• Wed. Jun 19th, 2024

Full decentralisation is a kind of pink dream, says MyNearWallet CEO George Goshanov

George Goshanov believes that competent decision-makers are still needed in the crypto space, which is why full decentralisation is a kind of pink dream.

George Goshanov, CEO of MyNearWallet, told FXSTREET in a recent interview that he doesn’t believe in full decentralisation. 

MyNearWallet is a wallet for the NEAR blockchain. When asked about his thoughts on decentralisation, Goshanov said there is still a place for competent decision-makers in the cryptocurrency market. He said;

“Full democratisation and decentralisation might cause the diffusion of responsibility, and there is still a need for competent decision-makers to have some control over real blockchains. 

Otherwise, we fall into anarchy. In that regard, I’m looking forward to seeing how the NEAR ecosystem will evolve. Today, the NEAR Foundation pays much attention to fragmenting authority across various levels so there is not a single entry point to exploit. Unlike other blockchains, the core team behind NEAR is very close to the community, allowing everyone to contribute to the health of the network.”

The MyNearWallet CEO added that the idea of decentralisation outside the NEAR blockchain remains a blur. According to Goshanov, Web3 developers are seeking to further integrate blockchain with everyday routine, which is linked to centralisation. He said;

“In the real world, there are governments and big stakeholders, each having their own interests and goals. It’s hard to say how events will work out, but it seems to me that something like a war between two camps will eventually break out.”

As the head of a cryptocurrency wallet service, Goshanov praised wallets and the role they are playing in the ecosystem. He believes that wallets are the glue that binds Web2 and Web3.

When asked if users should focus on custodial or noncustodial wallets, Goshanov said;

“There is no single answer to this question, as we need to use both types of wallets for different purposes. The only secure way to maintain your vast savings is to use non-custodial hardware wallets, such as Ledger or Trezor. The issue is that they are not scalable, so for quick transfers or ordering coffee with crypto, you’d be better off using custodial solutions that are more user-friendly and straightforward.”

Near Protocol has been expanding its presence in the web3 space in recent months. In July, the Near Protocol announced a partnership with BitGo in a bid to attract more institutional investors to its ecosystem. 

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