DeFi’s Aim For Absolute Decentralization a Bit Daft-Charlie Lee
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DeFi’s Aim For Absolute Decentralization a Bit Daft-Charlie Lee

February 17, 2020      Zain Raza

The ecosystem of DeFi guarantees to run solo on the blockchain, eliminating the influence of centralized institutions in any form. Its foundations are based on running code and smart contracts on blockchain platforms, and an enormous amount of transactions can be executed on DeFi.

However, Charlie Lee begs to differ and said :

Money decentralization and the financial system are often inter-changed but are vastly different. Bitcoin and other payment currencies were all built to provide transactions over a secure medium.

When Ethereum entered the conversation in 2014, talks around decentralized money elevated and a metamorphosis occurred in the entire financial system. Moreover, the smart contracts with the aid of components like credit and borrowing are eager to revolutionize the way the traditional financial system operates right now.

The fundamental idea on which the genesis of cryptocurrencies is laid is decentralization coupled with security achieved via distributed consensus. Fueling the procedure demands the nodes, stakeholders, or miners to run on Proof of Work (PoW) or Proof of Stake (PoS).

DeFi target is to utilize these features to create a financial system of lending, exchange, payments and more. Also, taking such a drastic step consumes an ample amount of time and endeavour. Mostly, people involved are optimistic about DeFi ecosystem, but Charlie Lee chose to disagree. He enunciates :

Bitcoin and other cryptocurrencies that came forth with time were all about decentralized existence of money, with time they have started to be more inclusive and have worked hard towards privacy and access ease.

Charlie Lee is of the view that the DeFi comes with a crop of complexities and players, that the total decentralization is absolutely not achievable. Ergo, the reliance on institutions would continue to prevail.

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Zain Raza
Zain Raza

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.