Vitalik Buterin’s “Burn in Hell” sentiment sparks a new movement

On July 6, 2018, Vitalik Buterin stoked the crypto media’s fire when he said he wanted centralised exchanges to ‘burn in hell’, essentially because they charge millions of dollars in fees before listing new tokens.

Exchanges, acting like self-appointed gatekeepers, pick and choose which coins to list. We saw their power a few weeks ago when Coinbase suggested that it might, only might, list five coins which it named: as a result, all five coins had a double-digit surge in market value.

Of course, Vitalik’s comments gathered a lot of attention but they did serve a purpose too. It is a well known fact that the weakest link in the crypto-ecosystem are centralised exchanges where digital currency is extremely vulnerable.

In fact the least complicated way to steal cryptocurrencies is to hack a centralized exchange.

Centralised exchanges have another failing because they are trusted third parties and hence contradictory to Satoshi Nakamoto’s vision.

From my frustration with this cartel-styled control, I have come up with a novel approach where we use ICO token swaps to form the basis of a decentralised token-exchange-network.

This innovative model enables us all, at various stages of our ICOs, as a group, to buy, and offer for sale, the tokens held between ourselves — and fulfil Satoshi’s vision of eliminating all forms of trusted third parties. Furthermore, this provides liquidity and support amongst groups of like-minded ICOs.