Category Archives: Decentralization
How decentralization could have prevented the global Microsoft meltdown – Cointelegraph
The widespread collapse of Microsofts Windows operating system, which disrupted key services worldwide, is being touted as a vindication of blockchain and decentralized technology.
Zain Cheng, the chief technology officer of Web3 development firm Horizen Labs, told Cointelegraph the Microsoft outage underscores the vulnerabilities of centralized systems, where single points of failure can lead to widespread disruption.
As Cheng points out, the disruption was indeed widespread. From July 1819, businesses, supermarkets, broadcasters, airlines and banks ground to a halt as 8.5 million systems encountered the blue screen of death.
In the aftermath, the technical issues were blamed on everything from CrowdStrike cybersecurity software to a regulatory deal with the European Union.
However, cryptonians view the problem as something far more existential: centralization.
Wes Levitt, head of strategy at decentralized cloud network Theta Labs, told Cointelegraph:
Cheng added, In contrast, decentralized blockchain networks like Bitcoin and Ethereum remained fully operational during the outage, highlighting their resilience.
This incident demonstrates the benefits of decentralization, where distributed trust and verification processes reduce the risk of widespread failures and enhance system stability, Cheng said.
Whatever the narrative and the precise nature of the system flaw, Microsoft and CrowdStrike are pointing the finger of blame elsewhere.
They may have a hard time convincing the public, who are less than impressed with the consequences of their failure. Levitt says that even if these companies public relations attempts fail to shift public perception, theres little an unhappy public can do.
Ultimately, the CrowdStrike debacle will lead to some erosion of trust in legacy systems, but there isnt much the average consumer can do about it these are services that you rely on every day that (for now) usually dont have a viable alternative, Levitt said.
Cheng again compared centralized and decentralized systems in terms of reliability.
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Public trust in centralized services has already been steadily eroding, and the CrowdStrike crash has intensified frustrations. Critical services like airlines, banks and shops were incapacitated, but DeFi [decentralized finance] continued on decentralized platforms, Cheng said.
Developers will need to invest considerable time and effort to make decentralized alternatives to existing systems.
As Web3 matures, the reliability and security of decentralized alternatives will become even more relevant. Individuals and businesses are increasingly seeking more dependable and resilient solutions to counter centralized system failures, said Cheng.
These events will likely spur increased interest and development in hardened, decentralized alternatives such as those built on blockchain networks, said Levitt.
In the wake of the Crowdstrike crash, decentralized advocates are enjoying their told you so moment.
The banking sector is one of the major industries disrupted from July 1819. Cointelegraph asked Cheng if it is possible to argue that Bitcoin is now more reliable than traditional finance.
Bitcoin kicked off the movement of immutable blockchain platforms, decentralized applications and continuous globally accessible networks, setting the stage for these innovations to outshine traditional finance, Cheng said.
Levitt remains slightly more cautious about extolling the virtues of decentralization, pointing out that any discussion about blockchain networks should also come with a few caveats.
Magazine: WazirX hackers prepped 8 days before attack, swindlers fake fiat for USDT: Asia Express
It is possible to argue that Bitcoin is more reliable than TradFi, and that certainly was the case this week, although we should be quick to remember that we still have our own work to do to battle the ills of network congestion on blockchain networks before we start bragging too much about network effectiveness, Levitt said.
As Levit pointed out, not all blockchain networks are created equal or enjoy the same level of robustness as Bitcoin.
Levitt said: This event should also call attention to concerns about centralization and single points of failure on blockchain networks; Bitcoin may have never gone down, but that isnt true of many other chains.
Meanwhile, centralized exchanges and other sectors within crypto are not likely to be quite so invulnerable, leading to calls from within the industry to consider moving to decentralized cloud-based architectures.
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How decentralization could have prevented the global Microsoft meltdown - Cointelegraph
Is government oversight non-negotiable for the future of crypto? – Cointelegraph
At the heart of crypto and blockchain tech is the concept of decentralization, which avoids oversight by a central authority, but some form of government control might be inevitable to help them achieve mainstream adoption.
Governments have already been reluctant to allow the crypto industry to thrive without some form of controls and regulations, and much of the crypto industry is still unregulated.
