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:
“TON’s mission is mass adoption, and we aim to achieve that by making blockchain technology highly scalable, effective, efficient, and user-friendly […] to the general public by eliminating the barriers for both users and developers.”
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.
Related: CBDCs and crypto should coexist, not compete — CoinDCX co-founder
The threat of CBDCs
Booth said that CBDCs pose a fundamental challenge to the principles of decentralization, particularly privacy and self-sovereignty:
“[…] CBDCs are a fundamentally different model of digital currency. Centralizing control and supply is their top priority, which limits financial independence.”
This contrasts with the views of CoinDCX CEO Sumit Gupta, who recently told Cointelegraph that CBDCs and cryptocurrencies can coexist and 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.”
Related: Former TON Foundation execs establish new community initiative
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:
“We are in favor of hybrid solutions that would see CBDCs interact with decentralized networks but not dominate them.”
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.”
“I’m a big believer that policymakers need to work with platforms, rather than against them […] I would like to see regulators set broad principles rather than narrow rules.”
Related: TON Society issues open letter to France urging Pavel Durov’s release
Functional decentralization
In the interview, Booth argued that decentralization must be “usable and easily accessible” if it hopes to “achieve mass adoption.” He added:
“Although decentralization presents challenges, as with any new technology, it is crucial to weigh the risks and benefits, such as improved transparency, resilience, and reduced points of failure.”
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.
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