World Liberty Financial, a company partly owned by the family of US President Donald Trump, will gain total control over the WLFI cryptocurrency.
September 1 planned to launch trading of World Liberty Financial (WLFI) tokens. However, before selling the coins, participants in the pre-sale of digital assets need to apply for their unlocking on the website dedicated to WLFI. To prevent the virtual currency rate from collapsing sharply, the tokens will be unfrozen gradually, according to a schedule adopted during a vote among coin owners.
In anticipation of the cryptocurrency unlocking, World Liberty Financial employees have published rules for managing digital assets, according to which the company’s employees will be able to veto any proposal from members of the crypto community. In addition, at critical moments, the process of distributing digital assets will be managed by one crypto wallet with a multi-signature.
Thus, the token issuer will gain full control over WLFI under the pretext of the need to reduce risks. Given this fact, there can be no talk of decentralization of the new cryptocurrency.
The Trump family owns 22,5% of WLFI tokens and 40% of World Liberty Financial shares. Therefore, it could be immediately assumed that preference would be given to a centralized management model that would allow the issuer to manage the ecosystem and suppress unprofitable initiatives, allegedly to protect the interests of cryptocurrency investors.
Crypto skeptic since 2013. Hodged bitcoins, traded ethereums, staked stablecoins and eventually chose safe and reliable ways to earn on digital assets. Slow and steady wins the race — that’s me.
Is Trump’s company really ready to take total control of the WLFI cryptocurrency? This question arises after reading an article that claims that the company can gain absolute power over WLFI.
An article asserting this evokes a whole spectrum of emotions, from praise to deep anxiety. At first glance, the prospect of total control of any company over cryptocurrencies raises concerns regarding decentralization and freedom from censorship, which are the basic principles of the crypto world.
On the other hand, the article may suggest new prospects for WLFI, provided there is good investment management and policy transparency. Investment from a large company may facilitate rapid growth, cutting-edge developments and wider recognition.
More importantly, the article should call for a careful examination of the details of the announced controls. To what extent do they extend? What safeguards ensure transparency and prevent abuse? And, most importantly, how will this affect WLFI users and investors?
In order to fully consider this issue, it is necessary to evaluate the arguments in detail, provide objective data, and examine the likely consequences.
If employees can veto any proposal, how will the interests of ordinary token holders be protected?
How much cryptocurrency does Trump control? The claim of “total control” is highly simplistic, speculative, and likely incorrect in this formulation.
What is WLFI? And how can it affect the market? Thanks for the article
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