Founder of Ton Association on mass adoption of crypto
Jack Booth, co-founder of TON Society, believes that achieving mass adoption of cryptocurrency lies in promoting decentralization in The Open Network (TON).
In an exclusive interview with Booth, the organization focuses on distributing finance and information on Ton, the Ton community is “building a decentralized ecosystem” to make decentralized finance (deFi), data and digital ownership more accessible, he told Cointelegraph. Booth said:
“Thon's mission is mass adoption, and to achieve that we aim to make blockchain technology highly scalable, efficient, efficient and user-friendly. […] to the general public by removing barriers for both users and developers.
Booth warned that decentralized networks could give users improved control over their data and money – without relying on central authorities – but competing technologies such as central bank digital currencies (CBCCs) could undermine this.
Related: CBDCs and crypto should coexist, not compete – CoinDCX co-founder
The threat of CBDCs
Booth said the CBCC poses a fundamental challenge to the principles of decentralization, particularly privacy and self-sovereignty.
“[…] CBCCs are essentially a different model of digital currency. Control and supply that limit financial freedom is their main function.
This contradicts the opinion of CoinDCX CEO Sumit Gupta, who recently told Cointelegraph that CBDCs and cryptocurrencies can coexist and help monetary policy.
In an exclusive interview with Cointelegraph, he said centralization “enables the effective implementation of monetary policy, allowing for better control of inflation, inflation and interest rates.”
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Tone community presentation
In the battle between CBCC's centralization and decentralization for financial self-sovereignty, Booth offered his opinion on how the position can work towards a sustainable goal.
“We have advocated hybrid solutions where CBDCs interact with decentralized networks but do not dominate them.”
He explained that he believes that “there is an opportunity to build a better, more inclusive and safer financial system, but it needs to know the principles of decentralization.”
I believe that policy makers should work with tools rather than platforms […] I would like to see regulators set broad principles rather than narrow rules.
Related: Tone Society issues open letter to France demanding Pavel Durov's release
Practically decentralized
In the interview, Booth argued that if decentralization is to “achieve mass adoption,” it must be “useful and easily accessible.” He added:
Although decentralization presents challenges, as with any new technology, it is critical to weigh the risks and benefits, such as improved transparency, resilience, and points of failure.
In his view, “current decentralized issues” such as smart contract security concerns and governance issues still “empower the community” and provide a “fair” share of risk and reward.
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