A Dec. 19, 2023, PricewaterhouseCoopers report found that 42 countries discussed or passed crypto regulations and legislation in 2023. However, many still lack a clear regulatory framework.
Speaking to Cointelegraph, Lance Morginn, president of analytics and marketplace risk management firm Blockchain Intelligence Group, said he thinks crypto could go mainstream without government oversight.
Crypto can go mainstream without government oversight, especially in underdeveloped economies where traditional financial systems are less effective or inclusive, he said.
Both El Salvador and Argentina are among the poorest countries in the world. In September 2021, El Salvador became the first country in the world to adopt Bitcoin as legal tender, following the announcement of the Bitcoin law.
El Salvadors crypto treasury is now $71 million in profit, according to the Nayib Bukele Portfolio Tracker website.
Recent reports indicate Argentina might be considering emulating El Salvadors approach to Bitcoin (BTC) and other crypto plans to help its ailing economy as well.
At the same time, Morginn thinks that for crypto to reach its full potential, regulations are essential to help signal that the space is safe for use and investment.
A Feb. 22 survey report from key management network Web3Auth, which had 3,378 responses from Web3 users, developers and decision-makers worldwide, found that security concerns and risks were the top reasons cited for avoiding the tech.
Crypto gave birth to new innovations and financial opportunities, decentralized finance (DeFi) lending [and] non-fungible tokens (NFTs), to name a few, or improved over traditional finance with faster transactions, lower fees and more, Morginn said.
CertiKs annual Hack3d: The Web3 Security Report for 2023 found over $1.8 billion in digital assets were lost across 751 Web3 security incidents in 2023.
Cybersecurity firm Cyvers mid-year Web3 security report has calculated the total volume of stolen crypto funds in 2024 is approaching $1.4 billion.
Morginn says government oversight may help contain these risks and eliminate the vulnerabilities but also fuel innovation even further, helping it mature into new age products and services all within a safe environment.
Related: Crypto hacks soar to $19B in 13 years: Crystal Intelligence
We will witness the full potential of the digital assets industry when individuals feel their deposits wont be taken advantage of and institutions have enough capital on hand and are limited from offering overly risky products, he said.
Its important to acknowledge that regulations may initially slow the breakneck pace of some advancements. However, this could ultimately lead to reliable and widely adopted products and services, Morginn added.
Kristin Smith, CEO of the Blockchain Association, a Washington, D.C.-based blockchain advocacy group, told Cointelegraph that crypto is already a mainstream tech due to the sheer number of people operating in the space.
A January 2024 market sizing report from cryptocurrency exchange Crypto.com found the global number of crypto users increased by 34% in 2023, growing from 432 million to 580 million people.
With more than 50 million Americans owning or investing in crypto, I see it as already being mainstream, she said.
A bill clarifying the roles of the United States securities and commodities regulators in policing crypto passed the Senate on May 22.
Smith says legislation like the Financial Innovation and Technology for the 21st Century Act, or FIT21, is a tick of approval for the industry and a sign of the growing momentum toward regulation.
Momentum is on our side in Washington and across America. As more Americans use and invest in crypto, the more well see this solidify itself as a bipartisan priority, she said.
In May, a resolution to overturn the US Securities and Exchange Commissions (SECs) SAB 121 rule received bipartisan support in the House of Representatives (228182 votes) and Senate (6038) before outgoing President Joe Biden vetoed it.
Related: Is onboarding too hard? Crypto adoption still faces major obstacles
SAB 121 mandated SEC reporting entities custodying crypto record those holdings on their balance sheets.
Speaking to Cointelegraph, Ben Caselin, chief marketing officer of South African cryptocurrency exchange VALR, said that as crypto networks and markets continue to gain significance, government oversight wouldn't be the worst idea.
As crypto networks and markets continue to mature and gain significance in socio-economic affairs, it is expected and would be in the best interest of society if there was some form of oversight, especially with respect to centralized trading platforms and custodians, he said.
Ankur Banerjee, chief technology officer and co-founder of decentralized data infrastructure provider Cheqd, told Cointelegraph that crypto requires government oversight to become mainstream.
The challenge is that crypto moves so fast that its hard for legislators to catch up and pass legislation that wouldnt be outdated immediately, he said.
