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TON Society co-founder Jack Booth believes that widespread acceptance of cryptocurrency will come from making decentralized finance (DeFi), data, and digital ownership more accessible. Booth recognizes potential threats from central bank digital currencies (CBDCs); however, he thinks there can be a balance between decentralized networks and CBDCs. He maintains that decentralization should be user-friendly and accessible to all, and that the advantages of transparency and minimized failure drastically outweigh the challenges. Furthermore, he supports a regulatory system that sets broader principles rather than restrictive rules.
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Jack Booth, who co-founded TON Society, thinks that the acceptance and prevalence of cryptocurrency will come from improving how TON (The Open Network) is decentralized. In an interview, Jack mentioned that they are attempting to build a decentralized network within TON that will make decentralized finance (DeFi), data, and digital ownership easier to get a hold of.
Jack has a vision of TON becoming universal through its easy-to-use and efficient approach to blockchain technology. This, he believes, can make it possible for everyone (not just the tech-savvy folks) to overcome hurdles that appear for both general users and developers.
He believes that decentralized networks can allow users to have better control over their data and finances – not having to depend on any central power. However, he warns about the risks that come with technologies like central bank digital currencies (CBDCs), which could challenge this.
Jack has concerns about CBDCs as he believes they could present a big hurdle to the fundamentals of decentralization. He thinks that central control and supply is top of mind for CBDCs, limiting one’s financial independence.
Sumit Gupta, the CEO of CoinDCX, recently said that there is room for CBDCs and cryptocurrencies to coexist and even help to improve monetary policy. He also mentioned that centralization may make the implementation of monetary policy easier and better management of inflation, liquidity, and interest rates possible.
When pondering on the balance of power between the centralization of CBDCs and financial self-reliance of decentralization, Jack believes it’s possible to strike a balance between decentralized networks and CBDCs.
He shared his opinion that there is an opportunity to build a better, fairer, more inclusive and secure financial system, based on the values of decentralization. He pointed out that the regulators should be setting wider principles rather than setting narrow rules.
Jack feels that for people to fully embrace decentralization, it must be easy to use and reachable for as many people as possible. In his view, the improved transparency, benefit, and minimized failure points offered by decentralization outweigh the challenges posed by new technologies. Despite the current issues that come with decentralization, Jack considers it a plus because it hands over power to communities and offers a risk and reward system that is fair to users.
Source: Cointelegraph