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Binance CEO Believes Ethereum Blockchain Will Be Overrun By Competitors

Binance CEO Believes Ethereum Blockchain Will Be Overrun By Competitors

Binance CEO, Changpeng Zhao, says that he believes any general smart contract-based platform like EOS and Ethereum won’t be able to achieve success in the long run. He thinks they’ll be overtaken by projects that provide 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?”

Zhao then chooses none of them and remarks with “they are too slow.”

Zhao believes that any blockchain designed for general smart contracts won’t be fast enough and existing blockchains will move away for more specialized ones. Ethereum and other platforms are working to improve their speeds. Vitalik Buterin, Ethereum creator, said he belies it’s possible to increase the speed up to 1M transactions per second (tps).

However, Zhao believes that we’re just at the beginning and blockchain will be used in games, social networks, and even messaging eventually in the future. He also says that he’s moving ahead and diving into Binance Chain, their own decentralized exchange that’ll launch sometime in 2018. If Buterin’s words hold any weight, the increase in transaction speed could make smart contract platforms competitive against newer waves of blockchain tech.

 

Long-time reader of crypto. One of the first graduating classes of Blockchain and Future Trends. Writer, journalist, and newbie technical analysis price speculator. Learning about the development of cryptocurrency and blockchain technology around the world is my job. ICOs, whitepapers, and cryptoculture are my things.

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