CZ wrote a piece about his opinions on non-centralization and centralization on the official Binance webpage. In the cryptocurrency world, the phrase “decentralization” is oftenly used. Since the creation of blockchain and crypto the word has increased in popularity.
The phrase “decentralization” refers to the lack of a central authority with highest power over anything. When applied to virtual currency, the same terminology involves the elimination of apex bank or financial institution to regulate the money.
As per CZ, Decentralization Has Many Facets
CZ acknowledges decentralization to be a way to achieve a goal rather than a finished in and of itself. He also claims that many people have an issue with this statement though since their points of view differ. “In essence, I believe that the first point to know seems to be that decentralization is indeed not immutable or one-dimensional. Decentralization had many parts. Each part is a slowly varying measure, instead of black and white.”
He also talked about Ethereum and Vitalik, himself and the BNB chain, and Bitcoin and addresses that contain the most of the crypto. CZ used all of these examples to portray that non-centralization has many different parts.
“People want the freedom to transact in a safe, simple, and pocket friendly manner.” Decentralization is a tool to bring about the above mentioned goals, however this wil require more time, cooperation, and the trust of different groups.” Also, centralized exchanges acts as a connection between centralized and non-centralized systems, as said by to him. CZ as well mentioned that he’ll continue to be an advocate for freedom and protection
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