Wei Zhou, the CFO of Binance Exchange recently expressed serious concerns about the anticipated ‘Facebook coin.’ Apart from raising centralization doubts, Zhou, the former classmate of Mark Zuckerberg raised questions on the vision of the Social Media Giant as well.
According to him, cryptocurrency and blockchain should be aimed at providing “an open system”, whereas Facebook has attempted to monopolize the system by building a custom cryptocurrency. Zhou further predicted that,
“I suspect it’s going to be a closed Facebook ecosystem,” Zhou told the media. “Their goal is to wall off other people from coming into their system. Their goal is not to open up their system to other people.” He also added that,
“The thesis behind [crypto] tokens in general, the blockchain in general — it’s an open system where anyone can use it if they spend the time to adopt the technology.”
Cryptocurrency Must Involve a Decision Making Community
Facebook has more than 2 billion active users on its social media platform. However, for a large number of users that it hosts on its network, much or almost all of the control of the network rests with the company. Furthermore, Zhou noted on the issue that:
“One of the key things that we’ve seen is that the blowback against Facebook is it’s not a community driven organisation,” he said. “Key decisions are made by one person.”
This is coming from a former classmate and a leading figure in the space. Zhou also said he believes that Binance’s continued success means the company has a duty to help grow the sector as a whole.
“Our priority at the moment is basically how to help the ecosystem to grow: How do we grow the blockchain and cryptocurrency ecosystem,” he said.
Binance has undertaken a lot of projects like the Binance DEX, Binance Chain, Launchpad, the Binance (BNB) coin and along with the Binance online academy and charitable organizations as well. Hence, the CFO of Binance Exchange outlined the vision of the Binance community towards building a blockchain ecosystem.
“Our priority at the moment is basically how to help the ecosystem to grow: How do we grow the blockchain and cryptocurrency ecosystem,”
Moreover, he also feels that a plethora of ‘tokens’ could be flooded in the market in the near future and their interoperability on a common ecosystem is paramount to their feasible usability.
Do you agree with Wie Zhou? Please share your views with us.
Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com