Sam McIngvale, Head of Product for Coinbase Custody, spoke about the new service provided by the platform, Staking and Governance, in an interview with Laura Shin for Unchained Podcast.
The interview began with Sam McIngvale speaking about the reasons behind Coinbase’s decision to offer staking service. McIngvale stated that all products and services offered on Coinbase custody were based on client demand, adding that buzz for staking started in Q4 of last year. He said,
“We started to hear this steady drumbeat specifically from our client, but also in the industry at large about large investors wanting to actively participate in the network they want to participate in”
He further stated that this “drumbeat” was usually for staking and governance, in particular. However, sometimes it was also about other mechanisms. McIngvale stated that this made sense from an institutional perspective as they have large stakes in these networks and want to support, adding that staking and voting was one of the ways this could be achieved. He went on to state,
“[…] we started hearing the drumbeat at large but it really crystallized for us when a large clients, at mid-Q4 said, ‘hey, we really enjoy the partnership we have with you all, we’re big fans of the platform but you are not getting this particular crypto unless you support staking’.”
McIngvale stated that this was when they “truly” began their research into it, looking at the possible measures they could take. During this process, the team learned about Tezos and Cosmos, resulting in them concluding that they could actually engage with these networks and also serve clients according to their needs by stake and earn staking rewards by keeping funds offline.
“[…] I guess the epiphany for us was that Delegated Proof of Stake networks work really well with our current offline custody architecture and that was what really went off and we knew that there was a lot of client demand […] and that’s when we sort of realized we had to start building.”
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Binance Chain’s ‘decentralization’ questioned by Bitcoin enthusiast; calls Binance DEX just an app
Udi Wertheimer, an independent developer and a “Bitcoiner” posted a series of tweets taking a jab at Binance Chain, which is slated to launch on April 23.
According to Wertheimer’s tweets, Binance has not updated the “source code” or “binaries” for the Binance Chain; and despite enquiring about it on the official telegram group of Binance, he was offered any source code.
If anyone’s wondering, the source code for “Binance Chain” full nodes is still nowhere to be found; 4 days before “mainnet” launch, and after multiple “projects” promised to migrate from Ethereum. Without ever seeing the source code.https://t.co/MuiRN23eDS
— Udi Wertheimer (@udiWertheimer) April 19, 2019
He said that Binance recommended users, who want to migrate tokens to Binance chain, use the official SDK, which will be done via official HTTP API using Binance’s trusted servers. Binance DEX, which will make use of the Binance Chain, also has no source code or binaries which are open source. He stated:
“There’s almost nothing there. So I looked for the source code. Guess what, THERE’S NO SOURCE CODE. They only have binaries, and only for a light client, no full node at all!”
He commented on the Binance Chain and the Dex that all Binance did was release an “app that connects to the API of your new centralized infrastructure”. In addition, the “Light Node” is a program that helps users access and interact with the Binance Chain in a secure and decentralized manner; the source code for which is “closed source” according to Wertheimer.
Wertheimer further added:
“Just releasing the binaries won’t be enough, and there’s no indication I could find anywhere that they intend to release the source code, like, ever. In any case, regardless of what may happen in the future, what’s released so far amounts to nothing more than a new website.”
A Twitter user, @bag_holder commented:
“Lol seems like a very Chinese thing to do. “BORROW” IP, make some edits, then keep it to oneself”
Another Twitter user, @thecryptostefan commented:
“There’s a branch with the full node implementation, no? I thought they just hadn’t merged it to master yet when I was looking last night. I think it’s the prerelease branch or one of those.”
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