IIeX Asia Pacific is a future focused event in the market research and insights space. Inspired by Binance Chief of Growth Officer, Ted Lin, the platform brings together bright bold innovative minds from all across the world.
The now happening event is being held in Bangkok, Thailand. Following a post on twitter, Ted Lin spoke today at the event saying that the Binance community is what ‘drives’ and ‘inspires’ them as they work on ‘solving global scale problems’.
Which leads us to today’s topic of discussion. What are some of the ways that can help puzzle out major global scale problems?
Cryptocurrencies may have driven the world to a whole new level of innovation, -with digital currencies, easing the financial trade industry, the innovation of blockchain technology that has positively impacted on cross border remittances, the list is endless, but the crypto market faces challenges of its own.
Government regulation comes top on the list. Government regulations on cryptocurrencies could be positively intended, but despite that, they impact heavily on the crypto industry. When these digital coins first started booming, it was out of an unregulated environment.
However, when the regulatory bodies struck the market, trends begun changing –from prices going down all the way to negative market reactions. Although market risks are expected in every investment, the fact that regulation is a major hindrance to the market’s growth cannot be ruled out.
Binance being an exchange platform it is likely to face challenges in crypto trading. It could be an error in user address resulting to money loss, or loss of a wallet file. Wallet file theft is most likely to happen when a user stores crypto files on the computer and the files are lost due to hard disk crashes or malware.
Another issue with trading could be crypto phishing. Crypto coins can be phished by being directed to a phishing website where scammers can upload their wallets and enter a password.
Slow crypto mining leads to poor trade frequency. The mining of blocks depends on hashing power and solving cryptographic puzzles. Both the hashing power and the persons skilled in solving crypto puzzles are hard to come by. This therefore becomes a major challenge to the trading platforms.
In some of the decentralized exchanges such as Binance, carrying out a high frequency exchange involves a semi-centralized system. This is an off-chain service where users don’t trade in blocks. Trading, selling or buying high frequency assets just requires one to sign their order and submit it to the off-chain solution instead of the block.