Ethereum founder thinks that an entirely decentralized world is implausible

06 Jul, 2018
by Paula D. Baciu
Ethereum founder thinks that an entirely decentralized world is implausible

A recent interview hosted by TechCrunch features Vitalik Buterin discussing a range of topics related to cryptocurrency with presenter Jon Evans. The hottest topic was decentralization and the most memorable moment was Vitalik’s sharp cut: “I definitely hope centralized exchanges go burn in hell as much as possible”.

But first things first, Vitalik doesn’t have a black and white vision about (de)centralization - in fact, he believes in balance - a world where everything is either centralized or decentralized would be hard to build and to live in. He then proceeded to treat decentralization in respect to several aspect of cryptocurrencies.

The entire community is facing a huge challenge, he pointed out, due to Bitmain’s domination over hash rates - and yet nobody seems to notice or react in any way.

The position adopted by Ethereum is fairly clear: “The Ethereum Foundation tries very hard to be a decentralized organization,” Vitalik Buterin pointed out. He also suggested a solution to the problem raised by the fact that private keys and account passwords are easily lost: social recovery (e.g. the method employed by WeChat, where users can opt to recognize members of their community to recover their accounts) and multi-key schemes.

The founder of Ethereum believes that centralized blockchain companies can’t get too far. Some projects that attempted to build a new Ethereum failed for this reason.

Finally, he addressed the issue of centralized exchanges. Vitalik believes that these are the necessary evil in a world where the only way to join the cryptocurrency market is to buy tokens with fiat on one of these exchanges.

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Read more about: Ethereum (ETH)


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