In May 2023, the European Council adopted the first comprehensive legal framework for the crypto industry. Other countries and jurisdictions have been slower in creating a framework for crypto, with some outright banning its use.
Government oversight into crypto should probably take the form of a regulatory body like national aviation agencies such as the Federal Aviation Administration (FAA), Banerjee said.
Where the legislation allows a government body to create oversight, but the agency itself has latitude on implementing safety directives and can respond faster to new developments within the crypto space, he added.
Speaking to Cointelegraph, Alex Linton, director at global privacy tech not-for-profit OPTF, says he doubts billions of people could flood into the space without attracting the attention of governments.
It would be nave to think we freely scale to billions of users without meeting with government forces, he said.
According to analysts from crypto exchange Bitfinex, the total number of crypto users could reach new highs of over 850 million if current bullish market conditions continue through 2024.
So far, crypto has mostly been subject to financial regulations, but we will soon see crypto gain relevance in other policy areas, Linton said.
Linton says this process wont be neat and tidy because regulators will want some central authority they can communicate with and hold accountable if anything goes wrong.
In many cases, tech policy would need to be completely reframed for it to be appropriate for decentralized platforms, he said.
Related: Crypto on track to hit 1B users by end of 2025 Analyst
While its important for the industry to work together with policymakers to encourage responsible building, we must draw the line at creating single points of control or authority over decentralized technologies, whether they be companies or governments, Linton added.
Iva Wisher, co-founder and chief operating officer of gaming NFT marketplace Prom, told Cointelegraph he thinks the institutional regulation of crypto is inevitable due to the influx of money and users.
According to CoinShares data, inflows into digital asset investment products have hit a new record of over $17.8 billion year-to-date, significantly surpassing the previous record of $10.6 billion set in 2021.
The next wave of adoption has two perspectives: regulatory frameworks can provide legitimacy and security, attracting more investors and users, leading to wider adoption, Wisher said.
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Is government oversight non-negotiable for the future of crypto? - Cointelegraph
Solana Finally Gets Restaking: Why Its the Key to Decentralization – DailyCoin
While blockchain networks are approaching decentralization, most decentralized applications (dApps) are not. Instead of being controlled by their communities, dApps are typically controlled by their token holders, often a handful of venture funds and whales.
However, some apps are trying to change that, taking advantage of restaking to secure their network. Already popular on Ethereum, the largest and most decentralized network, restaking is now coming to Solana.
The latest technology on Solana could enable a proliferation of many truly decentralized dApps. On Thursday, July 25, the Jito Foundation released the code for Solanas restaking service. Initially popularized by EigenLayer on Ethereum, this technology enables staked assets to provide security for multiple decentralized applications (dApps) and services.
One key feature of Jitos code is its support for Actively Validated Services (AVSs). Instead of giving all control to token holders, these applications use Proof-of-Stake (PoS) or Proof-of-Work (PoW) consensus. The mechanism allows them to secure the app while maintaining decentralization without giving all control to whales.
Restaking is key for these apps because the alternative, or setting independent consensus mechanisms, has major issues. Because they typically attract just a small number of validators, they are at a constant risk of exploits. With restaking, they can leverage the vast validator base from major networks like Ethereum and now Solana.
Solanas popularity in the dApp space is growing rapidly, largely due to its scalable infrastructure and developer-friendly features. Fast speeds and low fees attract users, enabling use cases that were not possible on networks like Ethereum. The restaking feature will further boost Solanas appeal.
Jito Foundations restaking protocol for Solana offers a high degree of customization. It enables protocols to use any asset for restaking and multiple ways to punish bad validators. This increases its appeal to both validators and developers while also boosting dApp security.
Thanks to these features, apps on Solana can be fast but also decentralized and secure. Still, the feature has not yet been implemented, and time will tell if it is robust enough to handle the vast Solana dApp ecosystem.
The introduction of restaking boosts Solanas position in the blockchain space and paves the way for a more decentralized and user-friendly ecosystem.
