Facing the development of the memory blockchain industry, He Yi: If we have different opinions, then you may be right

This article is reprinted from an article published by Yi He, co-founder of Binance, on Binance Square.

The following text begins:

---

Is the cryptocurrency circle about to end?

Recently, many posts criticizing memory blockchain in the industry have become very popular, and many people outside the industry are asking me if the memory blockchain scam has ended? People in the industry are asking if the industry hasn't made progress yet? What stage of the cycle have we reached? Compared to good news, bad news is more likely to make headlines, and bad news is also more likely to gain more traffic and attention. What is more worthy of ridicule than people in the cryptocurrency industry singing about bad news? These behaviors and emotions are constantly contagious, and the traffic is becoming increasingly intense. Even some retired OGs are magnified as evidence that the cryptocurrency circle is about to be completed. Some idealistic players in the industry will also reveal anxiety and confusion in their conversations with me.

Actually, it's not just the cryptocurrency industry that is anxious. We live in this world, so we cannot do without the environment, water, and air. Whether the investment market is active or not depends on the economic cycle. Whether the economy is going up or down will determine where the public's budget is allocated. As an ordinary person, we only consider investing when we have enough to eat and wear. Therefore, every news from the Federal Reserve is a baton for experienced players in the cryptocurrency industry, especially as the overall market size continues to expand and large financial institution players participate in the industry. The blockchain industry is gradually maturing, especially after BTC and ETH ETFs are approved, as a "configurable asset" in the investment category, the cryptocurrency and stock markets have become two sides of the same coin market.

Afterwards, Zhuge Liang asked: What changes have occurred in the cryptocurrency industry over the past decade? I once compared the cryptocurrency industry to the Wild West, and those who entered this industry early were the early Western gold diggers. In an economic upswing cycle, a little bit of capital overflowing into the cryptocurrency industry can also make it grow exponentially. In the early days of the wild growth of the blockchain industry, as long as you dare to invest, it is not uncommon to invest hundreds or thousands of times more coins. This is the dual blessing of early niche markets and macroeconomics. In such an environment, if you invest the wrong investment today, you will return tomorrow. But as time goes by, the economy enters another cycle, with global consumption downgrading and more players joining the gold mining team. Gold mining players wielding shovels constantly upgrade their equipment, while there are more and more professional players at the first and second levels in the traditional market. Everyone feels that 'the cryptocurrency circle is not as profitable as before'.

From Bitcoin being repeatedly referred to as the "Ponzi scheme" by countless people, to the approval of Bitcoin and Ethereum ETFs in the mainstream circle through countless criticisms, it is certainly a remarkable victory. At the same time, we can see that the trading volume of traditional finance's related products in cryptocurrency is steadily expanding, such as the trading volume of CME and ETFs. Yes, the big ones have arrived, but the way they came is different from the brainless way capital picks up deals that everyone imagines. Just as the Internet has changed the publishing industry and the television industry, it is not overnight, but quietly, bringing more than the rise of Bitcoin.

Is Binance lying flat?

We are the pigs of the trend, stepping on the pulse of the times and standing with users to reach today's Binance. We hope that the memory blockchain industry is not a playground for niche players. We hope that Binance can serve one billion users in the future and become the infrastructure of the future world. We have been working hard towards this goal. When we want to promote the large-scale adoption of the memory blockchain industry, when we want to meet the needs of the majority of people, and when we need to protect the rights and asset security of the vast majority of users, it means that we need to seek a balance between ideals and reality. Binance is not a child anymore, so we need to reconcile with the world, comply with regulations, fight against money laundering, and follow the existing rules of the traditional financial industry. History is always repeating. In the early days of the Internet, there were countless technological innovations, and the inflection point was that the company serving most people became today's Internet giant, while the absolute liberalism in the early days of the Internet finally went to the dark network.

We cannot predict the future, so we can only learn from history. Products need to serve the majority of people and have the potential to become the financial infrastructure of the future world. Binance's products start from transactions, not just transactions. You will see the emergence of Earn, Square, Pay, and web3 wallets. We hope to try and find out how to bridge the gap and really popularize the memory block chain technology, so that ordinary people can use the memory block chain instead of just frying the memory block chain. They can not know what the memory block chain technology is, but they can benefit from the memory block chain, just like your grandma does not understand Internet technology, but can enjoy the convenience brought by mobile phones. The foam will burst, and those products that truly address user needs will change the world and create history.

Have you put your coins on Binance?

The discussion on Binance's listing has been intense in the community these days, and we have carefully considered everyone's opinions. Whether we used to think that Binance's VC invested coins were betraying the community, or that Binance's MEME coins lowered the listing standards, or that judging Binance's TG game project was nonsense, the criticism was all from studio players, including rumors of mouse trading, which have also been investigated. We have paid attention to it and are constantly reflecting. "Love is deep, responsibility is tight", and those who don't care won't spend time on you. Binance has relied on users to get to where it is today, and every user's opinion is taken seriously. I will try to explain the basic framework and process of everyone calling for a coin to be launched:

Binance consists of four stages: business, research group, committee, and compliance review.

I can roughly summarize the aesthetic preferences retained by previous committees, which can be roughly divided into:

1) In the past two cycles, we have missed out on projects that meet the needs of users and have traffic. In the early stages, we did not pay enough attention to MEMEcoin, so we were late to realize the high price of projects such as Shib, PEOPLE, PEPE, and even the recent MEME projects, which made our faces swollen. The experience and lesson here is that as a trading platform, Binance cannot think it's good on its own, but should make users think it's good.

