Recently, Changpeng Zhao (CZ) has shared his thoughts on centralization and decentralization in a new post published on the Binance website. In the post, he covered many topics about decentralization in the crypto community in general. Since the advent of blockchain technology and digital currency, this term has become more commonly used and invented.
When something is decentralized, it means that power over that right is not concentrated in one particular location or person. And when it comes to cryptocurrencies, the use of the term indicates that there is no specific currency regulatory body.
In addition, Changpeng Zhao also explained various aspects of decentralization. In his explanation of the essence of decentralization, CZ feels that decentralization is not an end in itself but a means to an end.
Then, he also continued his explanation by saying that there are many people who will not agree with the concept because they do have a different perspective from the people who support it.
CZ stated, “Essentially, I believe that the first thing to understand is that decentralization is not binary, nor is it one-dimensional. It has several aspects of decentralization. And every aspect of it is gradient-scale, not just black-and-white. “ After that, CZ used the expression “not your keys, not your coins” as an example of that view.
He said that many think that keeping their own private keys is a representation of decentralization. It’s not like that though. According to CZ, it still makes sense to think of TrustWallet as a decentralized wallet and Binance as centralized in this context.
Additionally, according to the Binance CEO, one common criticism of Bitcoin is that “Bitcoin mining is too centralized as the top 2 or 3 mining pools control more than 51% of the hash rate.” As CZ points out, this is also valid and is often used as an argument in favor of proof-of-stake blockchains.
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