Tone Vays, a well-known trader and analyst with a passion for cryptocurrency and blockchain, spoke about blockchain and decentralisation at the recent United Conference of Internet Money (UCIM) in Singapore.
During the event, he said:
“If your blockchain has an office, then it’s not a blockchain. it’s a company. It’s a company that’s regulated”.
Vays gave a presentation on the inevitable ICO bubble, in which he spoke precisely about blockchain technology, mainly thanks to insights that he has collected over several years in the industry.
In particular, Tone Vays spoke of the immense power of Bitcoin and other digital currencies, the resulting flexibility and the way in which they can influence economies by opening the way to the creation of start-ups.
At some point, he began to dispel several myths related to the blockchain, but also providing reasons for its future growth.
One of these myths is precisely the one linked to the so-called private blockchains, that is, those that are not decentralised but owned by a single subject.
In fact, the real innovation of the distributed ledgers lies in their decentralisation, or in the fact that, being decentralised, they do not require to have a managing body to be trusted.
When a blockchain is really decentralised and works properly, then it is also trustless, that is, it does not need trust: it is the open source protocol itself that guarantees the correctness of its operation, not a managing body.
Therefore, if a blockchain has an office it means that it also has a managing body, i.e. it is neither decentralised nor trustless.
In this case, Vays says that it is a business solution, which obviously must also be subject to all the regulations to which all companies are subject.
As you can see, such a solution is not revolutionary.
Tone Vays’s presentation generated further discussion about the changing economic trends of recent years and how they have affected the global economy as a whole.
Vays has also mentioned that blockchain can be a viable way to invest in conventional investment options as well.
The renowned trader has about 10 years of experience on Wall Street, both in economic trends and in trading and risk analysis.
He has been involved in the crypto sector since 2013 and since then has been committed to spreading the importance of this new technology.
Vays also has a YouTube channel with about 80,000 subscribers where he talks about economics and finance. He uses the channel to raise awareness among viewers about the impact of the latest trends in the industry as well as how to make the most out of them.