Ethereum Co-founder Says Centralization is Still The Biggest issues in Crypto Industry

Ethereum Co-founder Says Centralization is Still The Biggest issues in Crypto Industry.

Anthony Di Iorio, the co-founder of Ethereum, spoke in an interview with Scott Melker on September 18 about centralization in Crypto industry and the reason behind it.

Today’s Infrastructure is Not Decentralized, the Co-founder says

During the interview, Anthony Di Iorio, a Canadian enterprise, was asked by Scott Melker, a trader and investor,  about the importance of decentralization or how decentralized the system is.

“To talk about very important point there we always rail against the importance of decentralization, or how centralised or decentralized something is none of it’s decentralized when you describe it like that if it’s all running on Amazon web service then decentralization right now is a complete Nutter myth,” Melker said.

Responding to the question, the Co-founder said that “ the infrastructure right now is not really decentralized.”

He added, ” the incentives for someone who runs the Run node doesn’t exist, they are difficult to run, they’re just so much simpler for developers and businesses to rely on a third party to provide them with connections so that it’s easy and they don’t need to run their own infrastructure.” 

Related: Vitalik Buterin Shares Vision On What ETH Layer​​ 3 Could Look Like 

In fact, that’s exactly what it is, it’s the opposite of how that system should work, just like custody wallets and non-custodial wallets.

Anthony Di Iorio explained,  “a lot of people don’t understand non-custodial wallets where you actually hold the keys yourself there’s other risk and attack vectors that you might not understand is not being someone doesn’t develop software you might not understand that there’s a certain libraries that may get secretly attacked that are used that could lead to an exposure of something that happens so there’s  other risk and it’s not just black and white situation”.

Ways to be Decentralize

As the name implies, decentralization is the process of moving control and decision-making away from an entity that is centralized (e.g., an individual, an organization, or a group).

Meanwhile, “Centralized cryptocurrency exchanges” refer to exchanges that use a middleman or third party to facilitate transactions.

Anthony Di Iorio spoke to the Scott Melker about ways to decentralize is the need to change the web 2 models, saying;

“So there is decentralization happening. It’s following the web 2 models that need to be changed so that these technologies can become more robust and more  decentralized.”

Related: White Hat Discovers a Multi-million Dollar Vulnerability in ETH to Arbitrum Bridge

He added, “that the mission but the end game is funding a foundation to build problem solvers and l’ve been able to put those two things together and what i’m doing here with Andiami is actually the way to carry out this foundational structure that i want to do to help build this superpower team of problem solvers and leaders that think differently and can make radical change with larger problems.”

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Jamilatul Mahmudah

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