Binance CEO talks about the future of cryptocurrency above and what his thoughts about the governance on cryptocurrency should be. You know, I'm a lover of decentralization but I think he has a very unique view when he spoke about the current state of decentralized exchange and how inefficient they are in compared to centralized currency exchange such as theirs.
My personal take away is this, decentralization should be the ultimate goal but jumping into it too early when any technology is not mature only creates risk for users. Things that I think about in relations to platforms are attacks and malware that's not previously discovered. How will these decentralized exchanges combat against it? If you don't know the problem exist ahead of time how do you ensure the safety of the users that's within the exchange?
I think the same argument can be said about decentralized projects, when the project itself is still fairly new how do you know if these projects with seemingly good technology scale without growing pains? And when that pain occurs such as the challenges Bitcoin currently faces, what do people do about it? Which form of governance or government is best suited for the cryptocurrency world? The communist one where efficiency is great but power corrupts or a democratic one which results in chaos with too many voices in the case of Bitcoin? Only time will tell, but neither one offers a perfect solution and we will just have to live by it. Just some food for thought.
Your Fellow Crypto-Knight,
- mastaz -