Token 2049: CZ talks about the future of crypto, exploring the unlimited potential of education, AI and global cooperation

In an interview with Token2049, Binance founder Changpeng Zhao (CZ) shared his insights on the cryptocurrency industry. From the advancement of educational projects to the application of AI technology to cooperation with governments, CZ believes that the combination of blockchain and AI will drive innovation and the potential of the crypto market has yet to be tapped.

About crypto education projects

When talking about his crypto education project Giggle Academy, CZ said it was a fun project, although he did not spend much time on it. He mentioned: "This is a very interesting project. I call them once a week to discuss AI."

Currently, the project has launched 60 courses and 300 storybooks and supports 15 languages. CZ is confident about the future and hopes to educate 100 million or 1 billion children under the age of 18 for free in the next few years. He believes that through the application of modern technology, especially AI, educational content can be provided more efficiently.

CZ detailed the key role of AI in the project. He pointed out: "Now we create storybooks in one language, and AI can translate into all languages." AI not only helps with translation, but also plays an important role in image generation. He said: "Even a few months ago, it was difficult to generate consistent characters and images, but now the technology has improved greatly." Advances in AI have made content production faster and more efficient, greatly reducing labor costs.

Cooperation with governments

CZ said that he is currently communicating with senior leaders from about 12 countries on the government application of blockchain technology, and has seen a lot of changes in the past 6 months, especially in the US election.

"Now, the new US government is very supportive of Elon Musk's idea of ​​using blockchain to improve government efficiency. We have also seen this in many other places, including Abu Dhabi and Dubai in the UAE, who are exploring how to use blockchain for government projects."

These projects include decentralized ID cards, land titles, opening bank accounts, e-visas, border passes, educational diplomas, etc.

CZ pointed out that many regulators still want to regulate everything locally, including custodial wallet solutions, order books, teams, etc. However, this approach is usually not the best option, because it takes a lot of money and expertise to build a secure custody solution for billions of dollars, which is very lacking today.

CZ also shared his experience in the UAE, where he first came four years ago in September 2021 and met with the Minister of AI. CZ believes that the UAE is a country that is very supportive of cryptocurrencies and business. He said: "They are extremely supportive of business, and the ministers are very knowledgeable, very smart, and very insightful." Under his advice, the UAE established new regulatory agencies and quickly formulated relevant laws. CZ praised the business environment in the UAE and believed that it was a very suitable place for development.

Views on strategic reserves and the crypto market

CZ mentioned that some countries, such as Bhutan, have already included Bitcoin in their national reserves and are exploring the possibility of adding more cryptocurrencies to their reserves. He said: "I believe the King of Bhutan is in this city today. He is an early adopter of cryptocurrencies. They have excess clean energy, hydropower, and have been mining for many years, with billions of Bitcoins."

CZ revealed that he is providing consulting services to several countries outside Europe, guiding them on how to establish cryptocurrency reserves like the United States. "Because the US holds Bitcoin, other countries may be forced to follow suit, because the later they join, the higher the cost of acquiring cryptocurrencies will be." When asked about Europe's position in cryptocurrency strategy, CZ said: "Europe is almost non-existent in this discussion."

The only exception is Montenegro, which is quite supportive of cryptocurrencies and he has had active dialogues with the Prime Minister of Montenegro, CZ added. However, apart from Montenegro, CZ does not see other European countries participating in this field.

CZ shared his views and expectations on the crypto market. He pointed out that although the crypto industry has frequent capital flows, many investors only focus on short-term gains.

"I hope to help founders build your project. I am a builder myself, and I hope to see products used by many people. [...] That's why I spend most of my time today with YZi Labs and founders."

CZ believes that the key to success lies in providing people with real use cases, not just chasing short-term benefits. "Frankly speaking, I think [the industry] is still in a very early stage. Cryptocurrency has not yet gone beyond trading. This also represents an opportunity."

When it comes to the application level, CZ pointed out that in addition to the financial field, there are many potential use cases, such as social media, that deserve attention and development.

About the future of AI and blockchain

CZ believes that AI will revolutionize user experience, and the combination of AI and blockchain will bring more innovation. He mentioned: "There are many use cases for AI, especially in user experience, which will revolutionize the way we interact with blockchain." He believes that the combination of AI and blockchain will drive the further development of technology and make life more convenient and efficient.

CZ also pointed out that AI requires a lot of data for training, which can be captured in a privacy-preserving way through blockchain. AI agents need to pay for computing and electricity, and the fastest way to pay is cryptocurrency payment. "In the future, the storage and access of data will be more intelligent and decentralized, and we should be able to monetize data through blockchain technology."

CZ advises new entrants to stick to basic principles and not blindly follow the trend. "Understanding the fundamentals of the project and trusting your own judgment is the key to success," he emphasized. He also added: "Don't blindly invest just because you see someone else tweeting." He encouraged new entrants to focus on long-term goals and remain rational and patient.