Jack Booth, co-founder of TON Society, believes that achieving mass adoption of cryptocurrency hinges on advancing decentralization within The Open Network (TON).
In an exclusive interview with Booth, whose organization is focused on decentralizing finance and data on TON, told Cointelegraph that the TON community “is building a decentralized ecosystem” to make decentralized finance (DeFi), data and digital ownership “more accessible.” Booth said:
Booth said decentralized networks can grant users improved control over their data and finances — without reliance on centralized authorities — but warned that competing technologies like central bank digital currencies (CBDCs) could undermine this.
The threat of CBDCs
Booth said that CBDCs pose a fundamental challenge to the principles of decentralization, particularly privacy and self-sovereignty:
This contrasts with the views of CoinDCX CEO Sumit Gupta, who recently told Cointelegraph thatCBDCs and cryptocurrencies can coexistand help with monetary policy.
In an exclusive interview with Cointelegraph, Gupta stated that centralization “enables effective implementation of monetary policy, allowing for better management of inflation, liquidity and interest rates.”
TON Society’s approach
In the tug-of-war between CBDC centralization and the financial self-sovereignty of decentralization, Booth offered his views on how the space could work toward a more sustainable goal:
He explained that he believes there’s “an opportunity to build a better, more inclusive and secure financial system, but it has to recognize the principles of decentralization.”
Functional decentralization
In the interview, Booth argued that decentralization must be “usable and easily accessible” if it hopes to “achieve mass adoption.” He added:
In his view, despite the “current issues with decentralization,” such as smart contract security risks and governance issues, it still “gives power to communities” and offers a “fairer” share of risk and reward.
TON Society cofounder shares insights on widespread adoption of cryptocurrencies in a decentralized future