What’s Going On?
Today’s leading blockchain platforms and protocols – including Ethereum, Tezos, Eos, and Dfinity – are going to fail as faster, more specialised distributed ledger solutions come to market.
Why Does It Matter?
This shocking prediction comes direct from Binance CEO Changpeng Zhao – or CZ as he is known across the crypto industry – made in a major interview with Fortune magazine this week.
CZ said the world will see broader use of blockchain-based messaging, games, social networks and rating systems within the next two years, which will be followed by ecommerce developments around crypto.
So Who Will Win?
“To my surprise, CZ thinks none of the current contenders are poised for long-term success because they are too slow,” wrote IP, legal and media expert Jeff John Roberts in Fortune.“While this criticism has long been levelled 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 specialised ones.”
CZ also told Fortune that distributed apps need to see a lot more uptake across industries and Binance doesn’t plan to challenge Coinbase in territories including the United States. “In developed markets, there’s more money to be made but more regulation and it’s saturated with competition,” said CZ. “We don’t want to compete with Coinbase and [Winkelvoss-owned] Gemini. The strategy there requires lots of lawyers and lobbying.”