Read more about staking and how it works: What is Staking? Cryptos Most Common Passive Income Strategy Explained
Read more about Russias shifting stance on crypto: Why Russias Crypto Policy Could Be Taking a U-Turn
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Solana Finally Gets Restaking: Why Its the Key to Decentralization - DailyCoin
Decentralized Exchanges: The New Frontier in Finance – Flux Magazine
words Al Woods
The landscape of financial trading is experiencing a profound transformation with the emergence of decentralized exchanges (DEXs). These platforms are redefining how assets are exchanged, offering a peer-to-peer mode of operation that diverges significantly from traditional financial exchanges. By leveraging blockchain technology, DEXs ensure that trading is transparent and resistant to censorship and centralized control. This shift towards decentralization is fostering a more inclusive and secure trading environment, propelling the financial sector into a new era of innovation and user empowerment.
What is a DEX? At its core, a decentralized exchange is an online platform allowing users to trade cryptocurrencies or other digital assets directly without the need for an intermediary or central authority. This peer-to-peer interaction is facilitated through smart contracts on blockchain networks, which execute trades based on pre-set conditions without any human intervention.
Decentralized exchanges come in various forms, each with its own unique mechanisms and advantages. The three main types of DEXs are automated market makers (AMMs), order book DEXs, and liquidity pool-based DEXs. These platforms differ in how they facilitate the trade of assets and provide liquidity, which is essential for executing trades without large price fluctuations.
AMMs, for instance, rely on a mathematical formula to set the price of tokens in a liquidity pool. This approach allows trading to occur automatically and continuously without the need for traditional market makers. On the other hand, order book DEXs maintain a ledger of open buy and sell orders, which is similar to how stock exchanges operate. Traders can place orders that are then matched by the platform, often using more sophisticated trading strategies. Lastly, liquidity pool-based DEXs enable users to contribute their assets to common pools and earn transaction fees as rewards, creating a dynamic ecosystem where liquidity is self-sustained.
The shift to decentralized trading platforms addresses several critical issues traditional exchanges face, such as security risks associated with centralized wallets, lack of transparency in order execution, and potential price manipulation. By decentralizing the custody of assets and relying on blockchain technology for execution, DEXs offer a more secure and transparent trading experience. This inherent security and transparency appeal to traders who are cautious about privacy and control over their funds.
Exploring the financial benefits of decentralized exchanges reveals smart ways to grow your savings. One of the most significant advantages is the potential for reduced transaction costs. Without intermediaries facilitating trades, DEXs can operate with lower overhead, often resulting in lower fees for traders. This cost efficiency makes it more accessible for individuals to enter the trading market, even with small amounts of capital.
The decentralized nature of these exchanges provides opportunities for users to become liquidity providers. By contributing to liquidity pools, users can earn passive income from transaction fees based on the amount of liquidity they provide compared to the total pool. This model not only incentivizes the provision of liquidity but also democratizes the earning potential, allowing everyday investors to benefit from market dynamics typically reserved for larger financial institutions.
Participating in a decentralized finance (DeFi) ecosystem through DEXs exposes investors to a broader range of financial products and services. These platforms often integrate other DeFi applications, such as yield farming, staking, and lending, providing multiple avenues for asset growth. This interconnected financial environment enables users to leverage their assets in various ways, compounding their potential returns while diversifying risk.
The accessibility and flexibility of DEXs also encourage financial inclusivity and innovation. With no need for traditional account setups or compliance with centralized regulatory frameworks, virtually anyone with an internet connection can access these platforms. This openness fosters a more inclusive financial system where more people can participate in and benefit from financial markets, contributing to the overall resilience and efficiency of the economy.
Decentralized exchanges also underscore the importance of user autonomy by allowing traders to maintain control over their private keys and, thus, their funds. This autonomy mitigates the risks associated with centralized exchanges, where users assets can be exposed to hacks and mismanagement. The enhanced security protocol intrinsic to DEXs attracts a tech-savvy demographic looking for safer and more transparent trading options. As technology advances and more users become comfortable with blockchain and its applications, the adoption of decentralized exchanges is expected to grow, potentially reshaping how we understand and engage with financial markets on a global scale.
Decentralized exchanges are not just reshaping the structure of financial trading but are also creating unprecedented opportunities for individual and collective growth in the financial sector. As these platforms continue to evolve and gain traction, they will likely play a pivotal role in the future of finance, making it more accessible, secure, and equitable for all participants.
