Business & Finance

Restriction to a Single Token is Exactly Opposite to Decentralization, Suggests Ran NeuNer

The crypto analyst Ran NeuNer turns to the banally branded concept of decentralization, targeting and pin pointing the exact loophole or an intended flaw in the recent concept of decentralization. Decentralization means the power belongs to the usual people referring to the fact that although an avenue, much smaller may be, like deciding which token to deal in, must be in the hands of the user and not decided by the exchange company. This is a direct hit to the several token companies who have been recently throwing their cash into making exact clones of what has already been done. BlockPublisher jumped into the discourse to get some remarks about the matter from NeuNer himself.

Having no central entity or a central funding entity is what decentralized really means. We see exchanges coming out on a daily basis and what they do is disrupt the decentralized basis of the cryptos by having their own list of approved tokens over the very exchange which is simply outrageous.

The advent of cryptos owes its existence to the whole new concept of decentralization which meant that the power was now in hands of the user regardless who the developers are and who owns the crypto platform. This was hailed as the key feature of the crypto platforms as the blockchain technology gave rise to newer security protocols gathering millions of users and investors alike. But as per NeuNer, the trend of sticking to the original values and sticking to the shtick that the power belongs to the people, seems to fade away warped out by several crypto exchanges that have emerged out.

The need of the hour is to invest resources both human and monetary, in refining the already existing crypto platforms, not bringing in the exact replicas of the original system with some icing that can draw people in for the time being. Though time has taught the blockchain technology several beneficial things as people were garnered into crypto, a focused attention is required to escalate cryptos to ultimate maturation.

Crypto exchanges boast the inclusion of the decentralized protocols except from the fact that they have left the original definition behind sticking only to its marketing success. NeuNer explains that the exchanges that openly declare themselves as hosting decentralized transactions without the inclusion of any sort of third overseeing parties, should not restrict the user to their approved list of tokens which are minimum and often the tokens are the ones owned by the exchange. This has adversely diverged the crypto platform rather than converging the existent flawed financial system.

The power is for the people in case one brands the specific token as decentralized. This not only leaves the transactions to be overlooked by any other third party, it allows the users the liberty to handle their transactions the way they like regardless if the exchange has its own token in full circulation. This tends to add up to the similar clones of cryptos which also cause baseless differentiation between the crypto companies rather than dealing with the real fiat crisis.

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. Contact the editor at editor.news@blockpublisher.com

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