On June 28, the founder and CEO Chang peng Zhao announced that Binance, which is the world’s largest digital asset exchange, completed its largest platform upgrade. The system-wide upgrade took two years to complete and now it has made Binance 10 times faster than before.
Binance surpassed Deutsche in performance
Even though Binance was established only in 2017 but it came as a successful crypto exchange company only a year later, in 2018. It even surpassed Deutsche Bank, which is Germany’s biggest financial institution. Binance reported having a profit of $200 million in Q1 2018 profits, whereas Deutsche only made $146 million in total profits during the same time period.
Binance has surpassed Deutsche in so many ways which are commendable. This also includes the number of professionals that have been hired by Binance which are very less as compared to Deutsche. Deutsche have 100,000 professionals on its payroll whereas Binance only has about 200 workers.
Binance has now shifted to a new programming language
Binance has upgraded through changing its codes and has shifted to an entirely new programming language.
CZ added that:
[…] so in theory can handle 100x volume. But when real volumes hit, there will be some other peripheral systems that may temporarily bottleneck, but will be fixed quickly
Binance tweet also tweeted:
This is the largest upgrade to date. We switched the matching engine to a new programming language (and re-wrote all code from scratch, as required). That's as big an upgrade as you can get. 2 years in the making, all for faster performance. Readying for the next wave… #BUIDL
— CZ Binance 🔶🔶🔶 (@cz_binance) June 28, 2020
Binance also launched its own mining pool
Binance also launched its own crypto mining pool recently. It seems as Binance is making its way to lead the crypto exchange industry’s mining pool business.
Binance also faces transparency issues
According to a report by Chainalysis, as much as Binance is leading the crypto world and becoming popular, it also has faced some controversy regarding involvement in fraudulent activities such as money-laundering.