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The massive outage that took down Amazon Web Services yesterday also brought most centralized exchanges to a standstill along with itself. This is a major knockoff as many leading exchanges like Binance and Coinbase were not exempted. This probably makes fresh, the back and forth on the need for more and more decentralization. As well as a question of capacity. If crypto can truly provide that much decentralization.
With AWS powering more than one-third of the internet, it’s outage was an intense blow on services and the internet at large. The AWS platform was down for at least half a day and it took down very vital services with it. This again raises the fear of allowing this much monopoly into a single company’s hands. It may be dangerous on the whole internet, should anything go wrong.
This outage caused much panic not only among services and companies which are highly dependent on the AWS, but also of several millions of average citizens who tend to depend on services rendered by this many businesses and companies.
A Business Insider India article even made it public that DyDx, an exchange platform which works at being completely decentralized was also put out of service during this long outage time. This is said to be due to current heavy dependency on the centralized cloud hosting servers of the Amazon Web Services as of yet.
This was later on admitted by a Twitter post made by DyDx that the service outage they faced was because of their reliance on AWS as at the moment.
This only further proves the extreme importance of decentralization as a major future progress pointer for cryptocurrency and the blockchain. Bitcoin, the first ever cryptocurrency was created on this same idea. The idea that there could be a financial market that serves as a matching alternative to the conventional money markets which is mismanaged by its own central bank and governments.
There’s therefore continued unsettled on the basis for the creation of metaverse. This back and forth isn’t majorly about whether or not the technology is worth it, but on its level of existence. There is major concern that such novel technology should purely be created as a decentralized platform as against autonomy by Facebook (meta) or any other company.
Letting autonomy of so much of the cryptoverse be in the hands of centralized platforms will be a situation of “back to square one”, which even violates the basis for the creation of crypto anyways. So this idea has to hinge solely on decentralized technology. For this purpose, we will require all the sharp brains who are already an audience for crypto to begin to look into innovations for complete decentralization of cryptoverse.
More and more companies will need to go decentralized and break this enormous autonomy that seems so wide across the crypto space. Just so that in the event that such an outage occurs again, not much of the internet’s activity will be affected and man services placed on standstill.
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