Jack Booth, co-founder of the TON Society, believes mass adoption of cryptocurrencies will depend on advancing decentralization within the open network (TON).
In an exclusive interview with Booth, an organization focused on decentralized finance and data at TON, the TON community aims to “build a decentralized ecosystem” to make decentralized finance (DeFi), data and digital ownership “more accessible.” “There is,” he told Cointelegraph. Booth said:
“TON’s mission is mass adoption, and we aim to achieve this by making blockchain technology scalable, effective, efficient and user-friendly(…) for the general public by removing barriers for both users and developers. “Let’s do it.”
Booth warned that while decentralized networks could give users increased control over their data and finances without relying on central authorities, competing technologies such as central bank digital currencies (CBDCs) could undermine this.
relevant: CBDC and cryptocurrencies should coexist, not compete — CoinDCX Co-Founder
Threat of CBDC
Booth said CBDCs pose fundamental challenges to the principles of decentralization, particularly privacy and self-sovereignty.
“(…) CBDC is a fundamentally different digital currency model. “Centralizing control and supply is a top priority and this limits financial independence.”
This contrasts with the views of CoinDCX CEO Sumit Gupta, who recently told Cointelegraph that CBDCs and cryptocurrencies could coexist and benefit monetary policy.
In an exclusive interview with Cointelegraph, Gupta said that centralization “allows for effective implementation of monetary policy and better management of inflation, liquidity and interest rates.”
relevant: Former TON Foundation executive establishes new community initiative
TON Society’s approach
Amid the tug-of-war between the financial sovereignty of CBDC centralization and decentralization, Booth offered his views on how this space can work toward more sustainable goals.
“We prefer a hybrid solution where CBDC interacts with, but does not dominate, the decentralized network.”
“I believe there is an opportunity to build a better, more inclusive and safer financial system, but we must recognize the principles of decentralization,” he explained.
“I believe policymakers should work with platforms rather than against them. (…) I would like to see regulators establish broad principles rather than narrow rules.”
relevant: The TON association issues an open letter to France calling for the release of Pavel Durov.
functional decentralization
In the interview, Booth argued that decentralization must be “available and easily accessible” to achieve “mass adoption.” He added:
“Decentralization has its challenges, as do any new technologies, but it is important to weigh the risks and benefits, such as increased transparency, resilience and reduced points of failure.”
In his view, despite “current challenges with decentralization” such as smart contract security risks and governance issues, it still “empowers the community” and provides “fair” risks and rewards.
magazine: Mert Mumtaz’s rise: ‘I probably FUD’d Solana the most.’