Binance CEO: The Future of Cryptocurrency @ Jibrel Network

hi guys my name is Champ angel the CEO of – we started – six months ago and this is actually the first time I actually flew took the airplane to attend a conference to do a speech so I want to thank Josh for inviting me here and the reason I came here is because Josh actually helped us to do the Jap Korean translations for Barnsdall come earlier so I want to thank him so today I will talk a little bit about bananas maybe five to ten minutes can I see a raise of hands how many people with no violence how many people don't know buy nice okay I think most people should know by next by now so I'll be very quick with finance and then I'll talk about a little bit about my vision and how we think projects especially ICO projects crypto projects should be run and what kind of coins we like and we don't like so I'll talk a little bit about that let's talk a little bit about the market so crypto currency is now a 700 billion market cap this number is actually a little bit older I didn't have time to adjust my PPT there's about 1,400 coins on coin market cap but actually we have so far received more than 5,000 applications for coin listings so there's a lot more coins being made then they are listed already on a traditional exchange you do buy sell you manage your own risk performance of the exchange is now guaranteed and you do your own research and liquidity is uncertain so that's some of the problems when we first started we thought the industry have we have not completely solved those problems yet but we're definitely working on it so for balance we so some of the so some of the stats for – right now so we are pretty much around the top three exchanges in the world usually top one right now but things change volumes fluctuate we started six months ago so from our IC o—- six months ago the token price have actually risen about 200 times at the high point was about 220 times and this is at a period where Bitcoin probably raised about seven times so we actually outperformed Bitcoin by 30 times but we're still not as good as Neal they did a thousand in two years so we cover a lot of countries one of the things by an SD is we are country agnostic we want to service every person on the planet we don't really care which country we don't care really we don't really care which language we don't care where that person is we just want us we just want to provide a place for people to buy or to trade cryptocurrency so we provide as many languages as we can we have a language we had a languages before we took one off yesterday due to local regulations in Japan but we also added now we added a little box on the top right of our website now you can google translate our website I think the Google Translate is probably probably not as good as Josh's translation but it's pretty good because we don't have a lot of words on our website so we just the past six million users so this morning and this is with limited registrations so every day we open registration for about one to three hours depending on and we open them at random pack random times so that we don't have a in flood of people wanting to register so I think last week we had a record of in one hour 240,000 rich users registered and that record was passed again a cup two days ago we have 300 10,000 users registered in about an hour and a half so we are very huge volumes we list the 237 trading pairs so far actually a bit more than that now probably around 240 245 trading pairs we support about a hundred coins so that means we have to work with 100 different wallets a hundred different block chains that's a very challenging part for running a crypto exchange and we have our Banias coin there's some other data I want to share which is not updated here I apologize so on the highest day so far we traded 10 billion US dollars in 24 hours on balanced come and if you divide that by 84,000 seconds that works out to be eleven eleven hundred thousand dollars created every second so every second eleven hundred thousand dollars trade and on that day our matching indium processed three point five billion transactions so that's forty thousand transactions per second or our exchange on average so at the peak it was actually much higher so this is something that a centralized exchange can actually do technically faster i us off now I actually don't know of any exchange any not exchange any blockchain like a hand or forty thousand transactions per second so that's a challenging I want to put out there for the blockchain developers I wish there will be a blockchain that can handle that many transactions per second and when that happens we will very likely moved to a decentralized model unchecked exchange okay I'll quickly go through this I don't think we need to spend too much time on this so we want to build a different exchange so if you want to just build another exchange copying somebody else we probably wouldn't do that there's not a whole lot of point so we want to build a different exchange so just some more stats so we have a really fast matching engine so our core matching engine for the for the exchange actually is really really fast we can handle 1.4 million transactions per second so on the top so this slide is again again a little bit outdated on the highest performance day we used about three percent of our capacity for the trade for the matching engine so we are actually doing upgrades for that now because we won't be ready for another 100 100 X increase in volume so we are working very hard on those lower level things that people don't see so this is why I think most people who have used finance when you trade on balance the response is very quick from placing order to the order appearing on the right in the market data I think that experience is most people like it we are really tightening up our listing criteria so this is where there's some conflict a lot of projects come to me hey it says champion cz can you look at my project it's a really good project can we listen on you so I was spending the next little part talking about how to list on Finance so currently I think we are one of the highest liquidity providers in the world some other exchanges to be honest have very large volumes or some pairs but they don't have a lot of liquidity or all pairs I think our volume is very evenly spread out among many almost all the pairs we support or at least most of the pair's and I think if you trade on multiple exchanges you'll find out find that out very quickly I think this is a major attractiveness for balance so if this is actually much much more important than trading feet low fees there's much more important than other things this is actually real money that you were saved when there's hardly quiddity we are warm the exchanges that we are even though I don't travel that much just simply because the time cost for traveling is too high we do engage with the community very heavily