Post by account_disabled on Mar 6, 2024 22:38:39 GMT -5
The five principles that drive the product team's decisions are: simplicity, transparency, innovation, speed and community.
The road to one billion users will be long, so it is essential for Binance to create products that people like to use and continue to build from that base.
At Binance we want to change the world in a positive way that encourages adoption and trust, both with our users and regulators.
Mayur Kamat, Chief Product Officer at Binance, spoke at the Ramadan Grand Gathering on March 22, 2023, where he delved into the drivers of Binance's products and presented the upcoming product roadmap. Please note that we have edited this transcript for brevity and clarity.
Humble origins
Mayur: One of the things CZ told my team is very simple: “Don't stop creating.” Create things that our users want. Create things that simplify the experience in the world of cryptocurrencies and build this ecosystem. An ecosystem in which more and more people, technologies and platforms can thrive and bring this vision of financial inclusion to everyone who needs it in the world. And that's what we've been doing for the last five and a half years.
We started as an exchange, which Ecuador Mobile Number List in a very short time became the largest cryptocurrency exchange in the world. But that's just a small part of our product portfolio. Currently, less than 10% of people in the world are familiar with or have access to cryptocurrencies. Therefore, the path is much longer, but it is precisely that path that makes this experience incredible for all of us, because we can travel it with our community.
What guides the future of Binance products?
Mayur: On the product team, we have five principles that guide every decision we make.
First of all, we want to do things that are simple. If we want to get a billion people to use something, it has to be very, very simple. The simpler we can make things, the easier we can make user onboarding, the more friction we can eliminate, and the more adoption we will achieve.
The second is trust and transparency. Our sector is full of good actors, but also bad ones. How can we show everyone that they should trust us? We want to do it with our actions and also with our product. Therefore, we want to create products that provide you with that level of trust and transparency, not only for users, but also for the industry and regulators. We want to make sure that we create this ecosystem together and trust each other.
The third principle is innovation. To change the world, we have to do something big, and we have to do something that sometimes can fail. From a product standpoint, we want to have products that achieve mass adoption. The only way we can do this is if we continue to innovate, even if sometimes innovation comes at the cost of killing off our previous products.
The fourth is speed. We want to do things quickly. In the last two or three weeks, we have been able to see how quickly the market has evolved in terms of price volatility, but also innovation. We want to ensure that Binance products reach users at the pace of the industry. When we know that users love our products, we will dig deeper and give them more content.
Lastly, and most importantly, we develop products for our community, with our community. We create products that ensure that the opinion of our community, including pain points for users, their desires, and the uses of cryptocurrencies, are taken into account.
Latest product launches
Mayur: One of the newest features we've launched is a tool that allows us to receive user feedback, so you can send your feedback on how we can improve our product directly to product managers. There is now a new version that allows you to see feedback directly from product managers telling you if this feature already exists or how your feedback has helped us improve. Additionally, you can add images and descriptions and vote on other users' comments. In cases where we are unable to accommodate your feature requests, we will explain the reasons for our decision. Without a doubt, this feature will guide the way we create products in the future. We listen to and read each of the opinions that come to us through this tool. And this is only a small part. We, and especially CZ, will continue to engage directly with the community on our social channels or if you contact our customer service. This is one of the key pillars that guide our product.
Another product we have is Binance Build . If you're on Twitter, follow the hashtag #BinanceBuild. Every day we introduce a new feature, and that's the pace of innovation. So every day, we'll tweet something about a new improvement. Some of them will be small, and others will be much larger features, but at this pace of innovation, we want to keep moving forward, and the best way to do that is with Binance Build.
Regarding testing reserves with zk-Snarks, we are dealing with quite an innovative technology. With a privacy-friendly approach, we can now demonstrate to our users whether their assets are in Binance wallets as we claim. We are probably the first in the industry to do this, and we did it open source precisely to encourage other players in the ecosystem to follow our lead and also publish their proof of zk-Snarks reservations. Only when we have confidence in the system will we be able to grow as a sector, and this is one of the first steps to achieve this.