Business & Finance

Decentralization Is Not What Bitcoin Should Be All About Says Dr. Craig S. Wright

Dr. Craig S. Wright, the person who coined the forked BCH progeny, the bitcoin SV (Satoshi’s Vision) explains that what most of the people regard as the basic necessity and the grounds which resulted in the advent of the bitcoin, decentralization is absolutely a feature that can render an aura of mutiny but also induce the adverse effects that the other fraudulent parties can reap the reward from damaging the vital information. Bitcoin should not be held responsible for whether it opts to change the protocols for a better suited protected transaction environment for users to deal in. Dr. Craig set his tune a little harsh over discussing the decentralization concept, giving out remarks associating the concept with being “crap”. Though this will get him serious heat from the thousands who support the entire no-power-to-single-entity protocol, Dr. Craig does not feel a bit hesitant as he explains this.

There are people who can take advantage of the decentralization bending the concept to their own will. Bitcoin is not here to justify if it supports socialism or otherwise. It is simply not here to tackle the counter comments if it alters to being centralized.

The statements got exactly what was expected out of it, intense heat in form of responses from the people who support a currency, not converging the power to a single individual, rather letting the fair division of power. Dr. Craig states his version of a digital asset that is centralized which according to him can keep a fair check by a higher authority that the operations are running smooth and transparent. This can filter out trusting the issuer as there will be a check for that already.

Though the trustworthy parties are a serious discourse among the crypto geniuses, there have been many ways to be considered as the potential gateway to solving this problem. As per Dr. Craig’s statements, the key to this problem is not to devise a solution but to look into the already established decentralized system, in the most pure form ever defined. He is of the view if we make the concept a little more flexible, we can nip the evil in the bud and solve the immense problem of the matter of trust for good.

Dr. Craig also refers to a central crypto bank which will oversee the transparency and other attributes being fulfilled to a maximum. He explains it in his own words.

There will still be central banks in a Bitcoin world. There were with Gold.

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Mohammad Shazil

A Riverside, CA born Electrical Engineer who bears the passion to write over every happening around. A crypto zealot. Shazil is the sub-editor of BlockPublisher news. Email: shazil@blockpublisher.com or contact the editor at editor.news@blockpublisher.com

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