Decentralized future: TON Society co-founder on crypto mass adoption

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As a seasoned researcher with years of experience diving deep into the world of blockchain technology, I find Jack Booth’s perspective on TON Society and its mission for mass adoption of cryptocurrency particularly intriguing. His emphasis on decentralization within The Open Network (TON) to make DeFi, data, and digital ownership more accessible resonates with my own belief that the power of blockchain lies in its ability to democratize finance and data.

According to Jack Booth, the co-founder of TON Society, the key to widespread use of cryptocurrency lies in enhancing decentralization within The Open Network (TON).

In an exclusive chat with Booth, who heads an organization dedicated to distributing finance and data on the TON network, revealed to CryptoMoon that the TON community is constructing a decentralized environment. This setup aims to make Decentralized Finance (DeFi), data management, and digital ownership more approachable for everyone. Booth put it simply: “We’re developing a decentralized ecosystem to democratize DeFi, data, and digital ownership.

“TON’s mission is mass adoption, and we aim to achieve that by making blockchain technology highly scalable, effective, efficient, and user-friendly […] to the general public by eliminating the barriers for both users and developers.”

Booth said decentralized networks can grant users improved control over their data and finances — without reliance on centralized authorities — but warned that competing technologies like central bank digital currencies (CBDCs) could undermine this.

The threat of CBDCs

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Booth pointed out that Central Bank Digital Currencies (CBDCs) could potentially conflict with the core values of decentralization, specifically regarding privacy and individual control.

“[…] CBDCs are a fundamentally different model of digital currency. Centralizing control and supply is their top priority, which limits financial independence.”

This contrasts with the views of CoinDCX CEO Sumit Gupta, who recently told CryptoMoon that CBDCs and cryptocurrencies can coexist and help with monetary policy.

In an exclusive interview with CryptoMoon, Gupta stated that centralization “enables effective implementation of monetary policy, allowing for better management of inflation, liquidity and interest rates.”

TON Society’s approach

In the ongoing debate between centralized CBDC (Central Bank Digital Currency) and the financial independence of decentralization, Booth shared his thoughts on how this sector can strive for a long-term, balanced objective.

“We are in favor of hybrid solutions that would see CBDCs interact with decentralized networks but not dominate them.”

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He explained that he believes there’s “an opportunity to build a better, more inclusive and secure financial system, but it has to recognize the principles of decentralization.”

“I’m a big believer that policymakers need to work with platforms, rather than against them […] I would like to see regulators set broad principles rather than narrow rules.”

Functional decentralization

During the interview, Booth proposed that for decentralization to become widely accepted, it needs to be user-friendly and readily available. Furthermore, he mentioned this would increase its chances of gaining widespread acceptance.

“Although decentralization presents challenges, as with any new technology, it is crucial to weigh the risks and benefits, such as improved transparency, resilience, and reduced points of failure.”

From his perspective, even though there are ongoing concerns about issues like the security risks associated with smart contracts and governance challenges in the context of decentralization, it nonetheless empowers communities and provides a more equitable distribution of risk and rewards.

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2024-10-27 16:56