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“DeFi is not decentralized at all,” says the former Blockstream executive

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Samson Mow, former Chief Strategy Officer at Blokstream and founder of JAN3, believes that most decentralized finance protocols cannot compete with Bitcoin when it comes to providing an effective currency network due to their lack of decentralization.

As Mow pointed out, DeFi projects are run by entities that can change the protocol at will.

“Basically, money should be immutable,” Mow explained. “If you can change it at will, you’re no better than a Fed-governed fiat currency.”

Bitcoin’s decentralization makes it very difficult to change its protocol, which is why Mow thinks it’s a unique candidate to become a truly global currency system.

Mow pointed out that despite the immutability of Bitcoin’s base layer, developers can still build applications on top of the Bitcoin blockchain by working with its Layer 2 scalability solutions.

In particular, Mow is a strong proponent of the Lightning Network, which enables instant, cheap Bitcoin transactions. By promoting Lightning technologies, Mow is attempting to accelerate the path to hyperbitcoinization — a situation where people trade bitcoin without having to convert it to fiat currency.

“Lightning will oust Visa, Mastercard and everything else,” he said. “And it reduces costs for merchants, which means a better experience and savings for consumers.”

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https://cointelegraph.com/news/defi-is-not-decentralized-at-all-says-former-blockstream-executive “DeFi is not decentralized at all,” says the former Blockstream executive

Fry Electronics Team

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