Ethereum dApps deemed “not-decentralized” after WalletConnect blocks Russian users from the protocol

  • 📰 FXStreetNews
  • ⏱ Reading Time:
  • 18 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 72%

Coin Coin Headlines News

Coin Coin Latest News,Coin Coin Headlines

Ethereum is called the home of decentralized finance (DeFi), owing to the vast array of protocols running on the chain, which amount to nearly 950.

Ethereum wallet and protocol communication protocol WalletConnect is facing heat for blocking users from Russia and Ukraine. The protocol was criticized for defeating the purpose of blockchain and decentralization by controlling access to services. WalletConnect CEO Pedro Gomes cited legal and OFAC guidance as the reason behind the move.

Users even suggested that the fact that such an option exists is proof that the protocol is not truly decentralized. The point of being decentralized is so that no one authority or entity can control the actions of other participants, which has been evidently flouted by WalletConnect. Another user stated, “Seriously, I just lost my business forever.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 14. in COİN

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Cryptocurrencies Price Prediction: Ethereum, Cryptos & Shiba Inu – Asia Wrap 30 October [Video]Ethereum Price Prediction: ETH needs to hold these key levels to revisit $2,000 Ethereum (ETH) price is in a good position after last week’s rally. B
Source: FXStreetNews - 🏆 14. / 72 Read more »

XRP, BTC and SOL Funds See More Inflows; Why Is ETH Being Left Behind?Bitcoin, Solana and other digital assets witness significant inflows, yet Ethereum remains in slump
Source: Utoday_en - 🏆 295. / 63 Read more »

CoinDesk: Bitcoin, Ethereum, Crypto News and Price DataLeader in cryptocurrency, Bitcoin, Ethereum, XRP, blockchain, DeFi, digital finance and Web 3.0 news with analysis, video and live price updates.
Source: CoinDesk - 🏆 291. / 63 Read more »