so I think we are the first exchange that did community voting for listing coins I'm very often in our telegram group but less often now the telegram group is too big right now I think there's 40,000 people and whatever you say does not stay on screen for more than two seconds just keep scrolling so but we are very engaged in with the community so I want to talk a little about so we have two initiatives we started we haven't I want to spend more time pushing this kind of initiatives but I actually got dragged back because the number of users increasing is too fast so we want to service them better so I've been more focusing on the service part of Finance now come but let me talk a little bit about labs because it does indicate how we select projects so we like projects that are technically based so strong team very active code base we can see we want to see them we want to see the source code on github and we want them to be very active funds is very issue for any a project we like to support for any project right now if finances we will incubate you fund money is not a problem they will be there will be lots of money following us so we will give you advice on token it kind of the token economy what does that mean that means how to structure your funds how do you how to rate money how much they raise if you want to do a token or if you want do a coin how much of that should be public how much of that should be private how much of that should be reserved by the team how much we reserve remaining we have seen a quite a lot of projects I think we probably want a very few groups in the world that's these a lot of projects not only at the investment stage but also after you do the ico after you list after you trade how does your market performance perform remember ico is only the beginning of your project it's not the end ready once you take that once you take that money you got to do something useful with it so we can give a lot of devices on how to do that properly in a proper manner and we want to see teams deliver a prototype before they do niceö so we don't like all of this I see us wear this just a white paper is a concept we don't like that so partners lab is the pre ICO incubator fund we don't and then that would naturally grow into banners launch pad which is the platform where you do a public cell for public cells we really don't like big I SEOs so if you want to raise a hundred million dollars we are probably not gonna do that project for you we want projects to be small we want no matter how grand a house how famous your team is we want a project to be between 5 to 20 million dollars I think that's way more than enough money that most startups need and why we do that we want you to leave value on the table so that there's room to grow in later we've seen that many of the I think I published the article two three months ago on esteemeth saying I don't like to pick I SEOs and then the Taser a problem other problems happen after so but those are the problems that we would like to avoid we don't want we don't want projects to realize the full value at ICO because what happens then once you get on the exchange the full value is already being back realize people are not gonna buy it anymore the price is gonna drop and we don't like that it's not technically speaking is not our problem it's the investors decision to buy or sell but we don't like projects that don't perform well on our platform so so we like small IC O's and once you raise that amount of money which is plenty for most projects we don't release that funds to the projects right away so this is the same case for capital and for bread who to other projects that went through the I see or our platform so far they only got 30 percent of the funds they raised we hope the rest 70 percent so they have milestones to deliver once the project delivers those milestones we will release the funds in batches so this way if the project runs away or could not deliver they do not get all the money they raised so this is a instant it's either incentive or a penalty for the project to perform so they need to deliver right so we want to see projects deliver their product so after they deliver certain milestones we release the funds so every project slightly different so this is a model that we like to encourage so let me circle back so let me circle back a little bit to how we do listing so when you will the right now because we have too many projects the favor project that you want to list on finance there's a webform that's the only entrance so talking to me does not help say hey CZ please listen to my picture i have a really good project that doesn't really help you i would not be able to remember your project i would not be able to relay what you said to me to our review team so we have a review team and we do not allow our review team to have contact with the outside world nobody knows who they are projects team are not allowed to talk to them the project the only web project teams can interface with them is to submit the form with useful information so that's why the web form is really really important and because the review team is not allowed to have contact with outside world and there's a very good reason for that they cannot ask you for more information so if you submit that form make sure you have every piece of information that you want to submit and keep it short so because they're quite busy so it's a tricky problem you got to present the most useful information in the shortest amount of text possible because they're quite busy why we don't allow them to interact I I think in the last three days I have more than three people coming to me says it's easy I'll give you two million dollars US dollars to list this coin for me I said no submit the form so I don't need any more money but so we want to avoid that kind of situation and we want a lot we want to remove any influence or any bias from our review teams once the review team our internal review team will have a score we do not disclose that score to anybody so once they score a project then T we have another business development team that gets in contact with you say hey now your project has our review we want to discuss some commercials we charge a listing fee and we will we will list so that's kind of how the process works it is a very much a black box to people outside of finance but it is what it is because we have too many projects there too many projects who are trying to do different things lastly once even after we discussed the commercial terms let's say we agree on a fee that you paid we do not tell projects when they will list it's just waiting so but we usually list pretty quickly but if you see any projects claiming they will list unbalanced by a certain date you can be pretty sure that that's not going to be true because we were not listed on that day we will most likely cancel the listing so that's kind of how we work on the listing and