As the crypto industry draws closer to widespread adoption, Cardano (ADA) founder Charles Hoskinson has issued a warning about an imminent decentralized sector identity war.
Charles Hoskinson stated during the Web Summit 2022 that the wars would probably intensify over the following 24 months, and if the sector does not get decentralization right, it will imply a dismal future for the crypto field.
“It’s going to be one of the most competitive areas in the space the next 24 months. The smart contract wars are over; it’s commoditized, and lots of stuff is happening. The identity wars have yet to begin, and this is going to be a big one.
There’s a boatload of entities that are starting to subtly get involved in this stuff, and because they know this is the choke point and they really want to control it, and for the sake of the industry, we need to make sure that whoever wins is decentralized.”
In order to protect the fundamentals of the crypto sector, Hoskinson emphasized that the victor of the war should be decentralized. According to Charles Hoskinson, decentralized initiatives have to be built on dependability, control, and resilience.
“The problem is that decentralization is a measurement of resilience. It’s a measurement of control. It’s a measurement of reliability, and it is incumbent in the way that protocols are designed.”
Recently, ConsenSys, the parent company of MetaMask wallet, has updated its privacy policy following the Uniswap DEX. This has led to many heated controversies in the DeFi community.
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