Vitalik Buterin’s “Burn in Hell” sentiment sparks a new movement – Exclusively on ITN we speak with Peter Alfred Adekeye, CEO of Multiven on how he decided to turn an issue into an opportunity.
This is what he reckons:
On July 6, 2018, Vitalik Buterin stoked the crypto media’s fire when he said he wanted centralised exchanges to ‘burn in hell’, essentially because they charge millions of dollars in fees before listing new tokens.
Exchanges, acting like self-appointed gatekeepers, pick and choose which coins to list. We saw their power a few weeks ago when Coinbase suggested that it might, only might, list five coins which it named: as a result, all five coins had a double-digit surge in market value.
Of course, Vitalik’s comments gathered a lot of attention but they did serve a purpose too. It is a well-known fact that the weakest link in the crypto-ecosystem are centralised exchanges where digital currency is extremely vulnerable.
In fact the least complicated way to steal cryptocurrencies is to hack a centralized exchange.
Centralised exchanges have another failing because they are trusted third parties and hence contradictory to Satoshi Nakamoto’s vision.
From my frustration with this cartel-styled control, I have come up with a novel approach where we use ICO token swaps to form the basis of a decentralised token-exchange-network.
This innovative model enables us all, at various stages of our ICOs, as a group, to buy, and offer for sale, the tokens held between ourselves?—?and fulfil Satoshi’s vision of eliminating all forms of trusted third parties. Furthermore, this provides liquidity and support amongst groups of like-minded ICOs.
Accordingly, at Multiven, we have allocated 20% of our ICO hard cap, or $10 million, towards token swaps. We are currently meeting and evaluating other ICOs that are building their projects but whose coins are yet to be listed.
I foresee a future where this token exchange network expands to include tokens from all vertical markets and thus completely eliminates the need for token holders to ever want to convert to fiat because they will be able to pay for everything they need in tokens.
Multiven has already swapped $3 million worth of tokens with two ICOs and is in talks with several others, including one in Ireland.
“Currently the way the centralised exchanges operate looks and feels very much like the old financial system and I for one am not impressed. On the other hand, building a support group with other, credible ICOs is very empowering,” says blockchain evangelist, Jillian Godsil. “I like the way Multiven thinks outside of the box and I am looking forward to co-operating with this initiative further.”
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