Ethereum blockchain will be dethroned by newer ones very soon: Binance CEO 19751
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Varun
Aug 3, 2018 at 1:51 PM

ChangPeng Zhao, the CEO of Binance exchange, talks about the Ethereum blockchain in an interview with Fortune. Apparently, he feels that it is getting older and will soon be dethroned by much faster ones. He also said that Ethereum and EOS are too slow to be considered as a long term investment option.

Binance is one of the biggest crypto exchanges in the world, with a 24 hour trading volume of a whopping $1.084 billion. It is headed by their CEO, Cangpeng Zhao, who seems to be pretty expressive about his opinions on social media, as well as in interviews.

Recently, in an interview with Fortune, he said that the Ethereum blockchain is aimed specifically at smart contracts, but it will lose it’s grip on the market as the newer and much advanced blockchains will replace it. He believes that the newer blockchains will offer more efficient protocols and help developers focus on ‘specific purposes’.

Zhao said that the DApps are going to become increasingly popular in the future, with them entering domains such as gaming, social networking, rating systems, etc

The report from Fortune said 

“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.”

However, Ethereum seems to be working pretty hard to push the transactional speeds. Vitalik had recently given out a statement that the Ethereum blockchain will soon be able to process a whopping 1 million transactions per second.

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