Is crypto decentralization a lie.

The defining features of Web 3.0 is decentralization.
The truth is, It’s just fairydust. Or a lie.

What is decentralization?
In blockchain, decentralization is the transfer of control and decision-making from a centralized organization to a distributed network. This concept is very important for the evolution of mankind.

Most crypto projects claim to be decentralized, but the market is slowly learning that’s not the case.

The Terra blockchain, one of the most popular crypto projects that claimed to be decentralized was halted by the creators for over nine hours after Terra’s price fall.

The halt means that token holders were not able to move their Terra assets and create new blocks until the people in control of blockchain allowed them to do so. Imagine having money in the bank and the bank shuts down. This is the future? We already have that.

It doesn’t sound very decentralized or permissionless.

Almost all Web3 projects are under control of a small group of people. They can stop the network, ban you from using your assets, etc.

Even if you use Ethereum network that’s very decentralized, you still need to use a service like OpenSea, Metamask etc to interact with it. These services are actually centralized and controlled. Not only that, but they can be regulated.

Web3 In it’s current form is not about decentralization, it’s about connecting everything together, taking control of world data from the current powers and making extreme amounts of money for the few.

Remember that.