Canton is misleading the public & investors with lies & fake metrics! It is a centralized money printer with a built-in tax, tiered fees, KYC & censorship built in That is not "blockchain"! It is instead a nightmare of centralization worthy of a dystopian cyberpunk novel: 🧵 The definition of permissionless is that we do not need permission to participate in consensus. That is not at all the case for Canton! There is a literal invitation-only application proccess, where the pre-existing validator set decides who is allowed to join, determining consensus! The fact that there even is an application proccess is the perfect litmus test for permissionlessness that Canton clearly fails That makes it a totally permissioned system & by extension, also makes it totally centralized. It can never achieve credible neutrality, despite their claims to the contrary Centralized Money Printer: Canton has an insane net inflation rate of 21.8%! To add insult to injury, centralized designs do not actually need a token... Yet, Canton still does There is no application proccess in any truly decentralized system. Consensus instead relies on incentives, either in the form of a stake or work. That is why a token of value is needed to award participants However, in Canton, these rewards still go to validators who did not put up any stake! Along with a select group of applications chosen by this centralized authority... This makes it essentially "free money," from the perspective of these validators & applications. This helps to explain, to a large extent, the motive behind many of these partnerships A board for a for-profit company has a fiduciary duty to agree to a deal where they are offered millions of dollars to simply run a node & say they have a partnership, which also looks good for their company's evaluation... That does not mean it is not all BS, it only "works" due to the magic of a crypto money-printer scheme, which has a lot in common with a Ponzi scheme This is a playbook we have seen time & time again in crypto; it is nothing new Extractive Economics: Talking about there being nothing new under the sun: Canton has a literal tax system in which holders have a portion of their tokens taken directly from their wallets & burned! There is also a tiered fee system, where a higher fee is paid for smaller users & a lower fee for larger users. Making it an inherently unequal system, another reason why it is more like the old banking system than crypto The centralized authority decides which applications are "featured," significantly increasing their rewards & visibility. This obviously also opens up countless opportunities for favoritism & even corruption! Fake TVL Metrics: Canton claims to have an RWA TVL of over $326 billion! That would put it ahead of all other blockchains by an extremely large margin This claim is entirely false; it is instead an accounting trick that they achieved through their partnerships Certain companies, such as Broadridge, are simply mirroring their balance sheets within their private networks on Canton. This is then counted as "on-chain" TVL... Despite that, nothing would change if the Canton network disappeared tomorrow! That is why some sites report that full amount, but more reputable sites, such as DeFiLama, report a total TVL as $0! That is the very definition of a fake metric. It is all smoke & mirrors Preying On Ignorance: There is a continuous cycle of centralized "crypto" that exploits people's ignorance The main innovation of crypto is decentralization: The ability to do finance in a permissionless, credible neutral, & censorship ressistant manner is the real breakthrough of this technology This requires a major paradigm shift in thinking. Something many people are simply not ready for, especially such large institutions So, in the meantime, we see countless attempts to present them with a more palatable form of "crypto" However, much like the history of the early internet, where large institutions resisted the public internet & pushed for private internets. The public internet won & helped create the brave new world we live in today The history of crypto is surely going to play out in the same way, as the type of centralized authority we see in Canton has become outdated Conclusion: It is a free market & people can build whatever they want. However, we must draw a line once misleading claims are made That is where it went from live & let live to us needing to take action against Canton. Cryptocurrency is special, & we cannot allow anyone to falsely invoke the values & principles we hold so dear. Only to sell a token that is antithetical to that very movement That free market only works if we can self-police against bad actors. Something that has to be done in the free marketplace of ideas. That is why I implore you today to reject Canton & all that it represents Canton is regressive, as it goes against everything crypto stands for. While pretending to have the same attributes of crypto, when nothing could be further from the truth. It is, frankly speaking, significantly worse than the current banking system The crypto movement was born as a protest against such arbitrary centralized power. As the Bitcoin genesis block so clearly stated It would be tragic if crypto ends up birthing a monster that turns out worse than what it was trying to fight. Help us fight this monster by spreading this message far & wide. As crypto deserves better, we deserve better That is why we must push back against all pretenders to the throne, as crypto is meant to be a liberating force. Canton has no business being in that exclusive club As ultimately, crypto is here to make the world a better place through economic freedom, privacy, censorship resistance & individual sovereignty! 🔥