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Decentralized Exchanges: The New Frontier in Finance - Flux Magazine
Ubit Coin: Setting the Standard for Decentralized Cryptocurrencies – TechGraph
In the dynamic realm of cryptocurrencies, Ubit Coin shines as a beacon of true decentralization. With a supply of 990 million coins and integration into 11-12 ecosystems, Ubit Coin is swiftly ascending in prominence.
The pivotal aspect of Ubit Coin is its decentralized ownership structure. Ownership of Ubit Coin has been transferred to a null address, specifically 0x0000000000000000000000000000000000000000, marking it as a fully decentralized digital asset.
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This significant move to a null address highlights Ubit Coins dedication to decentralization. No single entity or individual has the authority to edit the code, modify transaction fees, block addresses, or rescue tokens. The immutability of the Ubit Coin code ensures that the rules are consistent and transparent.
Transaction fees remain stable and predictable, and the inability to block addresses guarantees that transactions are conducted freely and fairly. The trustless nature of the system, where users are solely responsible for their assets, is emphasized by the inability to rescue UBIT20 tokens.
The transfer of ownership to a null address eliminates the risks associated with centralized control, ensuring that Ubit Coin remains in the hands of its users. This decentralization significantly enhances security, making Ubit Coin less vulnerable to hacks and breaches. Users can rely on the security of their transactions and the protection of their assets.
Ubit Coins community-driven governance fosters a democratic approach, with decisions about the coins future made collectively, considering the interests of all stakeholders.
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Ubit Coins code, set in stone, provides reliability and predictability, ensuring that the governing principles do not change arbitrarily. As adoption across various platforms continues, Ubit Coins value and utility are poised to grow. The decentralized model guarantees that this growth is organic and community-driven.
Ubit Coin is leading the charge in the decentralized revolution within the cryptocurrency space. By transferring ownership to a null address, it truly embodies the principles of decentralization.
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This move enhances security and trust, paving the way for sustained growth and community-driven development. Ubit Coins fully decentralized nature sets it apart as a model digital currency: secure, reliable, and user-centric.
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Ubit Coin: Setting the Standard for Decentralized Cryptocurrencies - TechGraph
Embracing Decentralized Compute: The Future of Cloud Computing – Grit Daily
We all know about the cloud and use it regularly, and in 2024, its become a necessity for most people. However, beyond our immediate use, many of us dont consider the larger picture servers, storage, databases, networking, software, analytics, and intelligence or where that collected data about us lives.
Cloud computing is the backbone of many industries, driving everything from small startups to global enterprises. Until recently, traditional, centralized cloud providers have dominated the market, but new decentralized methods are emerging and subtly becoming the new darling of the space.
The following analysis aims to inform those who rely on these powerful resources daily about the hazards of centralized cloud computing and discuss the benefits of its opposer, decentralized cloud compute, which addresses the inherent limitations of centralized systems by providing equitable and safe access to all.
The dictionary defines democracy as a system of government by the whole population or all the eligible members of a state, typically through elected representatives. We all know the word, and we generally know what it means. However, reading the actual definition highlights the defining feature of democracy very clearly: By the whole population.
In the ideal democratic society, every member participates, helps make decisions, and therefore benefits. Decentralized compute power distributes that by the whole population mentality to its users.
By leveraging a network of globally distributed data centers, decentralized compute providers ensure that power and data are not concentrated in a few geographic locations or controlled by a handful of large corporations. Sticking to the metaphor, those centralized locations and corporations running things would be akin to a monarchy.
Rather, the decentralized model ensures that resources are spread across multiple data center locations, owned by myriad groups, and this works regardless of geographic location or financial status. Full decentralization will be achieved when people are able to provide their idle devices for spare computing. However, at the moment, this distributed model with various data centers across the world is as close to decentralization as possible.
By removing the barriers imposed by centralized control, decentralized compute cloud suppliers give smaller companies and startups the same high-performance computing resources that larger enterprises enjoy, leveling the playing field and promoting inclusivity.
