Crypto CeFi, the Original Sin
The spectacular and scandalous collapse of FTX showed the colossal damage that a centrally organized, opaquely disclosed, and recklessly managed financial agent can do to the entire industry and society at large. That centralized organizations can dominate the assets originating from decentralized networks is a sad irony, a disease that has plagued crypto since the day when there was crypto trading.
The narrative of the “crypto natives” is that blockchain technology was supposed to replace centralized entities, the likes of the Federal Reserve or other monetary authorities. Whereas in reality, cryptocurrency has handed itself to the shady and sketchy organizations that primarily use them to loot and raid. The irony is so sharp that it hurts. It has never been more evident than now that decentralized, transparent, rigorous, and professional management of Web3 finance must take the center stage. Now isn’t just a watershed moment; it is an existential one.
The infrastructures needed to enable and sustain a crypto-powered Web3 go far beyond the DeFi in its current form, as facilities in this category are merely independent functional units - MUCH better units than their counterparts in centralized systems. What we regard as the absolute necessity is the operational and control layer on top of these functional units, capable of enforcing responsibility & accountability imposed upon the operators of these functional units, while demonstrating...
U.S. President Donald Trump said Wednesday that Iran had agreed not to execute eight women protesters, while Iranian officials and the judiciary denied any such executions had been planned and des...