Samson Moe, former director of strategy at Blockstream, believes that DeFi protocols cannot compete with Bitcoin due to their lack of decentralization as money networks.

Samson Moe, former director of strategy at Blokstream and founder of JAN3, believes that most decentralized finance protocols cannot compete with Bitcoin when it comes to providing an efficient monetary network due to the lack of decentralization.

As Mou pointed out, DeFi projects are run by organizations that can change the protocol at their discretion.

“Bitcoin is fundamentally money and should be immutable,” Moe explained. “If you can change it at will, then you’re no better than Fed-managed fiat currency.”

Bitcoin (BTC)’s decentralization makes it very difficult to change its protocol, which is why Moe sees it as a unique candidate to become a truly global currency system.

Moe noted that despite the unchanged Bitcoin base layer, developers can still build applications on the Bitcoin blockchain by working with their Layer 2 scalability solutions.

In particular, Moe is a strong supporter of the Lightning Network, which enables instant and cheap bitcoin transactions. By promoting Lightning technology, Moe seeks to accelerate the path to hyperbitcoinization, a situation where people exchange bitcoins without having to convert them to fiat currency.

“Lightning will replace Visa, Mastercard and everything else,” he said. “And it reduces costs for merchants, which means a better experience and cost savings for consumers.”

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Source: CoinTelegraph