Vitalik Buterin, has voiced his open dissatisfaction with centralized exchanges in an interview by wishing they “burn in hell.”
Buterin strongly disapproves of the power that centralized exchanges hold by being able to choose which of the cryptocurrencies make it and “become big.” This occurs, in the opinion of the ethereum creator, because of the high listing fees, the fact that in order to appear on the exchange, millions of dollars are charged per initial coin offering (ICO). The solution that Buterin offers is decentralized exchanges (DEX’s), they permit users to maintain ownership of their cryptocurrencies and their private keys. Buterin claims that decentralization is the right path to follow in order to ‘satisfy the blockchain values of openness and transparency.’
Buterin illustrates decentralization with the following example: ‘if he was ordered with a gun to his head to write and publish a hard fork patch, he would, however not many people would download it.’
Of course, DEX’s also have weak points when compared to centralized exchanges, such as the shortage of liquidity, the fact that orders are taken individually and exist on independent order books, however, this issue is resolvable by already existing technology.
At the time of release, Ethereum has a market capitalization of around $49.6 billion and is the second biggest cryptocurrency on the market.
by Henry Addams