In a recent interview, Changpeng Zhao shared his vision for the future of Binance Coin (BNB). In his opinion, the token issued by the world's largest exchange has every chance to compete with fiat currencies and become a payment token for daily use.
Until now, it was just an idea in the air, but the CEO of Binance sees no obstacles to turning Binance Coin into a payment method and make it the “#1 choice” for retail payments. Binance CEO is confident that the coin will receive support from merchants and their clients.
To make payment for goods and services even more convenient and fast, Binance plans to launch its own Blockchain and leave the Ethereum Blockchain. Today, while remaining an ERC20 standard token, BNB retains an insufficiently high speed and a fairly high commission cost in the Ethereum network. The transition to an independent Blockchain should make BNB transactions much cheaper and faster than now. The use of the announced new blockchain, Binance Chain, with its scalability and high throughput, makes it possible to make the BNB coin not only the main currency on the exchange, but also a convenient means of payment for retail trading.
But today, the main purpose of BNB remains to provide lower commissions for transactions on the stock exchange. Binance continues its quarterly utility token batch burn. At the moment, 10 million BNB have already been burned out of the 200 million coins sold during last year's Binance ICO. However, Zhao is confident that the reduction in the number of coins is not a problem for the asset. In his opinion
The beauty of cryptocurrency is that it is infinitely divisible
Binance Coin will not lose its original status as a utility token, it will simply expand its capabilities and become a popular means of payment, Changpeng Zhao hopes.
To get closer to the chosen goal, Binance is using cooperation with the Australian startup TravelbyBit. The travel company is actively promoting the use of cryptocurrency in the retail and travel services sector.
BNB is also used by PundiX and Crypto.com (a rebrand of Monaco). These projects make it possible to pay for goods and services using cryptocurrency credit cards, also contributing to the wider adoption of cryptocurrency payments in everyday life.
You May Also Like
Poloniex will delist eight cryptocurrencies
Popular Bitcoin exchange Poloniex intends to abandon eight cryptocurrencies. Mass delisting is scheduled for September 25. The main reason for abandoning the selected crypto assets is their low liquidity and lack of demand in the market.
Monero audited its new protocol
Monero is an open-source, decentralized cryptocurrency that ensures strict privacy using the latest cryptographic technologies. Monero is now rolling out a new version of its protocol using bulletproofs, a non-interactive zero-knowledge proof created by Benedikt Bünz.
