[Changpeng Zhao] (aka CZ in the crypto community) is the founder and CEO of [Binance], which grew to become the world’s largest crypto exchange by daily traded volume within just 180 days. He is a graduate of McGill University in Montreal with a degree in computer science. As a coder who gained experience building high frequency trading systems, he has been concentrating on blockchain technology since 2013 and has completely immersed himself in the world of cryptocurrencies.
CZ is also CEO at BijieTech, which he founded in 2015. Prior to BijieTech, Zhao was the co-founder and CTO of OKCoin, around the same time he launched his own futures platform. He has also worked at Blockchain.info as the head of the technology department. In 2017, he officially launched Binance.
What Makes Bitcoin BEP2 (BTCB) Unique?
As [Bitcoin] is not strong when it comes to [DeFi], developers are constantly looking for workarounds and struggle with obstacles that include high fees and a cumbersome process for creating [smart contracts]. [Bitcoin BEP2] is a Bitcoin clone issued on Binance Chain. Its price is always as close as possible to the price of the underlying asset – Bitcoin – and each BTCB is backed by an actual BTC.
The pegged BTCB tokens are therefore 100% backed by their own reserve coin, Bitcoin. The advantages of using BTCB include:
* Since the release of BTCB, traders on Binance DEX have had the opportunity to trade BTC, even if the BTC is hosted on a completely different blockchain. BTCB therefore provides Binance DEX traders with access to even more trading pairs, resulting in increased trading volumes.
* As the range of available assets has grown, so has liquidity, which is an advantage for users of the exchange.
* Binance has sealed a strong reputation over the years and has earned the trust of its users, so many users are willing to store their BTC on the platform in order to access BTCB.
* On Binance Chain, anyone can check the BTC reserves at any convenient time, which attests to the project’s high degree of transparency.
* Exchange representatives claim that while this approach is more centralized than a[tomic swaps], it is easier to understand and master for most traders.
* If developers wish to transfer their assets to Binance Chain, the platform actively promotes this and streamlines the process.