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HomeCryptocurrency NewsVitalik Buterin: centralized exchanges will burn in hell

Vitalik Buterin: centralized exchanges will burn in hell


Tech Crunch recently interviewed co-founder of Ethereum Vitalik Buterin and two other developers. We present to your attention an excerpt from this interview.

What was your reaction – the economic reaction – when you realized that the network was overloaded due to CryptoKitties?

For me, this once again stressed that the demand for public blockchains is very high and we need to step up our work on scalability.

It seems that bitcoin is a little stuck in its development. This cryptocurrency has no guidance and the community is not able to make some important decisions. What do you think about it?

Bitcoin has many goals. There is a basic team of developers. There are miners, where 53% of the capacities are somehow connected with Bitmain. Can they come to an agreement? No. I mean, it’s a dead end.

Do you think at some point you can get into the same dead end?

It’s very possible. That is why we are promoting the idea of the Ethereum roadmap. In the eyes of most people in the Ethereum community, the roadmap is part of the social contract. Therefore, people who start working or investing in Ethereum do so, being confident that the project will develop.

A dead end is possible, in the sense that at some point in time we will be stuck with the choice of a specific path of development. I believe that for a platform that is still a fast-paced technology in a fast-growing industry, it is quite an important commitment – a commitment to continuous improvement.

Do you think that there is a possibility that decentralized platforms will become the main players in the industry?

Personally, I hope that centralized exchangers will burn in hell. Of course, decentralizing the fiat part is incredibly difficult, because of the very essence of fiat in centralization. Therefore, I think that part of the services in this sphere will be incredibly difficult to make decentralized.

As for the cryptocurrency component, I believe that this area is at the initial stage of its development. Although those decentralized exchanges that exist today have already made a major breakthrough in this area: you do not need to register, you do not need to go into some stupid web interfaces. All you need is to send tokens of one type to a specific address and you will receive tokens of a different type. From the user’s point of view, it’s great. Obviously, there are still a lot of shortcomings, but what already exists is great.

The following are professional traders and other participants of the ecosystem, it remains to be understood whether they will move to decentralized solutions or not …

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