ViaBTC CEO: Blockchain’s Primary Role Is Trustless Finance

Haipo Yang, chief executive of ViaBTC, wrote in a company statement that blockchain’s main function is to enable trustless value transfer in finance. ViaBTC operates a global cryptocurrency mining pool and issued the remarks as the market focuses more on utility, infrastructure and sustainability.

Yang described blockchain as “a long-running experiment in replacing institutional trust with cryptographic systems,” linking the technology to Bitcoin’s origin as an alternative to the traditional banking system after the 2008 financial crisis.

He noted that decentralization has costs. Distributed validation raises operational expenses and reduces transaction speed and scalability. “Decentralization is expensive and inherently inefficient,” Yang wrote, adding that those trade-offs make sense primarily where trust is the key concern.

Stablecoins and censorship-resistant payments were cited as concrete financial uses. Yang pointed to stablecoin adoption in places with unstable local currencies or limited access to global financial services, and he said the ability to move value without permission matters when traditional systems impose restrictions. “These are not theoretical use cases,” he wrote.

The statement also acknowledged that many crypto products include centralized elements. Yang observed that stablecoins are often issued and managed by entities that hold reserves and enforce policies, and he said many users prefer systems with fewer constraints than conventional finance rather than full decentralization.

Yang addressed recent industry failures and structural risks by pointing to the collapses of LUNA, FTX and Celsius. He wrote that “freedom in financial systems comes with real costs” and that users bear responsibility because there are no guarantees or safety nets.

On market behavior, Yang outlined cycles of ICOs, DeFi, NFTs and meme coins as examples of how capital and attention shift quickly. He wrote that markets are driven by stories as much as technology and urged discipline and independent judgment when evaluating digital assets, stating that “judgment becomes the most important asset.”

ViaBTC said it will continue supporting blockchain infrastructure through its global mining pool and related ecosystem services as the market develops.