One of the significant advantages of decentralized compute power is its intrinsic scalability and flexibility. Unlike centralized systems, which rely on a few massive data centers, decentralized networks distribute workloads across numerous smaller nodes. This distribution allows for more efficient use of resources, as workloads can be dynamically allocated to underutilized nodes, enhancing overall system performance.
Furthermore, decentralized systems can dynamically allocate computing tasks based on real-time demand, which means resources are used more efficiently. Conversely, centralized data centers often run at full capacity, with minimum usage requirements regardless of actual demand, leading to higher energy use.
Decentralized cloud computing is modern societys answer to massive environmental issues brought on by big centralized companies. Fortified by blockchain, it represents the future of a fair and secure digital infrastructure one that does much less harm to our planet by properly taking advantage of and sharing underutilized digital resources, says Matt Hawkins, Founder of CUDOS, a blockchain network that combines cloud and blockchain technologies to provide global decentralized computing power for users and developers.
The integration of blockchain technology in decentralized compute networks ensures that information and resources are not monopolized by a single entity. Blockchains built-in decentralized nature provides enhanced security, transparency, and resilience, making it a reliable method for these networks.
Decentralized compute networks align perfectly with the spirit of Web3, which aims to create a more open and equitable internet, by ensuring that no single entity can corner computing resources or information. This alignment enhances security and transparency, promoting innovation by furnishing a collaborative and inclusive environment for developers and users alike.
Additionally, decentralized compute companies often accept cryptocurrency payments, enhancing the user experience by providing flexible payment options. This feature is particularly beneficial for users in regions with limited access to traditional banking services, as it allows them to access computing resources without relying on conventional financial institutions.
Cryptocurrency transactions can be more cost-effective than traditional payment methods, reducing overhead costs for both providers and users. This cost efficiency translates into lower prices for computing resources, making high-performance computing more accessible to a broader audience.
Large enterprises often assume that centralized cloud providers offer the most scalability and reliability. However, switching to decentralized compute networks provides additional benefits, such as enhanced security through blockchain integration and lower costs due to more efficient resource utilization.
For small companies and startups, decentralized compute networks offer a cost-effective and scalable solution that can grow with their needs. By providing access to high-performance computing resources without the need for significant upfront investment, decentralized networks enable these smaller entities to compete on a more level playing field with larger corporations.
Decentralized compute power represents a significant shift in how computing resources are accessed and utilized. By offering scalable, flexible, and secure solutions, decentralized networks provide equitable access to high-performance computing, aligning with the decentralized ethos of Web3.
Whether you run a large enterprise or a small startup, exploring decentralized compute networks provides significant benefits, enhancing your operational efficiency and company innovation.
Spencer Hulse is the Editorial Director at Grit Daily. He is responsible for overseeing other editors and writers, day-to-day operations, and covering breaking news.
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Embracing Decentralized Compute: The Future of Cloud Computing - Grit Daily
Bringing blockchain to governments and enterprises, as explained by BCGs Tibor Mrey – CoinGeek
At the London Blockchain Conference this year, Tibor Mrey delivered a keynote address on enterprise blockchain adoption. CoinGeek Backstage caught up with him on the sidelines of the conference to discuss blockchains progress within big businesses and governments.
Mrey is a managing director and partner at the Boston Consulting Group (BCG), the worlds second-largest management consultancy.At BCG, he leads the firms Web3, IoT, and extended reality divisions.
For the longest time, blockchain has been pushed as a hammer looking for nails. Those times are over, Mrey told CoinGeek Backstages Kurt Wuckert Jr.
Mrey believes that for blockchain to break through in the enterprise world, developers must focus solely on the challenges they seek to solve, not the sideshows.
Satoshi launched Bitcoin as peer-to-peer electronic cash to fix the broken model relying on a few intermediaries. Mrey believes that this vision is still alive today as the challenges that plagued the world in 2008 are still prevalent today.
However, blockchain has emerged as an even bigger opportunity, and enterprises are warming up to Web3, he told CoinGeek Backstage.
Mrey also delved into the debate on whether there will ultimately be one chain to rule them all. Today, thousands of chains exist, with most being ghost towns that process a handful of transactions.
I dont think there will be space for 5,000 blockchains, Mrey says.
