During the Binance Blockchain Week held in Singapore from 19-22 January 2019, we had an opportunity to sit down and talk to Ted Lin, Chief Growth Officer at Binance.
From the interview, we managed to find out more about him and what he does at Binance; what he thinks can be done to gain the attention and trust of a larger audience with regards to blockchain; how Binance can encourage the adoption of blockchain and cryptocurrency as well as what we can expect from Binance in the year 2019.
ICObliss: “Could you introduce yourself and share more about what you do at Binance?”
Ted: “My name is Ted, I am the Chief Growth Officer at Binance; responsible for the Education, Commercial and Growth initiatives.
For education, we have the Binance Academy, which is an open access educational platform where people can go and learn about blockchain and crypto at their own pace. It is free for everyone, and is very user friendly.
For commercial wise, we are looking at projects who want to list and have synergy with the Binance ecosystem; products, service or features that can offer to broaden the reach of Binance or value add to the ecosystem as well as any BNB use cases. For example, BNB adoption in the different ways people can interact with crypto or the rest of the world.
The commercial aspects also include the Decentralized Exchange on the Binance Chain; the Trust Wallet as well as any kind of synergetic collaboration with anybody within or outside of crypto, with any pillar within Binance.
In terms of growth initiatives, the team will focus more on the up and comings; something that is medium to long term, and not only looking at the everyday promotion or user acquisition.
For example, what is the next emerging market which we should be prioritizing; what is the coin model; how do we go about user retention; how do we synergize between the different pillars within the Binance ecosystem; what is the obstacle within the internal team of Binance so that we can move faster; whether there is any critical flows internally over business processes that we have to polish in order to better serve the customers or be more competitive.”
After understanding the three pillars of education, growth and commercial aspects which Ted was responsible for, we moved on with our next question to find out his views on bringing blockchain to a larger audience.
ICObliss: “Blockchain and cryptocurrency has been a big thing for the past two years. Many people have heard of it, but few are actually aware of what it is really about, and most people are skeptical about it. What do you think can be done to bring blockchain to a larger audience and gain their attention and trust?”
Ted: “As with any technology, there are always the early adopters that are adventurous. However, the rest of the general public do need a compelling reason to understand and to try the technology. The enthusiasm and interest these past few years have been fueled by the rising price of Bitcoin and other tokens, which led people to want to understand it for the speculative incentives. But when the market slows down, that particular incentive and motivation goes away.
Therefore, what we think is important is for there to be understanding and education about the real use case of blockchain and cryptocurrency. Wanting to learn about Bitcoin because it hit $19,000, is not sustainable. On the contrary, learning about distributed ledger technology because of the ability for transactions to be performed without trusted third parties can open up a whole new avenue of possibilities. Understanding how different tangible and intangible goods and services can be represented by tokens which can be freely transacted and tracked opens up new possibilities.”
Ted believes that education, or at least the awareness of the benefit of the technology is the necessary step to advancing proliferation. With this, we followed up with our next question.
ICObliss: “What role do you think Binance can/or is playing to encourage the adoption of cryptocurrency and blockchain technology?”
Ted: “I think we have been doing well on the exchange side of things. However, we continue to evolve and upgrade our service to make sure we serve our customers with a better experience and ever evolving high security. Given the large amount of volume and end users from 180 countries that we have to take care of, customer service is one thing we strive to continue to evolve. For example, looking at additional languages of customer support we can eventually add to serve more people around the world.
In terms of the adoption of the actual technology, we believe there needs to be someone, whether a team, an organization or a group of companies that can demonstrate or showcase the viability and feasibility of cryptocurrency in the modern economy. That is why we are making use of BNB, our native currency, which we have control of to interact with the entire ecosystem whether crypto or non-crypto, to showcase the different use cases.
From the previous question, I said education is the necessary first step. However, seeing is believing. Therefore, showcasing how people can use BNB to live off and interact with crypto would be the second step. And of course, the fundamental infrastructure that would be needed to power and sustain the fluidity and economy, including exchange; academy that provides education; Trust Wallet that we have; in depth reports from Binance Research; Binance Info where you can look at information of different projects; Binance Charity for social good will using blockchain; Binance Launchpad where funds can be raised for entrepreneurs and Binance Labs for those who want to start their own projects. All of these different pillars are helping to collectively advance the adoption of crypto.”
Seeing and hearing what has been done so far, we look to find out what Binance has in stored for us in the year 2019.
ICObliss: “Many have said that 2019 is the year of cryptocurrency and blockchain. What are some exciting things that we can expect to see from Binance this year?”
Ted: Last week, we had already announced the launch of the British Sterling and Euro fiat to crypto exchange that is based in Jersey. We will continue to look for additional regions and additional currencies where we can serve the market with the relevant fiat to crypto exchanges. But of course, given that is related and subjected to regulation, it will take longer than the product development itself.
In addition to that, we will also be finalizing and announcing Binance Chain soon; which is the mainnet for Binance. Furthermore, our first decentralized application will be the Binance Decentralized Exchange (DEX) which is based on the Binance Chain, will be targeted to launch in Q1 this year. We also hope to release the public testnet very soon.
With the DEX in motion, it will provide a lot of possibilities for people who want to keep their own funds and manage their own wallets, and have new ways where people can interact with the exchange and each other. DEX will not only be a means for people to trade, invest or speculate; it could also power for example, e-commerce shops eventually. There are many possibilities that we can count on DEX. With the centralized exchange that we already have, the DEX will be able to complete the picture on the exchange side of things.
And with the whole ecosystem growing, we are also going to continue to ramp up on our education initiative with more content. We also have the Binance Research and Launchpad that will introduce more projects to the world. Binance Labs will continue to do their incubation around the world, and Binance Charity will continue to push for the last mile solution where there is a lot of transparency from donation to beneficiary.
All in all I think it is going to be a wonderful year because within Binance itself, the engineering prioritization queue is longer than we can digest at the moment, so there will definitely be a lot of positive moments coming out of this year.”
In conclusion, we have seen how education is the necessary first step towards adoption and how Binance has been playing their part. Binance has grown in the past year as a whole, from being the biggest exchange, to starting the many initiatives like Binance Academy, Binance Labs, Binance Research, Binance Charity and Binance Info. We are definitely looking forward to the Binance Mainnet, as well as the DEX that will be coming up soon. Exciting things will happen this year, both at Binance, as well as in the entire industry. We at ICOBliss wishes everyone a great year ahead and we await the possibilities that will unfold.