Ethereum (ETH) founder Vitalik Buterin recently wrote a new post on his personal blog. In his post, Buterin outlined his ideas for how centralized exchanges could be more robust after FTX’s bankruptcy.
The crypto inventor pointed out that the bankruptcy of the giant centralized exchange has greatly shaken the confidence of investors. Buterin believes that centralized exchanges will be “like decentralized exchanges (DEX)” and the industry will be at a more reliable point.
“Centralized exchanges should be able to instantly present the amount of crypto assets in their hands to users. For this, cryptographic tools can be used instead of data entry of exchange officials.”
The Ethereum inventor also thinks that exchanges should switch to an open voting system in order to use user resources.
After a short fight between Binance and FTX, users wanted to withdraw their money from the FTX exchange. After this situation, it was revealed that the sunken stock market used customer funds for different purposes. Customers still did not get their money back, which was stranded on the exchange.
Coinbase CEO Brian Armstrong agreed by retweeting Buterin’s blog post on Twitter.
Thank you @VitalikButerin for helping drive this research forward. On-chain accounting will be an important part of the cryptoeconomy. https://t.co/UzqL0kMaEF
— Brian Armstrong (@brian_armstrong) November 19, 2022
“I thank Vitalik Buterin for his valuable research and ideas. On-chain accounting will form an important part of the crypto economy in the future.”
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