Hello everyone...
Every day extremely amazing or even ridiculous news comes out, for example I was very surprised that the IMF considers crypto mining in Russia dangerous, but as we know how the IMF acts and thinks after Russia passes from the front page they will attack without forgiveness crypto mining as it is a clear threat to their archaic system of debt based economy.
Another news that I found surprising was that Binance limits its services in Russia due to the fifth package of EU sanctions, and I understand that a centralized entity such as Binance must be accountable to governments, but from these sanctions or impositions the only thing I see is that they are planning how to attack cryptocurrencies when the Russia-Ukraine conflict happens.
But these two news were not the ones that caught my attention, the most surprising and ridiculous news I read today was the launch of a Stablecoin by Justin Sun called USDD, and according to SUN promises it will be the most decentralized Stablecoin in the history of mankind.
What, is Justin Sun really talking about decentralization like never seen before for mankind? Justin sun published a series of tweets where he explained a bit of the vision of this new super decentralized stablecoin:
#TRON DAO joined hands with major #blockchain players to launch #USDD (Decentralized USD), the most #decentralized #stablecoin in human history. 💪 Today, we see the possibility of decentralizing the blockchain world’s most centralized territory.
In the history of #blockchain, #stablecoin has gone through the 1.0 and 2.0 eras represented by #Omni-based and #TRON-based #USDTs. Now it has ushered into the Stablecoin 3.0 era led by #TRON’s #USDD.
#USDD will also be available on #Ethereum and #BNB Chain through the #BTTC cross-chain protocol. Prominent institutions in the #blockchain space are welcome to support the #USDD issued on #TRON, #Ethereum, and #BNB Chain.
#USDD is a game-changer as it will free holders from central authorities’ arbitrary impositions and eliminate all entry barriers. 🙌Our end goal is to make equitable access to financial services a fundamental human right to people in every corner of the world.
I believe that #USDD can be #TRON DAO’s most significant contribution to the world’s financial freedom after the introduction of #TRC20-#USDT! Let us work together towards more freedom for all the seven billion people worldwide and towards a better tomorrow!
According to Sun, this stablecoin is superior to all others, including UST, as it promises to be far superior in decentralization, and will operate under an algorithmic program that will not depend on any centralized institution for exchange, management and storage. And to control that the price is equal to the dollar, the following will be applied: When USDD price is less than 1 USD, users and arbitrageurs can send 1 USDD to the system and receive 1 USD in TRX. When the USDD price is above 1 USD, users and arbitrageurs can send 1 USD of TRX to the decentralized system and receive 1 USDD. Regardless of market volatility, the USDD protocol will keep USDD stable at 1: 1 against the US dollar through appropriate algorithms in a decentralized manner.
But now, seeing things as they are, this project is not entirely decentralized, this for a very big reason and that is that to get USDD you have to send TRX to the protocol to create it, and as we know the history of Tron is not decentralized at all.
For example, Lucien Chen, the former CTO of TRON, when he resigned from the tron project, mentioned that the network has moved away from its goal of decentralization, as voting is centralized, some nodes have more than 90 percent of the vote with only a few voters, which has caused the decline of the ordinary retail investor vote.
In addition, as Chen mentioned: Token distribution is centralized, super reps are centralized, code development is centralized. Even the community is organized under centralization. There are no diverse voices in the TRON ecosystem.
We also know that Sun is a lover of centralization, and made that clear when it acquired Steem's blockchain. So even though the USDD name says it's super decentralized and you won't see anything like this in human history, we know it's like Dorsey's plans with Twitter or Elon's plans to fix traditional social networks, it's just not part of their business.
And what do you think about this project, do you think it's the new first of decentralization, or will it be just another one of the bunch of centralized projects?
let me know your opinion, and if you liked this post you can give me a comment, vote and reblog.