Samson Mow, former Chief Strategy Officer of Blokstream and founder of JAN3, is convinced that most decentralized financial protocols cannot compete with Bitcoin when it comes to providing an effective financial network due to the lack of decentralization. I am.
As Mow pointed out, the DeFi project is managed by an entity that can freely change the protocol.
“At the basic level, money must be immutable,” Mow explained. “If you can change it freely, there is nothing better than the fiat currency managed by the Fed.”
Bitcoin decentralization makes it very difficult to change the protocol. As such, Mow sees Bitcoin as a unique candidate for becoming a truly global monetary system.
Mow pointed out that despite the immutability of the Bitcoin base layer, developers can use Layer 2 scalability solutions to build applications on the Bitcoin blockchain.
In particular, Mow is a strong supporter of Lightning Network, enabling instant and cheap Bitcoin trading. Mow is accelerating the path to hyperbitcoin by driving Lightning technology. This is a situation where people exchange Bitcoin without converting it to fiat currency.
“Lightning will replace Visa, Mastercard, and everything else,” he said. “And it reduces the cost of merchants, which means better experience and savings for consumers.”