He believes that most of the chains without utility will either collapse or consolidate in the future. However, he warned against blockchain tribalism and trying to pull each other down.
Its really about convincing businesses around the true value you can unlock.
Decentralization, misconceptions, and learning from Facebook
Blockchain is rife with misconceptions, some pushed by people who dont know better and others by people with agendas. Many have impeded the adoption of technology, especially at the enterprise level.
As a management consultant, Mrey faces hundreds of top-level executives annually who believe these misconceptions and has embarked on a campaign to educate key decision-makers about blockchain.
He told CoinGeek Backstage that he has found the best approach is to avoid the sideshows and go straight to where the value is.
Working with governments and big enterprises, the issue of energy consumption often crops up. BTCs sky-high energy consumption has led many to assume that proof-of-work as a consensus mechanism is fundamentally flawed, and Ethereums migration only cemented this misled belief.
However, BSV blockchain has proven that proof-of-work can be efficient. With its unlimited block sizes, it processed over a billion transactions last year. The upcoming Teranode upgrade will further enhance these capabilities, pushing the network to over a million transactions per second.
This year marked 20 years of Facebook (NASDAQ: META), and in those two decades, the social media revolution Mark Zuckerberg sparked has brought massive benefits to billions of people. However, it has also come at a cost, including the loss of privacy, rising depression, and addiction.
As blockchain embarks on the start of its journey towards becoming a household technology, are there lessons we can learn from previous tech cycles?
Mrey believes that one such lesson is that going fast isnt always the best way. He also noted that in addition to technical concerns, users must pose philosophical questions about any new technology, starting with blockchain.
Watch: Teranode & the Web3 world with edge-to-edge electronic value system
New to blockchain? Check out CoinGeeks Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.
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Bringing blockchain to governments and enterprises, as explained by BCGs Tibor Mrey - CoinGeek
Bitcoin is the only decentralized currency, Tether CEO says – Cointelegraph
According to Tether CEO Paolo Ardoino, Bitcoin is unique among the more than 14,000 various cryptocurrencies because it is the only one that is not centralized.
Bitcoin (BTC) is the only decentralized currency, Ardoino said in an interview with Cointelegraph on June 13 at the Bitcoin-only conference, BTC Prague.
Bitcoin is the only example of a currency that is only ruled by math that basically cannot be changed, Tether CEO stated. Apart from Bitcoin, some cryptocurrencies are a bit more centralized, or others are a bit less centralized, Ardoino believes.
With the other currencies, you see that there is a group of developers that come every month. They are coming out with a new software release, they change the monetary policy, inflationary, deflationary, and they keep changing things, the executive noted.
On the other hand, with Bitcoin, there will always be 21 million BTC, and there will be a halving once every four years until all 21 million Bitcoin is mined. Ardoino stated:
In the interview, Ardoino admitted that his opinion on Bitcoins exclusive level of decentralization might be controversial. The CEO also mentioned that he openly said that Tether is centralized, unlike Bitcoin.
Additionally, Ardoino expressed skepticism about the record-breaking industry of memecoins, which is a type of cryptocurrency inspired by internet memes or trends. I like memes, but not memecoins, Ardoino said, adding that Bitcoin and memecoins are completely at the opposite parts of the spectrum.
Related: DeFi may struggle to stay decentralized after new EU law
One may indeed argue with Ardoino about the decentralization of Bitcoin versus other assets in the cryptocurrency market, as there is a whole sector in crypto dedicated to decentralized finance, or DeFi.
In the crypto industry, decentralization refers to the transfer of control and decision-making from a centralized entity to a distributed network. While the DeFi industry gives high promises on financial decentralization, some people in the industry, like Jan3 CEO Samson Mow, believe that DeFicannot compete with Bitcoin.
Ardoinos remarks on the decentralized nature of Bitcoin came amid the opening of BTC Prague 2024, where he is a speaker alongside major industry figures like former MicroStrategy CEO Michael Saylor, Blockstream co-founder Adam Back, Bitcoin author Jimmy Song and others. Unlike many industry events, BTC Prague is dedicated exclusively to Bitcoin.
