The global gathering of activists at Oslo Freedom Forum discussed crypto and its innovations along with their capabilities to bring up the changes
Human Rights and Pro-democracy activists from all around the world gathered at the Oslo Freedom Forum, there were a lot of discussions among the panelists and guests. One of the vital subjects of discussion remains cryptocurrencies and the innovations that the technology brought up along with it. Since the technology itself is primarily based on the concept of decentralization, it qualifies to be a prominent subject of discussion on a stage where democracy is being discussed.
During the gathering, a prominent Lightning engineer at Blockstream and Base58 educator, Lisa Neigut went on to discuss the bitcoin network and a CBDC system’s difference. Neigut stated that isn’t it correct that C in CBDC defined it as a centralized entity. This makes it clear that CBDCs would act under the control of a central processor who will be there to look upon every other transaction that would be placed on the network using the bank’s currency.
Neigut argued that in such circumstances, the central authority holds the right to decide whether to validate the transaction or to just cancel it if found somewhat incorrect or not following the decided measures. She said that on the other hand, while using a permission payment system like the bitcoin network, it becomes easy to initiate the transaction and there will be no interference of any intermediary until the transaction takes place. This is the core difference between CBDC and permissionless blockchain networks like Bitcoin.
Further, during the conversation at the Oslo Freedom Forum, founder of Core Scientific IT service management firm, Darin Feinstein pointed out the immutable nature of the bitcoin network. Feinstein said that this is due to using the Proof-of-work consensus mechanism. He said that one key factor of stablecoins based on PoS and bitcoin on PoW, makes them one among incorruptible items.
Further, Feinstein also states that being on proof of work, bitcoin becomes immutable and prone to make any changes on the transactions over its network. While comparing to general systems, he said that other projects could be corrupted at an administrative stage due to the accessibility of intermediaries on the system, but it’s not possible to do the same with the bitcoin network.
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Source: https://www.thecoinrepublic.com/2022/07/03/here-are-three-of-the-many-keynotes-all-the-way-from-oslo-freedom-forum/