Vitalik Buterin, co-founder of Ethereum, and Changpeng Zhao, the founder of cryptocurrency trading exchange Binance recently had a heated spat on social media with a surprising outcome of agreeance.
The conflict came after Buterin stated in an interview that centralized exchanges should “burn in hell” as a means to show how strongly he feels about how decentralized cryptocurrency exchanges should be prevalent in the cryptocurrency market. He further stated that centralized exchanges hold “stupid king-like power” and expressed his irritation at how the trade exchanges make projects pay “$10 to $15 million dollar [exchange] listing fees.”
Zhao shot back about the incident:
Got asked a few times, re: “Vitalik’s burn in hell”.
Let’s not wish others to “burn in hell”. Let’s have a bigger heart, and appreciate the fact that we are part of an eco-system… pic.twitter.com/4QYGKus0Gk
— CZ (not giving crypto away) (@cz_binance) July 10, 2018
In his response, Zhao implied weak points in Buterin’s statement say ing that “[decentralization] is a means, not an end” with a goal to “increase freedom, and choice.” He took a shot at Buterin saying:
“There is no absolute decentralization. Projects with core teams still have centralization. Today, Vitalik probably has more king-like powers than anyone else in this industry, and has used it, by serving as advisors to projects, therefore helped to decide their fate, at least fate of their ICOs to a large extent.”
Buterin was faced with this, as well as a saucy tweet from Blockchain.io, a new exchange on the block, which posed whether their “decentralized settlement feature” would take them to hell.
In French, Buterin responded:
“It’s much better than a fully centralized exchange, but it doesn’t solve the other problem, as centralized exchanges have a lot of control over the market and can choose which currencies become the most popular etc etc. In all, I think this is a very good idea and I hope that more cryptocurrency exchanges will use this semi-centralized method.”
In March, Binance published a statement with their intentions to release a decentralized platform:
“Centralized and Decentralized exchanges will co-exist in the near future, complementing each other, while also having interdependence.”
So, despite their spat, it ultimately seems that Zhao and Buterin both agree that decentralized exchanges are in the user’s best interest, even if they do not agree on the manner of expressing it.