Magazine: Bitcoin layer 2s arent really L2s at all: Heres why that matters
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Bitcoin is the only decentralized currency, Tether CEO says - Cointelegraph
Tether CEO: Bitcoin is the Only True Decentralized Currency and Meme Coins Are Worthless – – 99Bitcoins
According to Tether CEO Paolo Ardoino (the Head of USDT), Bitcoin (BTC) is the only truly decentralized cryptocurrency. Find out the truth about decentralization here.
At BTC Prague, Tether CEO Paolo Ardoino declared Bitcoin the lone decentralized king among 14,000 cryptocurrencies.
Ardoino outlined what sets Bitcoin apart in the crowded digital currency market in an interview with CoinTelegraph.
Bitcoin is the only example of a currency that is only ruled by math that basically cannot be changed, he stated.
According to the Tether CEO, Bitcoins unwavering certainty and predictability set it apart. Unlike other cryptos that see constant updates and policy shifts, Bitcoin, outside of Stacks, Ordinals,and Runes, mainly sticks to its original protocol.
With the other currencies, you see that there is a group of developers that come every month. They are coming out with a new software release, they change the monetary policy, inflationary, deflationary, and they keep changing things, Ardoino noted.
He also pointed out Bitcoins supply is capped at 21 million coins, with built-in deflationary halvings every four years until mining completes.
Courting controversy, Ardoino bluntly admitted that Tether is centralized, unlike Bitcoin
I openly say that Tether is centralized, unlike Bitcoin, he remarked.
Ardoino also didnt hold back his views on meme coins, the current crypto sensation of tokens riding on internet trends.
I like memes, but not meme coins, he said, emphasizing that Bitcoin and meme coins are at completely opposite parts of the spectrum.
DISCOVER: How to Buy Bitcoin ETF in June 2024 Beginners Guide
Despite DeFis claims of decentralization, JAN3 CEO Samson Mow agreed with Arduino that it couldnt match Bitcoins decentralization.
Yet, Bitcoin itself isnt immune to centralization; for instance, Bitcoin Cores site lists only 14 developers, with most work done by a handful.
Also, it should be noted that Bitcoin is mostly traded on centralized exchanges, which are vulnerable to crashes like FTX or Celsius.
Thats why 99Bitcoin recommends using a mix of Dex and Cex platforms, activating 2FA, and looking into hard wallets to keep control of your assets.
While Bitcoin itself is decentralized, the larger crypto world isnt immune to centralization issues. Look for more updates from BTC Prague and our coverage at Bitcoin Nashville 2024!
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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Tether CEO Calls Bitcoin the Only Decentralized Currency – Watcher Guru
Tether CEO Pablo Ardoino has called Bitcoin (BTC) the only true decentralized currency. The executive of the largest stablecoin issuer, Ardoino lauded the leading asset as truly one of a kind. Moreover, he noted BTC is a token that may never be dethroned.
Speaking to Cointelegraph, Ardoino noted Bitcoin is the only example of a currency that is only ruled by math that basically cannot be changed. That reality makes it absent from any centralization. No matter the efforts of the tokens contemporaries, that aspect has become increasingly difficult to replicate.
Also Read: Tether Challenges Ripple CEO Remarks on US Targeting USDT
The stablecoin market has certainly proven its worth in recent years. Its prominence has drawn participation from companies like Ripple and others. Specifically, these firms observe the markets massive growth trajectory. The issuer of the largest stablecoin has recently discussed one asset that stands above the entire industry.
Tethers CEO has discussed why Bitcoin is in a league of its own. As far as digital assets go, their decentralization infuses them with rarity. Additionally, it doesnt suffer from an influx of updates and changes that come from developers seeking to remain at the forefront of change.
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With the other currencies, you see that there is a group of developers that come every month. They are coming out with a new software release, they can change monetary policy, inflationary, deflationary, and they keep changing things, Adoino stated.
Conversely, the executive said BTC is about certainty. Ardoino also noted that there is unlikely to be any asset that surpasses it. The quality of its infrastructure is unable to be replicated in the current landscape. Its why the asset has remained on the market for so long.
That hasnt altered in 2024, where it still leads the industry. In March of this year, it reached an all-time high of $73,000.
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Tether CEO Calls Bitcoin the Only Decentralized Currency - Watcher Guru