CZ, CEO of the crypto exchange Binance, is known for reacting particularly quickly to requests from the community. This helped his company generate billions of dollars in sales in less than 2 years. Yesterday Binance announced that it would make changes to the rules of the ICO platform "Binance Launchpad". But not all changes were received positively by the crypto community. Some users complained that the rule changes could potentially lead to unfair competition. CZ responded within a few hours.
CZ responds to the three biggest criticisms
Changpeng Zhao, CZ for short, is known for reacting quickly to criticism from the community. He proves this again after responding yesterday to the community's criticism of the changes to the ICO platform "Binance Launchpad" within a few hours. The platform came under criticism because more and more users complained that, despite punctual participation, they could not take part in the ICOs. Among other things, this was due to server problems with which Binance had to struggle.
Participation in the ICOs of the in-house platform worked until now after the "First come, first serve"Principle. Whoever logs in first can take part in the ICO. But due to the criticism from the community, Binance decided to use this system in a way "Gambling" to change. The number of tickets to participate depends on how many BNBs you have in one 20-day period on his account (minimum: $ 1.700).
The criticism # 1: only whales and major investors are now able to participate in ICOs on the Binance Launchpad.
CZ's answer: A reduction would be possible, but would mean a lower probability of winning. This leads to less satisfaction after the ICO. He also makes it clear that people should only participate in ICOs on the launchpad with capital, on which they are not dependent. Limiting to users who hold the BNB cryptocurrency is already a first step to counter the huge rush.
The criticism # 2: Gambling can be manipulated by fraudsters by creating multiple accounts and thus increasing the chances of participating.
CZ's answer: Binance counteracts these attempts with the existing know-your-customer process. CZ sees this as an adequate method to counteract this problem.
The criticism # 3: The time period for measuring the holdings of BNB coins should not be 20, but 50 days.
CZ's answer: The CEO points out that the rules have not yet been set in stone. They would think about changing this if necessary.
that seems to be the magic number a few guys suggested. Maybe we (especially I) got it wrong on the first try. We will see.
- CZ Binance (@cz_binance) 24. March 2019
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