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The co-founder of TON Society called CDBC one of the main threats to decentralized networks
-- Jack Booth said The #OpenNetwork project is playing an important role in the mass adoption of cryptoassets.
-- The co-founder of the $TON
Society sees #cdbc as a fundamental threat to decentralized networks.
-- TON developers advocate hybrid solutions that would allow CDBC to interact with such networks, but not dominate them.
Co-founder of the TON Society organization Jack Booth called the central bank digital currency (CDBC) one of the key threats to the decentralized networks segment. The expert believes that the crypto community needs to defend the right to independence of the industry and The Open Network (TON) blockchain plays an important role in this process, writes Cointelegraph.
Booth said that the TON community is actively developing its ecosystem and helping to make the DeFi segment more accessible to users. He believes such networks can offer people improved control over their finances without relying on centralized authorities.
“TON's mission is mass adoption, and we aim to achieve this by making blockchain technology highly scalable, efficient, effective and convenient [...] for the general public, removing barriers for both users and developers,” said the TON Society co-founder.
The expert warned that national governments are now increasingly focusing on a competing technology, CDBC. This decision could allow authorities to wrest control over users' digital finances, he notes.
According to Booth, CDBCs challenge the basic principles of decentralization: privacy and network sovereignty. To solve the mentioned problem, the representative of TON Society proposes to find a compromise solution.
“We advocate a hybrid approach that will allow CBDC to interact with decentralized networks, but not dominate them,” said Jack Booth.
The specialist explained that he sees an opportunity to build a more inclusive and secure financial system that recognizes the principles of decentralization.
Booth expressed his belief that policymakers should cooperate with Web3 platforms rather than work against them. Regulators are obliged to establish general principles, not to drive the industry into narrow rules, summed up the co-founder of the TON Society.
Recall, we wrote that by early October 2024, tokens of the TON ecosystem had fallen by more than 50% since launch.
#TetherAEDLaunch
-- The co-founder of the $TON
Society sees #cdbc as a fundamental threat to decentralized networks.
-- TON developers advocate hybrid solutions that would allow CDBC to interact with such networks, but not dominate them.
Co-founder of the TON Society organization Jack Booth called the central bank digital currency (CDBC) one of the key threats to the decentralized networks segment. The expert believes that the crypto community needs to defend the right to independence of the industry and The Open Network (TON) blockchain plays an important role in this process, writes Cointelegraph.
Booth said that the TON community is actively developing its ecosystem and helping to make the DeFi segment more accessible to users. He believes such networks can offer people improved control over their finances without relying on centralized authorities.
“TON's mission is mass adoption, and we aim to achieve this by making blockchain technology highly scalable, efficient, effective and convenient [...] for the general public, removing barriers for both users and developers,” said the TON Society co-founder.
The expert warned that national governments are now increasingly focusing on a competing technology, CDBC. This decision could allow authorities to wrest control over users' digital finances, he notes.
According to Booth, CDBCs challenge the basic principles of decentralization: privacy and network sovereignty. To solve the mentioned problem, the representative of TON Society proposes to find a compromise solution.
“We advocate a hybrid approach that will allow CBDC to interact with decentralized networks, but not dominate them,” said Jack Booth.
The specialist explained that he sees an opportunity to build a more inclusive and secure financial system that recognizes the principles of decentralization.
Booth expressed his belief that policymakers should cooperate with Web3 platforms rather than work against them. Regulators are obliged to establish general principles, not to drive the industry into narrow rules, summed up the co-founder of the TON Society.
Recall, we wrote that by early October 2024, tokens of the TON ecosystem had fallen by more than 50% since launch.
#TetherAEDLaunch