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Block.one CEO: There's No Definition of Decentralization

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  • Vladislav Sopov
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    Co-Founder and Lead EOS.IO Developer Brendan Blumer discussed decentralization, adoption, and use-cases of blockchain at the 2019 Blocksburg Summit.

Block.one CEO: There's No Definition of Decentralization
Cover image via en.wikipedia.org
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Brendan Blumer, CEO of Block.one, sat down with CNBC’s Brian Sullivan on the framework at the 2019 Blocksburg Summit, hosted by Blumer's alma mater Virginia Tech. He shared his thoughts on what blockchain technology mean for corporations, what is the proper definition for decentralization, and who is afraid of blockchain adoption.

Blockchain: A Tool Rather Than A Solution

While being asked about blockchain's place in the commercial process, especially for corporations, Mr. Blumer pointed out that blockchain technology should make all processes cheaper and faster. Blockchain technology also provides corporations with an "ultra secure, ultra transparent layer" that eliminates the borders between producers and customers. The brightest example of this potential elimination is the sphere of big data:

Ultimately what we are really doing is creating aligned business models where we are not incentivized to extract as much information as possible and then dismember it and sell it off at an ever-growing pace that just continues to pull these things. We get in the same horse together and we say 'We are not trying to be a trillion dollar company, we're going to try to be a much smaller one but your are going to have transparency on how we monetize our take and how we use your data'., highlighted Mr. Blumer.

To the EOS.IO creator, blockchains act as tools, not as patterns for transforming business. By the way, Mr. Blumber expects that the vast majority of various industries could potentially be tokenized one day.

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This Pesky Decentralization

The most fascinating part of Mr. Blumer's speech was dedicated to the puzzle of decentralization. His assumptions provided great insight on the topic. He denied a one-size-fits-all approach to decentralized systems, and underlined that it is only about different forms of governance for different use cases:

There is no definition of decentralization.

He also recalls every blockchain being criticized as centralized in terms of geography, major beneficiaries, or control groups. On one hand, we can find similar thoughts in Vitalik Buterin's The Meaning of Decentralization, which was published in Q1 of 2017. On the other hand, and taking into account the history of EOS.IO blockchain, this approach looks very prudent and far-reaching.

What do you think? What is decentralization? Which blockchain is the most decentralized? Share your opinion with us on Twitter!

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About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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Ripple Once Again Tries to Toss Class-Action Lawsuit, Insists XRP Is Not a Security

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  • Alex Dovbnya
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    Ripple makes a final push to dismiss the damning class-action lawsuit ahead of a court hearing that is scheduled for January 2020

Ripple Once Again Tries to Toss Class-Action Lawsuit, Insists XRP Is Not a Security
Cover image via 123rf.com

Ripple has once once again asked a federal court to dismiss the pending class-action lawsuit over selling illegal securities, a new court filing shows.

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The company reiterates the same "statue of repose" argument, which means that the plaintiffs failed to meet a legal deadline for filing the suit. Ripple started selling XRP to retail investors back in 2013, which means that it was way too late to bring legal actions against it back in summer 2018 after a bar to a lawsuit was imposed in 2016.    

The blockchain behemoth also continues to insist that XRP is not a security, but it called this issue "irrelevant" to their latest motion, which is why it didn't address this point in-depth. It's not the first time that Ripple tries to dodge the big question that is the cornerstone of the long-lasting legal battle. 

"XRP is not a security, but that is irrelevant for purposes of this motion. Even if XRP were a security, Plaintiff's claims still fail as a matter of law,” the filing said.   

Ripple's previous attempt to throw the suit out of the court didn't bode well. As reported by U.Today, Bradley Sostack, the leading plaintiff in the ongoing case, believes that the defendants are still liable for selling illegal securities. The parties are expected to duke it out in court in January 2020.  

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XRP's status as a security remains a point of contention within the cryptocurrency industry. Crypto influencer BitLord recently slammed Ripple for dumping their native tokens on investors to acquire businesses.    

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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