in terms of the future I want to share a future vision that I have which is I believe in the future there will be many many coins I think there would be millions of coins regardless of whatever people do I believe almost every country every province every company every organization every team every project every person and everything can issue a token some of them will be valuable some of them will not be valuable and once you have a token you need liquidity you need price determination and you need an exchange so I think the exchange space for future blockchain economy will be huge and we have a pretty good head start on that right now and we want to maintain our start so for anybody who's but to realize that dream we got to make exchanges much much faster Barnett's calm right now is not fast enough for that so we still got to make buy install come quite a bit faster at least 100 times more faster so we're still working on that and decentralized exchanged welcome but I want to take this opportunity to sort of explain to people what my vision of the decentralized exchanges are many people confuse this concept saying Oh decentralized exchange are better than centralized just because decentralized was always better that may not be true so today none of the decentralized exchanges can handle our volume that's number one and none of them are as secure as we are actually so ether Delta got hacked many times and very badly recently so it's not that decentralized by itself will be more secure more fair more better if that doesn't work also the centralized exchanges and centralized changes are two different things there in my mind they're more like trains and cars so if you invent a train you might do new cars so with the centralized exchanges you are you will have some benefits anonymity and you can you can trade any point you want to trade but right now there are a few very heavy challenges for decentralized exchanges number one the blog chants are not fast enough they can only do a couple hundred or a couple of thousand friends actions per second and that's not fast enough for trading and with blood with with blood chance multiple notes have to sync when multiple notes have to sync there by default always guaranteed to be slower than one note that just does the processing so it's very simple so and with decentralized changes you will see a lot more fraud a lot more bad coins listening on there and a lot more price manipulation bad behaviors so some regulation is actually good but again so that's that's kind of my view on decentralized these changes I hope by honest calm what began our decentralized exchange development in 2018 but so far we have had a lot of concepts but we haven't really started our github repo we haven't really started our development yet so that's probably gonna come I'm hoping that we will be able to have the bandwidth to start that project in 2018 the last part the last topic I will talk about is what I touched down is regulation so a lot of people are very curious about security regulation affecting exchanges it does it does affect that's very heavily so but Barnett's always take the stance that we will be fully compliant in every country for the where we operate we respect every government we respect every law enforcement agency so we don't want to fight anybody we're just here to provide a good service to people who wants to trade so as different on the flip side I highly urge different regulatory bodies to sort of consider the consequences of regulating poorly so there are good reticulation in there bad regulation so some people always ask me – you like regulation or not it's not again it's not a binary answer it's not regulations good or regulations bad it's how you regulate right so a good regulation needs to be detailed needs to be surface if ik you can see should say what you can do and what you cannot do if it says that you cannot do everything it's probably not very good because that just will that basically means all the blocks and businesses or all the exchanges will leave that country and do somewhere else and when when all of those projects go to a different country that's more favorable that has more favorable regulations what happens the projects follow them the teams follow them the talent follow them the money follow them all the funds follow them and all the employment opportunities follow them because all the good projects have to hire people they help the local economy and then they pact they pay taxes in the local economy so close super closed regulations are not good we can look at neighbor countries where they closed off the internet that probably didn't do very well so but to relaxed no regulation is also not good I think as a human species right now we are not at a stage where we can fully regulate ourselves you know harmonious ways there are a lot of bad players there are a lot of scammers there are there are thefts so we still need some type of regulation we still need some rules in the society to make our society a a good one so my view on regulation is never binary I do not hate regulation I do not say we do need regulation I also do not fully welcome all kind of regulation so I think we just need to play by a year we will observe regulations in every country we will we will respect them we'll respect all of them even the bad ones and then we will just have to find a place where we can operate fully legally so that's pretty much our my vision so if there are any questions I'm happy to take them now or outside later so thank you very much for having me in Korea Thanks [Applause]

22 thoughts on “Binance CEO: The Future of Cryptocurrency @ Jibrel Network”

  1. Binance is the Just2Trade of crypto. Looking forward to being able to buy BTC with usd on Binance. I’m ditching Coinbase. They hold my crypto’s randomly. I don’t think they did well coming out of the Proof of Keys event on Jan 3. I’m convinced they’re running a fractional reserve 🧐

  2. He means well, I just feel sorry for the people who don't have connection with the outside world that work within binance

  3. Everybody knows your exchange was founded before July 2017. You don't become one of the biggest exchanges in less than 6 months. You're attempting to escape liability in this upcoming Intellectual Property Theft case. Which, won't even help you much because you're still hosting the trading of multiple assets that only exist because of my idea. So, you can either send someone to Dallas to sit down and talk to me, OR you can stop hosting those assets. As they're all the product of Intellectual Property Theft.

    The price is 2,000,000 Bitcoins. Otherwise, I sue for $1 Trillion. That's non-negotiable. You exchange owners can seize your holder's assets and make this happen. Get it done.

  4. This guy is rich when you list your project he ask 20%-30% from your project before it can be list on binance.

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