Binance CEO predicts doomsday for Ethereum blockchain

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August 3, 2018 by
Binance CEO predicts doomsday for Ethereum blockchain

In a recent interview with Fortune, CEO of Binance, a cryptocurrency trading exchange, ChangPeng Zhao shared his thoughts about how the Ethereum blockchain is losing relevance. Given its long-term presence in the market, chances of it’s being replaced by the swift ones are more. Pointing out its lethargy, Zhao said he doesn’t think Ethereum and EOS will have a good option for long-term investments anymore.

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Valued at $1.084 billion, Binance, one of the leading and largest cryptocurrency exchanges globally, operates 24 hours.

Ethereum blockchain, according to Zhao, is focused on smart contracts. But, with the advancement of research on faster blockchains, it’s no more a distant dream for a viable alternative of Ethereum will dethrone it. With the latest blockchains, investors will be exposed to more structured protocols while giving an opportunity to developers to zero in on specific purposes.

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As per Zhao, DApps has the potential to gain huge popularity in future, once it steps in the arena of social networking, gaming, rating systems etc.

The Fortune report further added,

While this criticism has long been leveled 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 specialized ones. CZ cited newer tools like Komodo and Tendermint that make it possible to write blockchains for specific purposes, suggesting the future will consist of numerous bespoke ledgers.

Zhao’s statements suggest how Ethereum is working on a war footing towards enhancing the pace of transactions to be relevant in the market.

Ethereum founder Vitalik Buterin recently said that his brainchild will be processing an ambitious one billion transactions per second.

Image via Shutterstock

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