Vitalik Buterin, the co-founder of Ethereum, strongly criticized the centralized crypto-currency exchange platforms by reiterating that he hoped to see them burn in hell. An interview with journalist Jon Evans at the event TC Sessions Blockchain 2018, 6 July in Zug, in Switzerland, highlighted Buterin’s opinion on the subject.
Move away from centralization
In response to a question from Evans, the creator of the cryptocurrency Ethereum claimed :
“I really hope that centralized exchange services will burn as much as possible in hell. In practice, especially in the field of fiduciary money […], it is very difficult to decentralize them because it finally interferes with the world of fiduciary currencies, and the world of fiduciary currencies is one that only has essentially centralized gateways. . There are valuable services that are very difficult to decentralize. “
“Large-scale cryptocurrency traders and professional traders will face a difficult choice in the future,” added Buterin. “Centralized crypto-exchanges may not disappear. But the growing adoption of decentralized exchange services is a good thing because it removes what the creator of Ethereum calls king of the decision-making power of crypto-purses. “
“We can really take away that stupid manufacturing power that these centralized crypto-purses have. They have the ability to decide which chips become important by registering them and then charging these registration fees from $ 10 million to $ 15 million. The more we can move away from this world and move towards something that truly satisfies the values of openness and transparency, the better, “he said.
The decentralized system has several advantages highlighted by Buterin in his most explicit comments. The central authority can not take any arbitrary decision that would affect all users.
“The thing with the developers is that we are very fungible people. When a developer suspends his job, someone else can take over … If someone puts a gun on my head and tells me to do a hard fork, I will certainly make a hard fork, […] I will write the code, publish it, do whatever they ask of me. If I do that, how many people here would be willing to download the update and switch to this channel? I see relatively few hands raised, this is called decentralization! “
Buterin believes that decentralization is “one of the most used words in the cryptocurrency market”. However, “it is perhaps also one of the most ill-defined words,” he adds in an article entitled “The meaning of decentralization”, published on February 6, 2017.
When talking about decentralization, there are “three distinct axes / dimensions of centralization / decentralization”. It is about architectural decentralization, decentralizing politics and the logic of centralization.
According to this logic, traditional societies such as centralized crypto-exchanges are “politically centralized (a CEO), centralized architecturally (a head office) and logically centralized (can not really divide them in two). “
What do you think of Vitalik Buterin’s comments on the centralization and decentralization of crypto-grants? Comment in the comments section below.