Ethereum co-founder Vitalik Buterin has stated that he would like to see centralized cryptocurrency exchanges "burn in hell as much as possible," although he admits that he may still have a moment of rest, meaning they can continue to operate .
He made these statements while speaking at the TC Sessions Blockchain 2018 event on July 6 in Zug, Switzerland.
Responding to a question from the host about whether decentralized exchanges will one day gain a larger market share than centralized exchanges, Vitalik responded:
"I definitely hope personally that centralized exchanges burn in hell as much as possible. In practice, especially on the cryptographic side, it is very difficult to decentralize because ultimately it is interconnecting with the fiduciary world, and the crypto world is one that only has basically centralized gateways. Valuable services are provided that are very difficult to decentralize. "
Vitalik continued to predict that in terms of commercial cryptos for other cryptos, DEX solutions will someday become the most desirable, as they offer a simple and direct user experience without registration, web interfaces and account openings. In his opinion, the world of cryptography will see more and more exchanges of this kind.
However, he expressed uncertainty as to which option large-scale merchants, professional traders and high-frequency merchants will choose. Ultimately, in his opinion, even if centralized exchanges do not disappear altogether, the increase in decentralized exchanges can only be a good thing or idea, because it eliminates what he described as a "king making power" or "realizing power". of the exchanges.
Then explaining this point he said:
"We can really take this stupid king away from the power of these centralized exchanges where they have the ability to decide which chips or tokens, they become big by deciding to list them and then collect these crazy quote rates of $ 10 million to $ 15 million. The more we can get away from that world and become something that really satisfies the blockchain values of openness and transparency, the better. " Therefore, the owners of the Exchanges decide that if an investor or company makes an ICO, it must cancel outrageous rates, to be on the platform and of course in the sights of the investors, this is not ethical, transparent, legal , among other things.
It will be recalled that in March 2018, Binance, the largest cryptocurrency exchange in the world by volume, announced that it is finalizing plans to open a decentralized exchange. Huobi also announced in June that it plans to eventually convert its entire platform to a decentralized exchange.
In what could be a growing trend with cryptocurrency exchanges, OKEx also recently made public its plans to create a decentralized exchange platform as many analysts continue to advocate for the adoption of the DEX model.
In summary the blockchain-bitcoin technology as the genesis of all the cryptocurrencies and their sub-following have given life to a new form of finance, the problem that arises in these moments is that the power moved to the Exchange and centralized platforms, the reality is that if you pay a few dollars will be able to access the exhibition of financing, or fresh money, the reality is hard and concrete in terms of the possibility of placing the tokens in a showcase for the fiat money, which is ultimately what an investor expects. It waits for new announcements.