Web: The Future of Blockchain, According to the CEO of the World's Biggest Crypto Company

August 2018 by: From The Web

Changpeng Zhao is down to earth for a crypto billionaire. The CEO of Binance, which emerged out of nowhere last year to become the world’s biggest cryptocurrency exchange, isn’t given to boasting or swaggering pronouncements.


Instead, the man people call “CZ” is friendly and quietly focused on building a blockchain empire that could remake swaths of the world’s financial system. In an interview with Fortune, he shared some very big ideas about the future of Binance and cryptocurrency.


According to CZ—who doesn’t mind if you pronounce it “C-Zee” or “C-Zed,” as they do in Canada where he studied—most blockchain predictions end up being wrong. Nonetheless, many people may be keenly interested to hear what he thinks will happen next.


Here are three insights I gleaned from CZ during the course of our interview. What follows is a loose paraphrasing of his comments.


The Future is Decentralized but Will Take a While to Arrive


Binance announced its first acquisition this week in the form of TrustWallet, a wallet app that also serves as a browser for decentralized applications (dApps). The move is a bet by Binance that more people will start using decentralized services, which provide more privacy since they don’t rely on servers controlled by any single organization.


While there’s been an explosion of dApps in the last two years—the most famous example is the collectibles site Crypto-Kitties—the reality is few are using them, in part because the user interfaces are so unwieldy. CZ concedes the point.


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