Ethereum co-founder sees decentralization as one of the main goals for the whole world, and cracks down on centralized cryptocurrency exchanges, freezing the development of the whole industry.

Vitalik Buterin during a public interview at the TechCrunch Sessions conference discussed the decentralization of either Ethereum ecosystem or other blockchains. He recalled that in 2013, the bitcoin network confronted a threat of 51% attack coming from the GHash mining pool.

“Back in 2013, when GHash had 51 percent everybody freaked out. It’s happening a second time and people aren’t really talking about it this much,” Buterin said, hinting that currently the Chinese producer of mining equipment Bitmain managed to capture almost 51% of the hash power of the bitcoin network.

In addition to potential 51% attacks, the problem of centralization is associated with the concentration of capacities in one geographical location. Buterin gave an example of how this could adversely affect the network: after a flood in Sichuan province, large mining enterprises were destroyed, and it could negatively affect the work of the bitcoin network.

Make Ethereum as decentralized as possible is one of the main goals that Buterin sets himself. At the same time, he wants to make users authentication more convenient and simple, which would not lead to loss of assets when a private key is lost. Without this, “it’s going to be hard to reach mainstream adoption,” of cryptocurrencies and blockchain, believes Buterin, adding that he is talking about multi-key schemes.

Buterin addressed his most vivid negative evaluation to centralized crypto-exchanges.

“I definitely personally hope centralized exchanges burn in hell as much as possible. In practice, particularly on the fiat to crypto side, it is very difficult to decentralize because you ultimately are interfacing with the fiat world, and the fiat world is one that only has basically centralized gateways…There are valuable services being provided there that are very hard to decentralize,” Buterin said at a conference in the Swiss Zug.