Jack Booth, one of the co-founders of TON Society, is of the opinion that the widespread acceptance of cryptocurrency depends on the advancement of decentralization within The Open Network (TON).
In an interview with Booth, who heads an organization focused on decentralizing finance and data on TON, he expressed his belief that the TON community is actively working towards building a decentralized ecosystem that aims to make decentralized finance (DeFi), data, and digital ownership more accessible. According to Booth:
“Decentralized networks offer users greater control over their data and finances, eliminating the need for centralized authorities. However, there is a concern that competing technologies like central bank digital currencies (CBDCs) could undermine this progress.”
Booth asserts that CBDCs pose a significant challenge to the principles of decentralization, particularly in terms of privacy and individual sovereignty. This viewpoint is in contrast to the beliefs of Sumit Gupta, the CEO of CoinDCX, who recently stated that CBDCs and cryptocurrencies can coexist and even assist in monetary policy.
In an exclusive interview with Cointelegraph, Gupta emphasized that centralization enables the effective implementation of monetary policy, which in turn facilitates better management of inflation, liquidity, and interest rates.
In the ongoing battle between CBDC centralization and the financial self-sovereignty of decentralization, Booth shared his perspective on how the industry can strive towards a more sustainable goal. He believes that there is an opportunity to build a better, more inclusive, and secure financial system, but it must be built on the foundation of decentralization.
Booth further argued that for decentralization to achieve mass adoption, it must be functional, user-friendly, and easily accessible. He noted:
“While there are existing challenges with decentralization, such as smart contract security risks and governance issues, it still empowers communities and offers a fairer distribution of risk and reward.”