Ex-Blockstream CEO Says DeFi Isn’t Decentralized

Samson Mow, former Chief Strategy Officer at Blokstream and founder of JAN3, believes that most decentralized finance (DeFi) protocols cannot compete with Bitcoin when it comes to providing an efficient financial network due to its lack of decentralization. (Decentralized)

Mow points out that DeFi projects are governed by entities that can modify the protocol as needed.

He explains, “At a fundamental level, Money should be immutable.” “If you can change it as you wish. There is nothing better than the Fed-controlled fiat currency.”

Bitcoin’s decentralization makes it difficult to modify the protocol. That’s why Mow is thought to be a unique choice to be a truly global financial system.

Mow points out that despite the immutability of the underlying Bitcoin layer, developers can still build applications on the Bitcoin blockchain by working with a Layer 2 scaling solution.

Moreover, Mow is a strong supporter of the Lightning Network that enables cheap and fast Bitcoin transactions. By promoting Lightning technology, Mow strives to accelerate its development into Hyperbitcoinization which allows people and convert Bitcoin without first converting to fiat currency.

He said that Lighting will replace Visa, Mastercard and everything, and reduce costs for merchants. This means a better experience and savings for consumers too.

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