In the debate over the big and small neiro, also because of the criticism of the community, we are more introspecting on what is a good MEME. If the essence of the MEME community is another "anti Wall Street movement", then the token is highly concentrated, and the price has been blown up by the pump. Don't you know when the foam will burst into MEME or MEME? Still wearing a MEME coat? So I joined several MEME projects with relatively dispersed tokens and low market value, and initially screened more than ten projects, many of which were focused on compliance review and token concentration.

2) Long lived projects; At the beginning of the previous two cycles, some traditional VCs began to aggressively enter the cryptocurrency industry, frequently making generous and generous moves. Later, it was discovered that projects in the industry with a slight appearance had skyrocketed. After obtaining valuations of hundreds of millions or even billions of dollars on the VC side, project parties had a large amount of money to try and adjust direction. Matic's low valuation infrastructure project scene of selling coins is gone forever. With a large amount of cash in hand, who would be willing to sell their coins for millions of dollars? What determines the price of their tokens is not Binance, but the token model, circulation, buying and selling. These top teams' high valuation projects have a large number of MM willing to provide them with advice and strategies to maintain high market value, and there are also many exchanges flocking to them, especially AMM bringing about the rise of DEX. Without a trading platform, it is not impossible. But it cannot be denied that they lived longer and had more opportunities during the ups and downs of other projects.

Many people would say that this indicates that Binance is losing its voice. Yes, of course, there is no absolute voice. This is precisely the characteristic of decentralization in the industry, which is the result of the joint efforts of financial professionals and DEFI's rise. Both of these are key factors in taking the industry to the next level. Without the intervention of capital, how could cryptocurrency become a hot topic in the US election? Decentralization, without absolute authority, is not the charm of this industry?

3) For projects with solid business logic, in the past decade, I have often heard a statement: 'Coin circle projects do not require a business model, as long as there is a business model valuation, it can be calculated.'. But I believe that whether it's Web2 or Web3, the essence of entrepreneurship is to create what the world needs, and naturally someone will pay for it. Whether the customer is a B2B or B2C, the financing method will change, but the essence of entrepreneurship will not change. Since the craze in 2017, I have been conveying a concept: issuing coins is a lifelong responsibility, guaranteed by long-term reputation, supported by the community, but your responsibility is also greater. If you sell your coins directly for retirement after issuing them, then a person's reputation bankruptcy is the real bankruptcy.

Because we like projects with solid business models and income, we hope to have a reliable team that has entrepreneurial potential and can take responsibility. We also hope that your valuation is not too high and that you can take care of the community's common growth. We hope that you can empower tokens, because if you stand with users, your users will stand with you. If any project meets these standards, please feel free to contact us, leave a message under this post, or fill in the information through the public application link on the site.

Official Business TG Contact Information: @ BResearchBD

In terms of the listing process and prevention of insider trading, Binance, as a system, has considered isolating information at all stages. As mentioned by the outside world, Binance's listing team has been bloodied for several rounds. Currently, Binance's research team does not discuss business, and they do not know what projects enter the observation pool when discussing business terms. Everyone only knows the progress of the projects they are responsible for. Even if they pass the IC voting, these projects need to go through strict compliance review restrictions and may be cancelled at any time.

According to the compliance requirements of the exchange, all Binance employees are required to complete relevant mandatory compliance training. At the same time, Binance also has an independent audit team dedicated to investigating such violations. If it is found that there is suspicion of information leakage or insider trading, Binance will immediately initiate judicial proceedings and transfer the relevant personnel to the judicial authorities. Serious cases may face criminal responsibility.

We can establish rules to constrain people, but we do not rule out the possibility of existing systems or information blind spots. Therefore, we offer a high reward: anyone who knows of any reports involving cryptocurrency listing and other corrupt behavior, or any other "cryptocurrency observation indicators" in our blind spots, is welcome. If verified by the Binance team, we will keep your identity confidential and provide you with a security vulnerability bonus of $10000 to $5 million; Reporting email: [email protected]

If we have different opinions, then maybe you are right

In the past few months, I have rarely posted on social media. The more I read, the more I feel ignorant and filled with awe towards the world. We are all just a grain of sand in the current of the times, and all kinds of coincidences have been swept to the forefront. What I have gained today is the product of the times, the rapid economic development brought about by globalization, the flat information emerging in the Internet, and the opportunity for the memory block chain industry to emerge from scratch, not because I have many talents and talents, but because the industry was early "when there was no hero, the upright became famous." This means: "I am not necessarily right." Because according to the logic of the previous coin listing, Bitcoin was born today, and it may not be able to pass through IC. I inadvertently said that incomplete and inaccurate expression may lead to unnecessary misunderstanding of the community With over interpretation, they are increasingly lack of expression. Occasionally, when they see some misunderstandings, they will try to explain, and they will become darker and darker everywhere.

The world that everyone can see is not interconnected. We may be the intersection of different parallel time and space. If my words touch you a bit, it may lead to a better position in the memory blockchain industry. If my words can make investors DYOR and entrepreneurs willing to sink down and move forward, then I feel honored. Everyone can only see their own future. Whatever you believe in, you will build it. We will continue to explore the future, just like the first day we just entered this industry. Thank you to your colleagues.

(责任编辑：货币)