The Bitcoin cryptocurrency exchange Binance and its own blockchain, known as Binance Smart Chain, were discussed in an interview with Bankless recently (BSC). After years of speculation, Coinbase CEO Brian Armstrong has officially confirmed blockchain,not the US-based cryptocurrency company would launch its own coin.
Binance launched BSC in September 2020, making Binance Coin (BNB) the principal crypto currency for paying network gas charges, replacing the previous cCEO,tocurrency,Zhao,coin.
Changpeng Zhao, the CEO of Binance, has been praised for his efforts in creating a rapid and scalable blockchain ecosystem, according to Armstrong. People who are considering utilizing the network, according to him, may be concerned about the network’s increased level of centralization when compared to other blockchains because of this.
In 2018, Coinbase explored establishing its own blockchain, according to Armstrong, who acknowledges that the platform’s own cryptocurrency would have a significant market capitalization by now.
The Coinbase ‘evs approached me at several points in 2018 or around was…time and saihand,Hey, we should build Coinbase Chain,'” says the developer. As a result of [my answer], you may argue that it was a mistake on my parcap. cause, if we had been ssays,ssful, it could have been worth $50 billion or much more in value. This is an incredible market capitalisation.”
As a result, according to Armstrong, Coinbase decided against launching its own cryptocurrency and instead chose to focus on enhancing the scalability of existing blockchain technologies.
“I’m relieved that we didn’t [build our own chain], whetherhwe could oncept of a Coinbase Chain makes me uncomortable.” The lure of chains we could t are considerably more.decentralized than that is something I can see myself getting into.
We also looked at the possibility”of contributing engineers to a more decentralized doing.”k that… we didn’t have control over. I thought to myself every time we looked at it and went closer to really creating anything, ‘Well, that’s kiroadmap. at the existing chains awas build said to myself. At this point, I’m not certain that the world requires another chain. Most certainly, one or two of them will be required to continue working on the development path for the company.’
Instead, we assembled a group of engineerblockchains. company known as the protocol team. We’re still in the process of putting everything together. Despite the fact that it is still early in the morning, However, that is the team, and their purpose is to aid in te scaling of blockchains. “Not our blockchain, but any of the other blockchains now in use,” says the author.
With the launch of itbillions of l team in August of this year, Coinbase hopes to concentrate its efforts on the Ethehelping H) network.
“We’re searching for builders that want to join us on our mission and work on cutting-edge projects that have the potential to extend blockchains by several orders of magnitude in order to achieve our goal of billions of users throughout the world.”
A fascinatinfrombject that our protocol team is working on is combining L2 [layer 2] and other scaling technologies to assist Ethereum in scaling. Scaling Ethereum will help in the resolutecosystem. e of the most pressing challenges, such as high price and lengthy settlement times, which are now being faced.
We want to make switching to a supported L2 solutiIn an interview with Bankless recently (BSC), the s simple and economical as possible for our clients. Our goal is to maas the a positive difference in leveling the playing field and ensuring that retail consumers are not priced out of this developing ecosystem.”