Former Blockstream Executive says DeFi is not decentralized

April 29, 2022

Former Blockstream Executive says DeFi is not decentralized

Samson Mow is the former main strategy officer at Blockstream. He is also the founder of JAN3. He is sure that most decentralized finance programs can’t play against Bitcoin when it comes to giving a beneficial monetary web because of their scarcity of decentralization. As Mow brought up that Defi programs are organized by commodities that can revise the procedure at will. Mow explained that Bitcoin is money at the fundamental level, and it should be inflexible. If one can alter it at will, then one is no better than fiat money regulated by the Fed. Bitcoin’s decentralization prepares it very tough to amend its procedure, which is why Mow contemplates it as an unusual prospect for evolving as a truly global financial system. Mow brought up that despite the immutability of Bitcoin’s root layer, creators can still create applications on the Bitcoin blockchain by laboring with its layer-2 scalability treatments.

Particularly, Mow is a powerful supporter of the Lightning Network, which enables immediate, cheap Bitcoin transactions. By stimulating Lightning technologies, Mow is striving to stimulate the road toward hyperbitcoinization. Hyberbitcoinization is a circumstance where nations will be trading Bitcoin without the desire to convert it into fiat money. Lightning will replace Visa, Mastercard, and everything else. And it curtails costs for traders, which implies better knowledge and savings for customers.

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