Bitcoin
Bitcoin$62 890.62

-0.01%

Ethereum
Ethereum$2 489.18

2.57%

Binance Coin
Binance Coin$521.70

-3.39%

XRP
XRP$1.72

-2.92%

Tether
Tether$1.00

-0.08%

Cardano
Cardano$1.45

1.18%

Swarm Intelligence Set

Vitalik Buterin says Binance DEX only decentralized on paper, not in Practice


31 Dec 2019   #DEX

There seems to be a war of words between Lina Seiche and Vitalik Buterin on Twitter. In a recent twitter statement credited to Ethereum’s co-founder, Vitalik Buterin, Binance DEX should not be called a decentralized platform. According to him, it’s only decentralized on paper and not in practice.

He seemingly claimed that Binance DEX does not offer the type of service that credited its name as a decentralized portal. According to Vitalik, Binance DEX should not have that claim when it doesn’t offer services that make it a decentralized platform. This is coming in response to criticisms that Ethereum is a centralized platform and not decentralized.

The twitter exchange of words began when a cryptocurrency exchanger, BTSE, shared a promotional video on twitter that included the Ethereum hashtag. The video got a reaction from Vitalik.

He said it’s a silly idea to criticize Ethereum for being enabling ICOs and being a centralized platform while promoting another centralized platform that is still enabling ICO as well. The statement got widespread attention from industry experts and market leaders.

Lina Seiche Responds to Tweet


In response to the tweet, the marketing director at BTSE, Lina Seiche, explained Binance’s stance. She pointed out that the main criticism is picking out Ethereum as a decentralized platform while, in the real sense, it isn’t. On the other hand, Liquid did not advertise that it’s decentralized, Lina said.

She said the real criticism shouldn’t be about Binance but about Ethereum that says it’s decentralized. But its services and modus operandi are showing clearly that it isn’t. According to Lina, that’s where the argument should focus and not the other way round.

Vitalik Says Binance is only decentralized on paper


In response to Lina’s tweets, Vitalik said that the Binance DEX shouldn’t be seen as a decentralized platform. Rather, it is only a decentralized platform based on its name, and not in practice. According to him, the platform is more centralized in the real sense. He said it operates similar to Ethereum, which has some regulatory values some people are not comfortable with.

Vitalik pointed out that between Binance and Ethereum, the latter should even be called a decentralized platform before the former. According to him, the services Binance provides are closely similar to what is obtainable in a centralized platform. Vitalik further hinted that Binance should be first called a centralized platform even before Ethereum. So, there is no basis for calling Ethereum a centralized platform while promoting Binance as a decentralized platform, he concluded.

Binance CEO joins the debate


In response to the arguments by both parties, Changpeng Zhao, Binance CEO, waved off the arguments. He pointed out that these arguments and counter words are trivial matters. According to him, they are not important towards the overall cause of the cryptocurrency industry.

Instead of spending time arguing, he requested that they use the time to keep on building. They should be busy establishing projects for the growth and development of cryptocurrency and blockchain industry, he reiterated.

Author: Ali Raza for Crypto-Rating.com

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.