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According to Tether CEO Paolo Ardoino, Bitcoin is unique among the more than 14,000 various cryptocurrencies because it is the only one that is not centralized.

Bitcoin (BTC) is the only decentralized currency, Ardoino said in an interview with Cointelegraph on June 13 at the Bitcoin-only conference, BTC Prague.

Bitcoin is the only example of a currency that is only ruled by math that basically cannot be changed, Tether CEO stated. Apart from Bitcoin, some cryptocurrencies are a bit more centralized, or others are a bit less centralized, Ardoino believes.

With the other currencies, you see that there is a group of developers that come every month. They are coming out with a new software release, they change the monetary policy, inflationary, deflationary, and they keep changing things, the executive noted.

On the other hand, with Bitcoin, there will always be 21 million BTC, and there will be a halving once every four years until all 21 million Bitcoin is mined. Ardoino stated:

In the interview, Ardoino admitted that his opinion on Bitcoins exclusive level of decentralization might be controversial. The CEO also mentioned that he openly said that Tether is centralized, unlike Bitcoin.

Additionally, Ardoino expressed skepticism about the record-breaking industry of memecoins, which is a type of cryptocurrency inspired by internet memes or trends. I like memes, but not memecoins, Ardoino said, adding that Bitcoin and memecoins are completely at the opposite parts of the spectrum.

Related: DeFi may struggle to stay decentralized after new EU law

One may indeed argue with Ardoino about the decentralization of Bitcoin versus other assets in the cryptocurrency market, as there is a whole sector in crypto dedicated to decentralized finance, or DeFi.

In the crypto industry, decentralization refers to the transfer of control and decision-making from a centralized entity to a distributed network. While the DeFi industry gives high promises on financial decentralization, some people in the industry, like Jan3 CEO Samson Mow, believe that DeFicannot compete with Bitcoin.

Ardoinos remarks on the decentralized nature of Bitcoin came amid the opening of BTC Prague 2024, where he is a speaker alongside major industry figures like former MicroStrategy CEO Michael Saylor, Blockstream co-founder Adam Back, Bitcoin author Jimmy Song and others. Unlike many industry events, BTC Prague is dedicated exclusively to Bitcoin.

Magazine: Bitcoin layer 2s arent really L2s at all: Heres why that matters

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Bitcoin is the only decentralized currency, Tether CEO says - Cointelegraph

Zug, Switzerland , June 19, 2024 (GLOBE NEWSWIRE) -- Waterfall Network,the first layer one(L1)decentralized and scalable ledger, today announced it has passed success testing with a record 1,573,892 validators on its network. Waterfall now was tested with more validators than any other Proof-of-Stake network andall the popular Proof-of-Stake networks combined*, expanding the reach of decentralization to more places than it has ever been. By comparison, Ethereum recently passed 1 million validator nodes, and proof-of-stake network Solana only has approximately 1,600 validators.

The servers for the testing were located on 5 continents - South and North America, Australia, Africa, and Eurasia (both in Europe and Asia) - and the islands of Great Britain, Japan, and Taiwan. A total of a half a million transactions were processed.

"We have proven that our network will work on the scale of millions of validators, preserving the low requirements for each of them at a scale no one has ever achieved. This milestone is a testament to the strength of Waterfall as the most decentralized distributed ledger technology currently available," commented Sergii Grybniak, Blue Wave CTO and Waterfall Head of Research. "Waterfall is the future of decentralized computing and the proof is in the numbers."

Waterfall conducted much of its testing through its participation in the Google Cloud Web3 Startup Program, which provided invaluable resources supporting Waterfall test the strength of its validators and network.

Waterfalls protocol also incorporates an innovative Directed Acyclic Graph (DAG)-based technology that allows for virtually unlimited scalability and portability of decentralized applications (dAPPs), combining scalability and decentralization to the levels which has not been reached before. For more information about the future of decentralized computing, and the Waterfall network, please visithttps://waterfall.network/or follow us onhttps://t.me/waterfall_network,https://twitter.com/waterfall_dag orhttps://discord.gg/Nwb8aR2XvR

*for comparison were taken the number of validators at the moment of writing on Ethereum, Gnosis, Elrond, Cardano, Algorand, Avalanche, Solana, Sui, Cronos, Tezos, Polkadot, Near, Cosmos, Everscale, Aptos, Polygon, Fantom, Sei, Hedera, Tron, EOS

About Waterfall Waterfall is the leading layer one (L1) architecture to solve decentralization, security, and scalability. Waterfalls Directed Acyclic Graph (DAG) achieves and allows parallelism on multiple levels pushing further the boundaries of combination of scalability and decentralization. Waterfall is Ethereum Virtual Machine (EVM) compatible, allowing for portability of decentralized applications (dAPPs), and has very low entry requirements for the participants to become validators.

