CZ’s Focus for Binance in 2023
In a tweet to start the new year, Changpeng Zhao (CZ) listed the areas of Binance that he believes need more focus following the events of 2022 that saw major businesses collapse because of insolvency, fraud, and negligence.
Unfortunately, many innocent investors were hurt most by the never-ending list of problems that occurred in web3 last year. Seeing this, CZ’s plans for 2023, while not specific, suggest he’ll be emphasizing new ways to create a safer environment for users in web3.
Crypto education
The first thing CZ mentioned was education which is an extremely important topic because, for most people, the blockchain still doesn’t make sense. This is becoming a larger issue as most criticisms surrounding cryptocurrencies come from a place of misunderstanding.
Moreover, inexperienced users on web3 are also the most vulnerable target because they do not know how intricate the blockchain is or what purpose it actually serves. The blockchain is a public ledger that can host its own currency, not a method to get rich. It’s devised to create a system that can provide total custody of one’s financial assets.
Failing to understand this led to a lot of problems associated with fraud and caused billions to be lost in 2022. For the future of web3 to become safer, users must become more familiar with the concept of decentralization and what it means.
Web3 compliance
Another aspect that CZ wants to focus on is compliance. The fall of FTX and Luna has caused legislators around the world to take a more scrutinizing look into the web3 industry because it is becoming obvious that there is a lot of illegal activity being done on-chain.
Fortunately, the blockchain is a transparent, public ledger that anyone can read which makes it easier to find evidence of criminal activity. However, this part of the process often goes unnoticed. Public opinion is supporting politicians that are fighting for more blockchain regulations and CZ will have to adjust Binance accordingly.
Blockchain products and services
Improving the products at Binance, if not obvious, is highly important and something that they have begun doing efficiently with their Binance Pay platform which is consistently adding new features for various countries.
CZ also stated in another tweet that within products and services is security. The risk of being hacked or having your wallet drained is a constant threat on web3 and needs to be handled properly. With confidence in crypto so low right now, it is necessary for CZ to put a larger investment into security to protect users who, as already mentioned, might not be the most experienced people on web3.
Ignoring the noise
It’s hard to tell how humorous CZ was about his final note, but he also mentioned that a separate 4th goal of 2023 would be to cancel out the noise. Opinions on cryptocurrency have taken a nose-dive and many people want to see this new technology fail. Fortunately, CZ, like many others, seems to prefer putting his head down and getting back to work building out some of the biggest web3 platforms available.
