CEO of Binance CZ had in a tweet put to rest the opinion of cryptocurrency and blockchain community of the intention of Binance to dominate the cryptocurrency and blockchain industry with the launch of Project Venus.
Pushing adoption, yes. Domination, no. Always happy to co-exist.
In fact, this should help Libra, if you think about it. Will leave it at that. https://t.co/HLSywLb2mi
— CZ Binance (@cz_binance) August 19, 2019
Daily we are seeing cryptocurrency and blockchain solutions rising with the aim of trying to make life better, though there are those that are focused on destroying lives with their scams.
The week opened with top cryptocurrency exchange Binance announcing a new project – Venus. Venus is an initiative that seeks to utilize existing blockchain infrastructure to develop stablecoins pegged to local currencies. The new cryptocurrencies are expected to use the Binance Chain.
The decision to launch project Venus has been met with some opinions as a rival to the Facebook Libra.
Libra is a permissioned blockchain digital currency proposed by the Facebook and scheduled to be released in 2020. Libra has an association which is made up of Facebook and other global giants in various fields. According to its website, it’s a simple global currency and financial infrastructure that empowers billions of people.
The opinion of those in the industry on the Project Venus does not come as a surprise as it resembles the Libra Project proposed by Facebook. This is because, according to the blog post announcing project Venus, Binance revealed that the initiative will require alliances from governments, corporations, technology companies and projects/firms in the cryptocurrency industry.
It also revealed it will provide full technical support, compliance risk control system and multi-dimensional cooperation network that are needed to build Venus while leveraging existing infrastructure and regulatory establishments.
The difference is that Binance will use local currencies and as such, there will be hundreds of stablecoins on the market all pegged to their national fiat currencies while Libra is just one cryptocurrency that seeks to enable exchange of value across the planet.