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Waterfall Becomes First Proof-of-Stake Network to Pass the Test with 1.5 Million Validators - GlobeNewswire

In an exclusive interview with crypto.news, Kee Jefferys, CTO of Session, discussed the inherent risks to privacy with centralized messaging platforms.

As our world becomes increasingly connected, privacy has transformed from a luxury into a necessity. Every click, every message, every digital interaction is a potential leak, spilling secrets into a sea of data ready to be harvested.

Messaging apps, which are integral to our daily communication, are facing growing scrutiny over their privacy practices.

Yet, incidents like those involving WhatsApp and Telegramwhere breaches and metadata mishaps have eroded trustspotlight the fragile nature of privacy in traditional platforms.

Such episodes constantly remind us of the vulnerabilities that users face daily, exposing them to potential profiling and surveillance, undermining trust.

Enter web3, a beacon of hope, promising a paradigm shift towards decentralization. This new technology framework seeks to dismantle the centralized powers that traditionally govern our data, proposing instead a system where privacy is inherent, not optional.

Jefferys, through his work with Session, champions this vision, employing a network of community-run nodes to safeguard user interactions without the need for a central authority.

He believes that a decentralized approach is crucial for creating a new trust model. One that doesnt rely on centralized entities but distributes responsibility across a network of independent operators.

With the recent security breaches and metadata collection issues in messaging apps like WhatsApp and Telegram, what are the risks currently plaguing users in the traditional messaging app sector, particularly in terms of privacy?

Traditional messaging apps like WhatsApp and Telegram are inherently centralized, creating honeypots of sensitive metadata, such as phone numbers, IP addresses, and profile images. This data can be linked with other metadata, like message timing and group membership, to create detailed profiles of users, their habits, and relationships. Although these services claim not to engage in such profiling, they possess the data and access to do so, and this data could be leaked or accessed by hackers or compelled by authorities. To enhance privacy, we need systems that minimize data collection and centralization.

Law enforcement agencies access user data from secure messaging apps through metadata and cloud backups. How would web3 address this? Do you expect a potential backlash from regulators as these solutions surface?

Cloud backups are a convenient feature usually facilitated by device manufacturers like iCloud for iOS and Google One/Drive for Android. Messaging app publishers can mitigate risks created by these cloud backup services by opting out of automatic backups and instead using custom-built decentralized storage networks like Arweave or Filecoin, which dont implement regulatory backdoors for mandated access. Regulators and law enforcement typically focus on device seizures during investigations, which would reveal similar content to what could be obtained from cloud backups, so this shift may not cause significant regulatory issues.

How does the decentralized nature of web3 technologies specifically address the privacy and trust issues that traditional messaging apps struggle with?

In the most fundamental way, decentralization creates a new trust model that shares the burden and responsibility of trust among thousands of parties instead of a single entity and creates a rules-based system to govern this new trust model. It eliminates centralized honeypots of user metadata and instead distributes user data, making it nearly impossible to gain a global view of the network. This means that instead of compromising a single entity, one would need to compromise thousands of individual operators to access user data.

What do you see as the future of secure messaging in the context of increasing government surveillance and cyber threats?

Most efforts in the secure messaging space have focused on securing the contents of messages via more advanced end-to-end encryption schemes, often at the expense of user experience. I think in the next 10 years, the space as a whole will focus more on metadata protection as end-to-end encryption becomes a more solved problem and governments move to even wider-scale metadata collection. The name of the game will no longer be content, it will be context.

How can web3 and decentralized technologies overcome the existing flaws and shape a more secure future for messaging apps?

Web3 and decentralized technologies can overcome flaws by breaking the trust assumptions of centralized messengers and proving that usability does not need to be sacrificed for privacy or decentralization.

Session claims to offer a trustless messaging environment. Could you explain how Sessions architecture addresses the specific privacy flaws found in traditional messaging apps, ensuring that user data remains private and secure without requiring users to place their trust in a central authority?

Instead of relying on a centralized server, when a user sends a message on Session, they interact with a network of community-run nodes called the Service Node network. This network has over 2,000 nodes, which store and route the encrypted data of Session users. This architecture ensures that user data remains private since theres no central location to collect user messages. Trust is maintained purely between the network and its users without any central authority or middleman to govern this process.

What mechanisms does Session use to protect user privacy?

Theres 4 main things Session does to protect user privacy; No phone number or personally identifiable information is required to sign upjust generate a Session ID and start messaging. All messages are end-to-end encrypted using an audited encryption protocol and open-source clients. Session uses onion routing to hide users IP addresses while using the service. A decentralized network is used for temporary storage, eliminating the need to trust a central service provider.

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Privacy expert slams WhatsApp and Telegram, touts decentralized messaging as future - crypto.news

Web3 is going to change the digital world by moving from centralized systems to decentralized networks. This means more power to the user, more security and everything is more transparent.

