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HomeDeFiBinance chief shares his views on the significance of decentralisation

Binance chief shares his views on the significance of decentralisation

Changpeng Zhao, the Chief Executive Officer of Binance, commented on the significance of decentralisation and the relationship it has with freedom and security on October 9th. Zhao noted that there are numerous dimensions of decentralisation and that this is part of a gradient scale, explaining the different ways in which even Bitcoin may be perceived as centralized.

There has been a great deal of discussion on the advantages that decentralisation offers bitcoin projects and the ways in which it sets certain ventures apart from others. The Chief Executive Officer of Binance, Changpeng Zhao, has expressed his thoughts on the significance of decentralisation and how its quality should not be the goal of a cryptocurrency project but rather a tool to accomplish numerous goals linked to the project.

According to Zhao, each of these elements has the potential to provide the appearance of centralization to a variety of projects, including Bitcoin, depending on what is being studied. In a similar manner, Zhao made a comment on the significance that centralised exchanges (CEXs) continue to have.

As per Binance CEO, the majority of people still utilise centralised exchanges as a method of protecting their bitcoin. This is because the majority of people are unable to protect their cash using the tools that are accessible today.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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