Binance CEO CZ Thinks Crypto’s “Killer App” Is Here, Cites Tron’s BitTorrent Token (BTT) Launch
One of the biggest drawbacks of the crypto ecosystem, at least from mainstream adoption perspective has been that there is not any crypto application that is compelling enough to attract the general population’s attention.
In fact, on the same topic Vitalik Buterin had said:
“There will be no “killer app” for blockchain technology. The reason for this is simple: the doctrine of low-hanging fruit. If there existed some particular application for which blockchain technology is massively superior to anything else … then people would be loudly talking about it already. … And so far, there has been no single application that anyone has come up with that has seriously stood out to dominate everything else on the horizon.”
Now, the CEO of Binance, Changpeng Zhao also known as CZ said:
“ICOs got a little bit of a bad name because it’s total freedom. So there’s quite a lot of chaos. It was too hot. You could write a five-page white paper and raise $10 million. And of course, the founders want to do nothing other than writing the next white paper. So it was getting too hot and with the bear market in 2018. A lot of people lost money and it gave a bad name to ICOs.”
CZ and Justin Sun of TRON are friends and there are reasons to believe that CZ’s opinions are a bit biased.
Although this doesn’t take away the the facts from CZ’s views. He added:
“But looking past that, I think raising money on the blockchain, blockchain fundraising is a killer app. And it has huge implications and huge advantages to entrepreneurs. So what we need to do is basically just find the best entrepreneurs, find the most proper projects, the legit projects, and make sure that the token economics make sense. So we need to make sure they don’t raise too much, keep the initial prices lower because the project is not out yet. So there’s a strong structure to raising properly, and that’s what we want Launchpad to do.”
Although he did not mention any specific country, Venezuela is one of the countries that has benefited the most from virtual currencies. Citizens in the country have been embracing digital assets to survive and to avoid the economic crisis.