One of the best things about Web3 is the rise of DAOs (Decentralized Autonomous Organizations). These DAOs align the communitys interests with the platforms success, so the community is motivated and engaged to help the platform grow.

Decentralization is the core principle of blockchain technology which aims to create a secure and transparent system for digital transactions without a central authority like banks. This vision became a reality with Bitcoin, the first cryptocurrency, which proved a decentralized system could work.

As blockchain technology evolved decentralization became the key to Web3, the next generation of the internet. Web3 gives users control over their data and online identities, shifts power from big tech companies to individuals and communities. This solves problems like data privacy, censorship and the dominance of a few large corporations.

In simple terms decentralization means spreading out authority and decision making so no one entity is in control.

This makes the system more secure by removing single points of failure, more transparent since everyone can see and audit transactions and users have a say in how the platform is run.

In the world of blockchain and Web3 decentralization is more than just a technical feature; its about building fairer and more equal systems. By cutting out middlemen and empowering users, decentralized networks can create a more inclusive and participatory digital world where people have more control over their online lives.

The Web3 ecosystem is a broad and constantly changing space with platforms like Ethereum, Polkadot and Solana leading the way.

Ethereum is known for its decentralized apps and smart contracts. Its currently upgrading to Ethereum 2.0 to improve scalability and security with a new proof-of-stake system.

Polkadot stands out by allowing different blockchains to talk to each other and share information, balancing user input with effective governance. Solana is fast and low cost thanks to its Proof of History system and is already popular even though its not as decentralized as Ethereum or Polkadot.

Decentralization varies across these platforms. Ethereum has a large network of nodes and active developers but has scalability issues. Polkadot promotes network collaboration with strong governance.

Solana is fast and efficient even if that means less decentralization. At the other end of the spectrum are platforms like Bitcoin and some DAOs which are fully governed by the community with no central control.

Web3 is made up of many platforms each contributing to decentralization in their own way, so its a dynamic and varied space.

Proms DAO is all about community control, no external influence, including the developers.

Heres how it works: Community members submit proposals as smart contract addresses which include submission time, votes received and implementation status. Everything is transparent and trackable.

Once a proposal is submitted its stored in a dedicated contract. The community has 14 days to vote on it. If 20% or more of the members vote yes, the proposal is auto implemented. This is all automated, no one, not even the Prom developers can change or cancel proposals. Changes can only happen through new proposals that the community votes on, keeping the system decentralized and integrity intact.

This gives the community the ability to directly influence the direction of the platform. For example they can update the allow-list addresses of NFTs on the Prom Rental and Marketplace which is super important for security and relevance. But this also means the community must vote responsibly and consider the security risks and possibly get third party audits for big changes.

Proms DAO ensures all governance decisions are democratic and transparent, making the platform more resilient and adaptable. This gives members a sense of ownership and engagement, showing the benefits of a DAO centered model for a secure, transparent and community driven ecosystem.

A Decentralized Autonomous Organization (DAO) is a new way to run things in the Web3 world. Instead of a central leader, DAOs are run by the community who make decisions together using tokens. Blockchain technology ensures everything is transparent, secure and decentralized so everyone has a say.

DAOs use smart contracts which are like self executing agreements on the blockchain. These contracts handle proposals, voting and implementing decisions so everything is clear and tamper proof. Members vote on various issues using tokens, spreading power across the community and eliminating the need for a central authority.

By giving decision making power and rewards to members, DAOs keep people engaged and benefit from the platforms success. This setup creates a community working together towards common goals, innovation and resilience. And because DAOs are decentralized they avoid corruption and inefficiency making for a stronger organization.

DAOs are the embodiment of decentralization and community empowerment. They make governance more transparent and efficient and create motivated communities. DAOs is a blueprint for fairer more sustainable digital ecosystems.

The future of DAOs in Web3 is looking good and moving fast. Well see more advanced governance models and broader use beyond blockchain, in finance and real estate. Better UIs will make DAOs for everyone.

DAOs will change how organizations work by making everything transparent, secure and community driven. Theyll distribute power more fairly, less centralized control and more innovation and collaboration in Web3.

Platforms should adopt DAO models to tap into community wisdom and growth. This gives users a sense of ownership and aligns decisions with community.

Disclaimer: This article is provided by the Client. The Client is solely responsible for this pages content, quality, accuracy, products, advertising, or other materials. Readers should conduct their own research before taking any actions related to the material available on this page. The Crypto Basic is not responsible for the accuracy of info and any damage or loss caused or alleged to be caused by the use of or reliance on any content, goods, or services mentioned in this article.

