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Binance Labs partners with Libra Credit; advances international cryptocurrency demands

Aakanksha Rana



Binance Labs partners with Libra Credit; advances international cryptocurrency demands
Source: Unsplash

On 27th July, Binance Labs announced its partnership with Libra Credit in order to revolutionize demands for the cryptocurrency. Binance Labs is a leading blockchain technology incubator focusing on pre-ICO [Initial Coin Offering] projects and communities.

Libra Credits's tweet | Source: Twitter

Libra Credits’s tweet | Source: Twitter

The collaboration between Binance Labs and Libra Credit is to advance the international demands of liquidity of cryptocurrencies on Ethereum’s blockchain. This partnership will allow the Binance Coin [BNB] holders to receive loans guaranteed by Binance.

Libra Credit, with the help of blockchain technology, a diverse team of entrepreneurial leaders and machine learning, is on its way to revolutionizing the lending industry. A desktop version of Libra Credit software has been launched in the 3rd quarter of 2018, which enables crypto to crypto/ fiat lending.

In the month of June, the company announced the addition of four new members to the team under executive management in order to protect their customers from getting into an online fraud.

The CEO of Binance Labs, Ella Zhang, further added that Libra Credit team has an eminent experience and resources in the financial services and payment solutions. The company is committed to make a long-lasting impact on the industry.

Headquartered in San Francisco, Libra Credit was founded in 2017. It is a decentralized lending industry specializing in blockchain technology.

Changpeng Zhao “CZ”, the CEO of Binance, earlier made a statement regarding Binance’s growth by focusing on providing first-rate services to its customers. Furthermore, CZ said that a company would not grow unless it is based on good ethical values. Rumors regarding a high listing fee for Binance were around the corner. However, he said that the statement is false and that the listing fee is not high.

Binance announced that 100 million VTHO tokens will be distributed on 1st August among all VeChainThor [VET] holders to celebrate the launch of VeChain Mainnet.

WB KIM, a Twitter user said:

“This is so good news”

On the other hand, there were many Binance supporters who were unhappy with the news.

DroidFeed, a Twitter and Binance follower said:

“Libra is openly and obviously manipulating/cheating the vote! How are you still supporting them? This is going to be bad PR for binance to play favorites and engage in unethical behaviour for allowing cheating to occur.”

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Bitcoin’s [BTC] security is 100 times more than that of Bitcoin Cash’s [BCH], says Litecoin creator





Bitcoin's [BTC] security is more than a 100 times than that of Bitcoin Cash [BCH], says Litecoin creator
Source: Unsplash

Charlie Lee, Creator of Litecoin [LTC] and Managing Director of Litecoin Foundation, spoke about projects that allocate mining rewards to developers, in an interview with Laura Shin for Unchained Podcast. He also opined about whether Litecoin’s vision still remained the same or not.

On projects that allocate a percentage of the block reward to developers, Lee stated that it was “okay” as long as the project developers were transparent on this subject, adding that in some cases, this was “needed”. He further stated that it was hard to find developers for Litecoin since, there were not enough funds to pay these developers.

[…] we work on raising money and using money to pay for developers but unlike ICOs or other projects we just don’t have millions sitting from selling our ICO tokens to fund these developers. So, yeah I think projects that do that it’s kind of needed […]”

However, Lee stated that for cryptocurrencies such as Bitcoin and Litecoin that really want to become decentralized money, there cannot be any centralized actions like using mining rewards to pay developers.

This was followed by Lee speaking about Litecoin’s vision and the coin’s use case. On this, Lee stated that the current vision was still “very similar” to the old one, seeing Litecoin as a complement to Bitcoin. He added that Litecoin’s raison d’être was not to replace Bitcoin, unlike some other coins that claim to be the better version of Bitcoin.

“[…] I think it’s trade-off. So, a lot of people don’t talk about the trade-offs people talk about how they have fees are cheaper […] people in support of Bitcoin Cash constantly talk about how Bitcoin Cash transaction fees are like a hundredth of that of Bitcoin but, you get what you pay for right […]”

He further added that Bitcoin’s “security was more than hundred times” that of Bitcoin Cash, irrespective of the hash rate being more or not. Lee remarked that one cannot “attack Bitcoin,” whereas Bitcoin Cash could be “eas[ily] be attacked,” adding that this factor was very important and also the reason for cheaper fees.

“[…] same for Litecoin alright. Litecoin is cheaper and the security is less than Bitcoin […] so people who actually move lots of money they would want to use Bitcoin and I think that’s fine like Litecoin can compliment Bitcoin perfectly fine […]”

Lee stated that this was the reason he agreed with Lightning Network, arguing that it was good for both Bitcoin and Litecoin. He stated that Lightning not only helps them scale, but also enables cross-chain atomic swaps, allowing people to swap two different coins instantly and easily in a decentralized manner.

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