According to Changpeng Zhao, CEO at Binance, the company’s decentralized exchange is going to go after the model used by EOS when it comes to selecting validator nodes. Initially, Binance will have a large influence over the network and the validators.
EOS-Like Model for Selecting Validator Nodes
In his first ever live ask-me-anything (AMA), the CEO at the world’s leading cryptocurrency exchange in terms of traded volumes, said that Binance Chain will follow a similar model for selecting validator nodes like EOS.
Supposedly, the current version of the testnet has 11 validator nodes, but the CEO expects this number to grow in the future.
In terms of requirements, Zhao revealed that they are looking for “guys” who can run very fast validators.
According to his statements, initially, they will be selecting these nodes through their close partners, but expect to increase their number in time.
When asked about proof of decentralization, Zhao said that Binance does, in fact, have a lot of influence over the network and the validators.
He even said that he wants their decentralized exchange to be more centralized in the beginning, compared to other networks. In time, however, Binance’s influence over Binance Chain should decrease.
Decentralization is a “Gradient Scale”
When asked about true decentralization, Zhao answered that it’s not binary, but rather a “gradient scale.”
On decentralization, most people view that as a binary thing, like is it the decentralized or not. But the reality is that decentralization is a gradient scale. So there’s a degree of decentralization that you can achieve, and some blockchains are more decentralized, while some blockchains are more centralized.
He maintains his previous position that any blockchain project with a development leader or team is more or less centralized.
Last year, Changpeng Zhao noted that there’s no “absolute” decentralization. He also explained that decentralization isn’t safer by default.
These comments were made in response to Vitalik Buterin’s outburst, saying that he wishes all centralized exchanges can “burn in hell.”
As My Bitcoin News reported earlier, Binance Chain will charge about $100,000 for listing new coins.
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