Exposing The Myth Of Decentralization In The Crypto Industry
- 3 months ago
Never mind the recent rally, for a decade the crypto industry has been selling the promise of decentralization, a new financial system without middlemen, but many blockchain projects have recreated the very elements they tried to overthrow, and regulators are adamant about keeping the status quo.
On November 2, holders of a cryptocurrency called the Aragon network token were told they were being cashed out of their investments, like it or not. The tokens were issued by the Aragon Association, a Zug, Switzerland-based non-profit entity that writes software that helps run 7,500 decentralized autonomous organizations (DAOs) managing a staggering $25 billion in crypto assets. Aragon also started a DAO of its own with the lofty if quixotic goal of creating a court system to settle disputes in the online world, and holders of ANT, as the token is known, would be eligible to be the jurors.
The concept caught the eye of crypto-friendly venture-capitalist Tim Draper, whose Draper Associates bought $1 million worth of the tokens in February 2020 but has since cashed out. Tim Draper said on Twitter at the time that this “new form of governing from Aragon” was “very exciting.”
Forbes Senior Reporter, Nina Bambysheva and Forbes Reporter, Maria Gracia Santillana join 'Forbes Talks' to discuss the decentralization of the crypto industry and its regulations.
0:00 Introduction
0:20 Crypto Is Here To Stay
2:58 Crypto Background And Journey To Now
7:00 The Tension Between Token Holders And Companies
11:36 The Strides To Regulate Crypto
Read the full story on Forbes: https://www.forbes.com/sites/ninabambysheva/2024/01/30/exposing-the-myth-of-decentralization/?sh=635c27c12235
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On November 2, holders of a cryptocurrency called the Aragon network token were told they were being cashed out of their investments, like it or not. The tokens were issued by the Aragon Association, a Zug, Switzerland-based non-profit entity that writes software that helps run 7,500 decentralized autonomous organizations (DAOs) managing a staggering $25 billion in crypto assets. Aragon also started a DAO of its own with the lofty if quixotic goal of creating a court system to settle disputes in the online world, and holders of ANT, as the token is known, would be eligible to be the jurors.
The concept caught the eye of crypto-friendly venture-capitalist Tim Draper, whose Draper Associates bought $1 million worth of the tokens in February 2020 but has since cashed out. Tim Draper said on Twitter at the time that this “new form of governing from Aragon” was “very exciting.”
Forbes Senior Reporter, Nina Bambysheva and Forbes Reporter, Maria Gracia Santillana join 'Forbes Talks' to discuss the decentralization of the crypto industry and its regulations.
0:00 Introduction
0:20 Crypto Is Here To Stay
2:58 Crypto Background And Journey To Now
7:00 The Tension Between Token Holders And Companies
11:36 The Strides To Regulate Crypto
Read the full story on Forbes: https://www.forbes.com/sites/ninabambysheva/2024/01/30/exposing-the-myth-of-decentralization/?sh=635c27c12235
Subscribe to FORBES: https://www.youtube.com/user/Forbes?sub_confirmation=1
Fuel your success with Forbes. Gain unlimited access to premium journalism, including breaking news, groundbreaking in-depth reported stories, daily digests and more. Plus, members get a front-row seat at members-only events with leading thinkers and doers, access to premium video that can help you get ahead, an ad-light experience, early access to select products including NFT drops and more:
https://account.forbes.com/membership/?utm_source=youtube&utm_medium=display&utm_campaign=growth_non-sub_paid_subscribe_ytdescript
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Forbes covers the intersection of entrepreneurship, wealth, technology, business and lifestyle with a focus on people and success.