund, purchase min…
-
When will BTS rise (when will BTS debut)
When will images=bts rise? Imgalt=bts rise? Images} When will bts rise? Currency name: BitcoinStandardHashrateToken, abbreviated as bts According to the currency world market, as of 10 o’clock today, the price of Bts24H has increased by $14.3w/h; Among the top ten currencies in terms of market value (excluding HT and DASH), Bts saw the highest increase of $13w; The 24-hour trading volume is approximately RMB 500 million, a double increase from yesterday; The growth rate of mainstream counterfeit coins has significantly increased When will BTS rise? When will BTS rise? When did BTS rise When will BTS debutAccording to the BTS white paper, by the end of the third quarter of 2020, BitcoinSV’s market value had increased from approximately $2 billion at the beginning of the year to nearly $3 billion now. . Currently, over 1 million BTT tokens have been minted and locked in for over a year, which means that without blockchain rewards, it will be one of the…
-
The U.S. senator proposed the RESTRICT bill, which in extreme cases would prevent Americans from accessing open source tools or protocols such as Bitcoin
According to reports, the RESTRICT bill proposed by U.S. Senators Warner and Thune aims to prevent or disrupt transactions and financial assets involving foreign counterparties tha
-
What is cryptocurrency hedging trading (how to make money by hedging long and short positions in cryptocurrency contracts)
What is cryptocurrency hedging trading? According to official sources, cryptocu
-
On-Chain Data Reveals Large BNB Transfers to Binance
According to reports, on-chain data shows that 100399 BNB (valued at approximately $32663266) has been transferred from unknown wallets to Binance.
100399 BNB transferred from unkn -
What currency is rcn (what currency is rccc)
. The main functions of RCN include: network consensus; Decentralized exchanges; Smart contract code is open source RCN has its own ecosystem, such as dForce, FBG, and LFG, but currently no project is using it, so it belongs to the Community Management Fund. This fund can be used for cross chain exchange between RCBS and TBS What is rccc?rCCC is a token issued by the Rcoin (Ruiku) network. The main purpose of this platform is to promote the popularization and development of blockchain technology, and to allow more people to participate in blockchain projects At present, rccc has been running on Ethereum and Wave Field Network for more than two weeks. According to its website information, rccam will realize cross chain exchange with Bitcoin, Litecoin and other digital currencies through smart contracts, making the whole transaction process seamless, so as to achieve the goal of decentralization. It also provides two use cases: one for applications supporting lightning based networks, two…
-
What is CMT called in Chinese currency? (Is CMT coin promising?)
What is CMT called in Chinese currency? CMT is known as what in Chinese currenc
-
What software is used for Bitcoin signatures (Bitcoin transaction signature verification process)?
What software is used for Bitcoin signatures? According to Coindesk, the Bitcoi
-
What is ICX coin and its total supply (What is icb coin)
What is ICX coin and its total supply. According to MXC Matcha data, what is IC
-
Federal Reserve to Launch FedNowService for Real-Time Payments
According to reports, the Federal Reserve will launch a real-time payment system, FedNowService, in July, aimed at solving the problem of delays in clearing existing inter agency financial transactions. The system will begin authenticating the first batch of participants in early April. （CoinDesk） The Federal Reserve will launch a real-time payment system to solve the problem of delayed clearing of financial transactions between institutions Analysis based on this information:The Federal Reserve of the United States is set to launch its real-time payment system, called FedNowService, in July. This new system aims to address and solve the recurring problem of delays in clearing existing inter-agency financial transactions. According to reports, the authentication process for the first set of participants will start in early April. The new payment system will enable faster and more secure interbank payments, compared to the currently available payment and settlement infrastructure in the country. This is a much-needed improvement, as traditional systems often cause delays, affecting both…
-
SOL breaks through $22 level: Market volatility reminds investors of the importance of risk control
According to reports, the market shows that SOL has broken through $22 and is currently reported at $22.01, with a daily increase of 12.76%. The market is volatile, so please do a good job of risk control. SOL breaks through $22 Analysis based on this information:The cryptocurrency market is always prone to volatility, which means that investors need to be extra cautious when making investment decisions. According to recent reports, SOL has broken through the $22 level and is currently trading at $22.01, marking a significant daily increase of 12.76%. This news has grasped the attention of many investors, who are looking to capitalize on the current upward trend. However, as the market is unpredictable, exercising caution is paramount. The surge in SOL’s price can be attributed to various factors, including the current bullish trend in the crypto market, the network’s growing popularity and increasing adoption by businesses, and the introduction of new features that enhance its performance. Given these…
-
Lido Finance proposes to stop liquidity mortgage on Polkadot and Kusama ecosystems
It is reported that according to a proposal released at the Lido Governance Forum, Lido Finance proposed to stop the liquidity mortgage on the Polkadot and Kus…
-
Cryptocurrency Industry Under Siege: Regulatory Agencies Strike Back
According to reports, at the annual meeting of the Futures Industry Association, Brian Quintenz, a former CFTC member and current policy director of a16z, said that in the past few weeks, regulatory agencies such as the United States Securities and Exchange Commission (SEC) have announced a series of law enforcement actions against cryptocurrency companies, which many insiders believe are hostile attacks on the cryptocurrency industry and American innovation. A16z Policy Director: The US SEC has “completely lost control” Analysis based on this information:The cryptocurrency industry has been under fire from regulatory agencies in recent weeks, with a series of crackdowns that many insiders are interpreting as hostile attacks on American innovation. At the annual meeting of the Futures Industry Association, Brian Quintenz, a former CFTC member and current policy director of a16z, spoke out about the recent actions taken by the United States Securities and Exchange Commission (SEC) and other regulatory agencies, warning that the cryptocurrency industry was facing a…