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The Binance CEO, who founded the exchange in 2017, said the company is now focused on hiring more staff to deal with regulation, centralizing its operations, and making sure products are compliant with local regulations.

Zhao told Bloomberg that Binance spends a lot of time on protecting the exchange from hackers, saying security is the number-one issue for any cryptocurrency business. His comments came after hackers stole $600 million from crypto platform Poly Network, before returning much of the haul.

While trading on Uniswap, users need to pay transaction fees for each trade as the trades happen on the Ethereum blockchain network via smart contracts. Before performing a swap on Uniswap, users have to permit the smart contract to spend their tokens by pressing the "approve" button, an action that will again incur a transaction fee.

This ensures that only a specific amount of Bitcoin can be created in a given amount of time. This is known as mining. As more and more users join this movement, the difficulty of these cryptographic puzzles adjusts itself, increasing as more computing power is dedicated by miners as a whole to solving these puzzles. Today, large "mining farms" exist dedicating almost 3000 Megawatts of power towards mining. Bitcoins can only be created if users dedicate their computing power to solve a cryptographic puzzle. That's enough energy to power roughly 1 million homes.

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Binance is pivoting from a technology innovator into a financial services company, he said in the interview Tuesday. "These types of pivots are very difficult to do, so I'm spending almost all my time on it," Zhao said.

If we look at graphs for blue-chip technology stocks in the early 90's before the dot-com crash, they look curiously similar to those Bitcoins charts of today. Recently, the magnitude of Bitcoin's appreciation has led to debate about Bitcoin being a bubble.

Zhao, cryptocurrency known in the crypto community as CZ, told Bloomberg TV that Binance is undergoing big changes to appease regulators, who are unhappy with some of the exchange's products and its compliance with local rules.

By contrast, distributed ledgers are more secure because even if one copy is lost or modified, there exists other copies of the transaction data that can be used to verify the existence and authenticity of records. This way, transactions are publicly accessible and Binance fraud or improper activity can be easily identified.

Ethereum, for example, is undergoing a transition from POW to POS, expected to be completed in 2022. This is where a "consensus mechanism" is required to decide what the correct transactions are. The two most common types of consensus mechanisms are proof-of-work ("POW") and proof-of-stake ("POS"). Early blockchains and cryptocurrencies like Bitcoin rely on a POW consensus mechanism, but preference in more recent projects has shifted to POS. However, DLT has to address one important issue: how do we ensure that all the distributed copies of the ledger are correct and that none are maliciously modified?

By allowing information to be distributed but not copied, Blockchain technology created the backbone of a new type of internet. What makes this solution so unique is that Bitcoin, despite being digital, can't be forged, cryptocurrency hacked or controlled by a single entity. The Blockchain transparently records and verifies all transactions that take place on the Bitcoin network. Today, the combined computing power of this global network is greater than the 500 biggest supercomputers combined times a ten-thousand. This was achieved by creating the Blockchain, an incorruptible digital ledger of economic transactions.

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It became the world's biggest crypto exchange in large part by allowing people to trade crypto derivatives using high levels of leverage, or borrowed money. Regulators are concerned about the dangers these products pose to consumers and potentially the wider economy. Binance is facing intense regulatory pressure from financial watchdogs around the globe.

Binance's CEO Changpeng Zhao said he spends at least 80% of his time thinking about regulation and next to none on the daily running of the crypto exchange, as official scrutiny of trading platforms intensifies.

imageBecause the security and integrity of a POS blockchain hinges on the work done by its validators, staking often provides substantial rewards. Often, tokens given as rewards are newly minted and contributes to inflation, but tokenomics can vary between projects. At time of writing, cryptocurrency staking ETH (on the Ethereum network) and ADA (on the Cardano network) offers about a 5% annual return, while staking DOT (on the Polkadot network) and BNB (on the Binance Smart Chain) offers about a 13% annual return.

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