Binance was able to leave China and take on the challenges of the Bitcoin economy. From which they were able to make $500,000 million in a year, thanks to a plan to transform traditional money.
Binance is a cryptocurrency exchange platform that develops in Shanghai and run by Changpeng Zhao (CZ). Zhao hopes that Binance will make a difference in the world by using crypto in its deeds.
Aside from this, he also aims for Binance as a platform to positively spread crypto and the freedom of money. Binance dreams of making the idea of “freedom of money” a reality. The concept translates to allowing anyone, anywhere, the opportunity to send and receive money in different parts of the world. But this is just the initial goal for Binance. They also hope that in the future, they’ll make history by embedding Binance into the Internet and becoming a financial layer on the web. Surely, though, it will not be an easy journey for the Binance network.
Creating the coin
Changpeng Zhao began to conceptualize his coin after dinner with the cryptocurrency founders. With a pen and a piece of paper, he wrote down in English and in Chinese the idea of Binance. Which is a portmanteau of the terms “binary” and “finance,” highlighting the two types of money globally the fiat and crypto. He made sure that the idea of a cryptocurrency conceptualizes well, and all he needed then was its own token.
People started buying tokens in an initial coin offering with the promise of revolutionizing technology and empowering the future of crypto finance. If Binance had a functioning code, it would become the first crypto exchange to be based on Bijie’s exchange-in-the-cloud platform.
In reality, although the Binance coin is in process, Bijie’s entire company has transitioned from a network that delivers software to a network that provides crypto trading in the cloud. From there, Bijie then called Binance. And in just two weeks, investors bought tokens from the sale, which was able to raise $15 million. Binance’s token trading will go live in the next few days.
Soon after, Binance began its way to becoming a decentralized exchange, or DEX. Once Binance designates as a DEX, the network’s system exchange will take place independently of the Binance Company and will coordinate by thousands of computers from around the world.
Moving away from centralized servers will replace by a censorship-resistance exchange that is open to everyone with codes that will continuously update by the Binance team.
