Event Recap: Debaters Argue In Favor and Against Decentralization at WOCEE 2024
A debate during a tech event in Pasay City saw experts argue the pros and cons of decentralization, focusing on blockchain’s impact on society, financial inclusion, and regulatory challenges.
Whatโs the significance: The debate highlighted the growing interest and divided opinions on web3, underscoring the potential for blockchain to transform various sectors while also raising significant concerns about regulation and implementation.
Table of Contents
The Big Picture: As web3 continues to evolve, discussions around decentralization are becoming more critical, with stakeholders weighing the transformative potential of blockchain against the challenges it presents in areas like regulation, security, and public adoption.
Driving the news:
- The debate featured two teamsโTeam A and Team Bโwho presented contrasting views on decentralization.
- The debate, organized by Museigen, took place at the Nexus Stage during the World of Consumer Electronics Expo (WOCEE) event.
- It was at the SMX Convention Center Manila in Pasay City last August 9, 2024.
How it works: The debate was structured in a revised parliamentary format, with rounds of rebuttals, cross-examinations, and audience participation via social media, making the event both informative and engaging.
- Watch the debate here.
Each group’s stance is determined by a coin flip, meaning that regardless of their actual beliefs, they must defend the position assigned by the flip.
Team Arguing That Decentralization is Harmful:
- Michael Mislos (BitPinas)
- Nelson Lumbres (Internet Computer Protocol-ICP Manila)
- Patrik Ferrer (The Round Table – Digital Community Solutions)
Argument Highlight:
BitPinas Editor-in-Chief Michael Mislos argued that not everything needs decentralization because there are already industries that are working well:
โOur team argues that blockchain is very complicated, with not much information available and a lot of scams happening. Some people argue that if something works, thereโs no need to change it, and not everything needs to be decentralized. While decentralization might be useful for things like remittances, there are now proposals to use blockchain for all sorts of things, like medical records and fashion. This makes you wonder if people in the industry really believe in decentralization or if theyโre just interested in the money that can be made through initial coin offerings.โ
The Roundtable Co-Founder Patrik Ferrer emphasized that blockchain lacks a “customer service” option to help when fraud occurs, making it difficult for victims to recover their assets:
โThe majority of the people still use a centralized (system) when it comes to their daily lives. It’s really hard to use a decentralized (system) especially when you send money to someone and then nagkamali ka; there’s no governing body that in between you can possibly call on or ask for help…. There’s no authority to handle the case.โ
ICP Hub Philippines Co-Founder Nelson Lumbres emphasized that there are still benefits of having a centralized entity than pure decentralized:
โIn terms of legal or regulatory. You don’t need naman to decentralize it. Everything, since the dawn of time naman, even โyung ating constitution, ay napag-isipan through a governing body, you know, which we can consider a centralized (system).โ
Team Arguing That Decentralization is Beneficial:
- Fermin Barrenechea (Museigen.io)
- Mike Biag (CryptoBilis PH)
- Floi Wycoco (Coins.ph)
Argument Highlight:
Coins.ph Senior Campaigns Manager Floi Wycoco said that decentralization is needed because blockchain brings transparency:
โOne thing good with decentralization is that it helps a lot of people when it comes to tracking all of our transactions through the internet; everyone has access to the internetโฆ We can easily track all of this commerce because all of the transactions can be easily tracked down through the blockchain technology.โ
CryptoBilis Co-Founder Mike Biag highlighted that the data recorded on blockchain will be forever, which is useful in this information era:
โInformation that is not set in stone can be questioned. So if the information is on the blockchain, you cannot change that information anymore. It is trueโฆ If you put blockchain into law โ litigation โ for example, if someone puts their will on the blockchain and if they passed away, you can track that that person is the one who made the will. If not, it can be contested by the family members.โ
Museigen.io Co-Founder Fermin Barrenechea explained that decentralization can be adopted one step at a time, especially in industries that do not perform well with centralized techniques:
โI think that’s the whole point of decentralization. You don’t need to do it all at once, you can do it in stagesโฆ With decentralization, let’s say you’re going to send the money online through an application, it doesn’t have a physical branch; there’s no teller. So that’s why you’re able to do it quicker, cheaper; that benefits both the sender and the recipientโฆ You will see them doing it in stages, maybe not necessarily 100% decentralized right away, but the reason that they started in finance is because they saw that there were so many inefficiencies in the current centralized setup.โ
The Result
The judges praised both teams for their debate performance but ultimately awarded the win to the “For” side, as they believed decentralization represents the future.
Between the lines: The debate highlighted a key tension in the web3 discourse: the balance between innovation and regulation.
- While decentralization promises greater access and transparency, it also introduces new challenges in governance and societal impacts.
However: The success of decentralized systems heavily depends on overcoming practical implementation challenges, such as regulatory compliance, security concerns, and public education on the technology.
What to watch: Future discussions and policy developments on web3 particularly how governments and institutions plan to address the dual pressures of fostering innovation and ensuring public safety and trust.
The bottom line: The debate at SMX Convention Center Manila highlighted both the promise and peril of decentralization, providing valuable insights into the ongoing conversation about the future of blockchain in society.
Worth reading: Recently, DICTโs introduction of eGOVchain, a government blockchain, has sparked debate among Filipino web3 leaders and crypto enthusiasts, with mixed reactions regarding its decentralization and transparency.
This article is published on BitPinas: For or Against: Decentralization Debate at WOCEE 2024
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