Tether Head: The Only Decentralized Cryptocurrency Among 14,000 Is Bitcoin
Date: 2024-06-14 Author: Henry Casey Categories: CRYPTO PAYMENTS
The CEO of Tether, which issued the largest stablecoin USDT by capitalization, Paolo Ardoino, said that of the more than 14,000 existing cryptocurrencies, only Bitcoin is truly decentralized. In an interview with Cointelegraph at the BTC Prague conference, Ardoino emphasized that Bitcoin is “governed only by mathematics and cannot be changed,” which distinguishes it from all other digital assets.
Centralization of Other Cryptocurrencies
According to Ardoino, all other cryptocurrencies are centralized to one degree or another. He noted that many crypto projects have development teams that regularly release new versions of software, change tokenomics and make other significant changes to the design of coins. These factors, according to the top manager, undermine the true decentralization of most digital assets.
Ardoino acknowledged that his view of Bitcoin as the only decentralized cryptocurrency could be controversial. He also recalled that he had repeatedly stated about the centralization of Tether assets, unlike Bitcoin. The admission highlights the differences between BTC and other digital assets, including the stablecoins his company issues.
Examples of Other Projects: Cardano Hard Fork
In early June, the creator of the Cardano blockchain, Charles Hoskinson, announced an upcoming hard fork called Chang, aimed at achieving complete decentralization of the project. Hoskinson noted that this event will be a major milestone not only for Cardano, but for the entire crypto industry. The move shows the desire of some projects to increase the level of decentralization, despite current criticism from industry leaders such as Ardoino.
Paolo Ardoino's statement at the BTC Prague conference highlights the importance of decentralization in the crypto industry and raises questions about how decentralized cryptocurrencies other than Bitcoin truly are. While some projects such as Cardano are taking steps towards achieving greater decentralization, Ardoino's opinion adds an important perspective to the discussion of this fundamental aspect of digital assets.