Please note that The Crypto Basic does not endorse or support any content or product on this page. We strongly advise readers to conduct their own research before acting on any information presented here and assume full responsibility for their decisions. This article should not be considered investment advice.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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The Biggest Advantage To A Thriving Web3 Ecosystem Is A DAO-Centered Mindset - The Crypto Basic

New European Union regulations may soon force decentralized finance (DeFi) protocols to face significant decisions. At the center of this issue is the tendency of many DeFi protocols to utilize centralized front-ends and intermediaries, raising questions about their compliance with upcoming laws.

The EUs Markets in Crypto-Assets Regulation (MiCA), set to take full effect by the end of 2024, mandates that DeFi protocols adhere to the same licensing and Know Your Customer (KYC) requirements as traditional financial services. This could present a substantial challenge for many DeFi protocols, potentially making compliance difficult or undesirable. Rune Christensen, co-founder of MakerDAO, highlighted the implications of MiCA, noting that DeFi protocols would be left with two primary options: fully decentralized, local, downloaded front-ends, or fully KYC-compliant online front-ends.

This regulatory shift forces DeFi protocols to choose between a somewhat centralized hybrid finance (HyFi) model to comply with EU regulations or complete decentralization. The EU regulation stipulates that fully decentralized protocols are exempt from MiCA requirements, as stated in Recital 22: Where crypto-asset services are provided in a fully decentralized manner without any intermediary, they should not fall within the scope of this Regulation.

Oliver Vlkel, an attorney and partner at Stadler Vlkel, has extensively studied the EUs regulation of crypto assets. He points out that the regulation raises immediate questions about the definitions of without an intermediary and in a fully decentralized manner. According to Vlkel, smart contracts used in providing crypto-asset services do not necessarily create the appearance of exclusive decentralization, as companies can use these contracts to provide services in their name.

Only natural persons and legal entities can hold rights and obligations, make and receive legal declarations, and be subject to laws like MiCA. However, Vlkel believes that EU lawmakers correctly acknowledge that none of these conditions apply if a crypto-asset service can be accessed without an intermediary in a fully decentralized manner. With MiCA coming into full force by the end of 2024, DeFi protocols in Europe must decide whether to fully decentralize, thus avoiding regulations, or implement KYC measures like any other centralized financial service provider.

Nathan Catania, a partner at XReg Consulting, a firm specializing in crypto-asset regulation, suggests that this regulatory wave could divide the DeFi sector. He believes that regulation represents a crucial juncture for many DeFi projects, pushing them to either embrace full decentralization and operate outside regulatory boundaries or accept some level of regulation and transition towards a hybrid finance model.

For those choosing decentralization, MiCA will provide clearer guidelines on building truly decentralized applications that comply with regulatory requirements. Many DeFi protocols will need to reevaluate their business models to ensure they remain compliant. Catania advises DeFi projects to thoroughly understand the regulation and engage with national regulatory authorities to protect their interests. One workaround for ensuring decentralization is decentralizing website front-ends through peer-to-peer (P2P) web hosting, which uses advanced cryptography to deploy websites on P2P servers.

Regardless of the path chosen by a protocol, regulation is becoming an unavoidable reality. Advocates of decentralization might witness DeFi evolving into something closer to traditional finance, the very sector they originally aimed to disrupt. The question remains whether the industry will thrive in a decentralized digital universe or if the influx of capital from traditional market players will transform the sector.

As the DeFi sector matures and gains popularity, regulators are paying increased attention, exemplified by the EUs MiCA and the United States Securities and Exchange Commissions actions against prominent DeFi protocols. On April 10, 2024, Uniswap became the first decentralized protocol to receive a Wells notice, indicating regulatory infractions.

Hayden Adams, CEO of Uniswap, expressed his frustration, feeling annoyed, disappointed, and ready to fight. Adam Simmons, chief strategy officer at DeFi platform Radix, believes that some safeguards are necessary, predicting that regulatory requirements for DeFi are inevitable, especially if the sector aims for global adoption.

Edward Adlard, CEO of Instalabs, sees the next evolutionary step for DeFi as attracting institutional and traditional finance money. However, he identifies two main obstacles: traditional finance companies are not operationally equipped to use crypto tools, and they need to figure out how to legally access and offer these products to clients. Adlard suggests that DeFi DApps need to balance implementing Anti-Money Laundering (AML) procedures to attract traditional finance liquidity without becoming targets for regulatory action.

Compliance tools are already available. Simmons mentions that the DeFi sector in Europe could employ a system of trustworthy issuers to handle ID verification independently. Adlard notes that DeFi KYC service Instapass could create custom credentials that meet EU regulations, allowing DeFi DApps to restrict access to specific parts of their products based on user credentials.

Ultimately, whether a DeFi protocol pursues institutional adoption or complete decentralization, it must adapt to the evolving legal landscape in the European Union.

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DeFi at a Crossroads: New EU Regulations Poses Risk to the Future of Decentralization - Coinfomania