Binance's Lightning-Fast Expansion in the Cryptocurrency Financial Kingdom: From Pirates to Navy

Binance is not the first pioneer in the crypto world, but it is one of the fastest and most successful.

By: Folder

Binance has been expanding at lightning speed.

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LinkedIn founder Reid Hoffman outlined four modes of warfare for enterprise development in his book "Blitzscaling": pirates, navy seals, army, and police. Binance has now transitioned from pirates to navy seal mode.

We roughly divide Binance's development into two eras: the pirate era and the age of exploration. In the chaos of 2017, Binance quickly rose to become a major global cryptocurrency exchange and led the trend in subsequent IEOs, fiat, and other businesses.

Below is a brief review of Binance's pirate era, with a focus on its current age of exploration, and a look ahead to the future era.

"It's better to be a pirate than to join the navy." This was Steve Jobs' motto in 1983.

"A lot of times, people don't do great things because nobody asks them to try. They're not expected to do great things. Nobody says, 'Go do great things, this is the culture here.' If you create that kind of culture, people will do things greater than they ever thought they could. Choosing to be a pirate means breaking free from the concept of possibilities, a small group of people doing great things and being remembered in the annals of history."

— Steve Jobs

Pirates mean being unrestrained by rules, challenging rules at any time, breaking rules, rather than sticking to conventions.

Cryptocurrency itself is an emerging field where new things constantly emerge. The first token issuance financing that emerged in 2017 allowed many people to see the sprouting of open finance. Binance is one of the pirates that broke the rules.

On June 14, 2017, after dinner with Neo founder Da Hongfei and Monaco founder Kris Marszalek and other celebrities in the crypto circle, Binance founder Zhao Changpeng conceived the idea of creating a cryptocurrency exchange through an Initial Coin Offering (ICO). Half a month later, on July 1, Binance officially began its token issuance financing, and a crypto kingdom embarked on its journey.

At that time, the cryptocurrency exchange arena was like a chaotic battlefield. To stand out, one must have unique strengths. Binance relied on a new business model: "Platform Token + Spot Trading."

The platform token, as the core of the exchange ecosystem and the carrier of value, set the direction for Binance's future development, allowing cryptocurrency users to better integrate into the platform ecosystem and enjoy the additional value brought by its growth. Spot trading served as a buffer between Binance and uncertain regulatory risks. After the Chinese central bank, in conjunction with seven other departments, issued a ban on cryptocurrency trading in September 2017, Binance was able to swiftly adapt and undergo the most crucial early accumulation.

The "Platform Token + Spot Trading" business model was later imitated by other exchanges. However, in this competition, they played the role of followers, while the leader, Binance, consistently left its competitors behind, and the market performance of the platform token can attest to that.

Platform token market ranking, data as of March 25, source https://www.mytokencap.com/

The movie "Pirates of Silicon Valley" tells the story of how Apple and Microsoft changed the world through computers in the last century's showdown. Two years ago, Binance was also a pirate that broke the rules, changing the crypto world with a new model.

Once pirates have taken the beach, governance becomes the responsibility of the military and police.

After the start of the Age of Discovery, it might be too early to discuss the future now, as the world is constantly changing, and assumptions without basis are too hollow. However, aren't assumptions and expectations the driving force behind the development of the crypto industry?

We have seen the rapid expansion of a crypto kingdom and its vast territory, with no signs of stopping. Binance is becoming the central hub for cryptocurrency market services, and this is becoming increasingly clear. Should we be worried about such a large center in the crypto world turning the dragon slayer youth into the dragon? Who will be the police of this kingdom's future?

Investor Tushar Jain from cryptocurrency investment firm Multicoin Capital may have answered our concerns, "Binance is strategically building something much larger than a cryptocurrency exchange: they are building the future of finance. We believe the market has not fully understood the goal of this strategy. Binance is no longer just an exchange, but it will also not be just a company."

In Binance's development plan, achieving complete decentralization is its ultimate form. Let's look at the context of Binance's development:

• From a trading platform to the Binance ecosystem, this was Binance's Pirate Era.
• From the ecosystem to the open platform, this was Binance's Age of Discovery, also the current era.
• From the open platform to a decentralized autonomous organization, this is Binance's future, as well as the future of all residents of the crypto world.

Binance's dream of decentralization is not empty talk. Binance launched the Binance Chain and decentralized exchange last year, and BNB has played a governance role in Binance's development. These are the foundations of decentralized governance.

We should believe in Binance, as it carries the dreams of all residents of the crypto world.

This article is reprinted with the permission of ChainNews. Source: ChainNews (ID: chainnewscom)

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