Is DeFi decentralised? Debate kicks off on crypto Twitter

2020-10-9 17:33

A debate on whether DeFi is decentralised or not has taken over crypto Twitter as experts join in to give their take on the subject

The principle behind DeFi is the abolishment of a controlling figure that directs or influences the movement of money, as is the case with centralized financial institutions such as banks.

Recently, members of the crypto community have raised arguments claiming that DeFi can never be truly decentralised.

This argument is based on the proposition that DeFi protocols aren’t decentralised, as most of them are based on web servers that they [DeFi protocols] don’t control. This is the opinion of Bitcoin advocate and Morgan Creek Digital co-founder, Anthony Pompliano.

Yesterday he posted a controversial tweet that triggered the whole debate: “ Jeff Bezos could shut down most of these Ethereum-based “DeFi” apps by simply shutting off AWS. You’re not decentralized if you just spin up servers with Uncle Jeff!”

While the tweet may be controversial, it is hard to overlook the truth in it. A report from ZDNet early this month showed that Jeff Bezos’ Amazon Web Services has the biggest market share of cloud services in the world.

Crypto journalist Camila Russo was among those that responded to Pompliano’s tweet. She asserted that while 70% of Ethereum’s nodes are hosted, not all of them employ the same service. She went on to point out that Amazon represents about 37% of the hosted nodes. In response, Pompliano posted, “I’m talking about “DeFi” application smart contracts not being immutable, front ends being centralized, etc”.

Erik Voorhees ShapeShift’s CEO chimed in saying, “Most Bitcoin nodes also run on AWS … Because most servers of all kinds run on AWS”. A rather intense debate followed under Pompliano’s tweet.

One response that stood out was from Compound Finance’s founder Robert Leshner who said: “When a #Bitcoin influencer reveals their deep ignorance of how blockchains, smart contracts, and the #DeFi stack works, we should educate them and welcome them with open arms”.

Elsewhere, the crypto community is still debating whether DeFi still represents the future of finance.

The post Is DeFi decentralised? Debate kicks off on crypto Twitter appeared first on Coin Journal.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Defi (DEFI) на Currencies.ru

$ 0.0182135 (-17.70%)
Объем 24H $1.165k
Изменеия 24h: 74.29 %, 7d: -97.27 %
Cегодня L: $0.0182135 - H: $0.0182135
Капитализация $0 Rank 3233
Цена в час новости $ 1.3683 (-98.67%)

twitter crypto decentralised defi debate kicks off

Источник: coinjournal.net

twitter crypto → Результатов: 126


Более половины ICO-проектов прекратили деятельность в первые четыре месяца

Порядка 56% ICO-стартапов прекратили существование в течение первых четырех месяцев после окончания токенсейлов. About 56% of crypto startups that raise money through token sales die within four months of their initial coin offerings https://t.

2018-7-10 02:11


Litecoin [LTC]’s creator tells the story behind Litecoin’s name

On July 9th, a tweet by Litecoin’s creator Charlie Lee emerged online, where he explained the story behind Litecoin’s nomenclature through a Twitter reply. When a fan, Crypto Hodler asked, ‘How did you come up with the name Litecoin?’, the computer scientist replied: “Wanted a name that represented a quicker and easier to use Bitcoin. Thought of […]

2018-7-10 23:00


Команда Dash представила новую версию сети v12.3

Несколько дней назад команда Dash анонсировала новую версию сети v12. 3. Обновление было представлено 3 июня вместе с новыми разработками команды. В их число входят PrivateSend, InstantSend, Dash network и Dash Evolution.

2018-7-9 07:32


Команда Stellar анонсировала запуск торговой платформы StellarX

Сегодня в Twitter команда Stellar объявила о запуске в ближайшее время новой торговой платформы StellarX. Announcing StellarX! A user-friendly and totally free place to trade on @StellarOrg's universal marketplace.

2018-7-6 15:45


Фото:

Starting From Scratch: Crypto Is Changing The Game In Africa

Imagine what you would do if every penny you owned became worthless.   That’s the subject of “Starting from Scratch,” a documentary short currently making the rounds on YouTube and Twitter. The seventeen-minute film follows the introduction of Kuvacash, a new crypto payments platform, to Zimbabwe, a country still reeling from hyperinflation and revolution.

2018-7-2 14:19


John Mcafee’s “UN-HACKABLE” Hardware Wallet Sold Out In Just Twenty Two Minutes

Early last month, John McAfee announced on twitter that he was launching his own cryptocurrency, regarded as the McAfee coin which will come in fiat currencies (collectible) backed by crypto. While Crypto Fans were anticipating its release, the computer programmer now widely recognized for his strong presence as an active influencer in the cryptocurrency space […] The post John Mcafee’s “UN-HACKABLE” Hardware Wallet Sold Out In Just Twenty Two Minutes appeared first on ZyCrypto.

2018-6-29 01:40


[Video]: Pornhub confirms Tron [TRX] and ZenCash [ZEN] for payments

Pornhub, the leading adult industry website has announced that they will be accepting Tron [TRX] and ZenCash [ZEN] as their new crypto-payment for Pornhub Premium. Pornhub Aria announced the news on Twitter: “We’re excited to announce that were now accepting @zencashofficial and @Tronfoundation as crypto currency payment for Pornhub Premium!!” They further add: “#ZenCash continues […]

2018-6-28 08:21


Venture Capital Andreessen Horowitz launches a crypto fund worth $300M – a16z crypto

American Private Venture Capital, Andreessen Horowitz announced a $300 million worth venture fund named “a16z crypto” for cryptocurrency companies and protocols. Chris Dixion, General partner at Andreessen Horowitz mentioned the same in one of his Twitter posts, which detailed the features of the traditional venture capital.

2018-6-27 00:05


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

DeFi tokens brace for Ethereum ETF decision: What's at stake?

The DeFi sector’s price chart performance was muted ahead of the ETH ETF deadline.  Ethereum’s sentiment will affect the next price direction for most DeFi tokens.  The DeFi narrative The post DeFi tokens brace for Ethereum ETF decision: What's at stake? appeared first on AMBCrypto.

Ripple advocates for quantum-resistant cryptography following expert warning

Ripple is raising awareness about the need for quantum-resistant cryptography to secure blockchain systems against potential future threats from quantum computing. Professor Massimiliano Sala, a renowned mathematician from the University of Trento in Italy, recently discussed the future of blockchain…