HomeNewsBusinessCrypto is as centralised as the old world; 3-4 exchanges dominate: Nandan Nilekani

Crypto is as centralised as the old world; 3-4 exchanges dominate: Nandan Nilekani

Web3 is not as decentralised as it’s made out to be – it’s just a new set of gatekeepers that’s replacing the old set. The three or four crypto exchanges that dominate the world also decide the rules of the game, says the Infosys cofounder and author of a new book called ‘The Art of Bitfulness.’

January 17, 2022 / 17:21 IST
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Nandan Nilekani (left) and Tanuj Bhojwani with a copy of the new book.
Nandan Nilekani (left) and Tanuj Bhojwani with a copy of the new book.

Many fresh ideas and startup pitches famously begin at a Third Wave Coffee outlet in Bengaluru. But Nandan Nilekani, Infosys cofounder and Aadhaar architect, had an epiphany for his third book at a park in Koramangala, located a few metres from his home.

Tired of taking calls on Zoom and Microsoft Teams, Nilekani, 66, began to take some of his meetings during his early morning walks once the parks started opening up after the first wave of Covid-19. The Art of Bitfulness – Keeping Calm in the Digital World took shape during one such walk with iSPIRT foundation fellow Tanuj Bhojwani, who has written the book with him.

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Unlike Nilekani’s previous works, Imagining India: Ideas for the New Century and Rebooting India: Realizing a Billion Aspirations (with Viral Shah), which were more oriented towards policy, The Art of Bitfulness aims to help readers use their devices better and proposes a collective solution to wrest control back from Big Tech and social media apps, which are addictive by design. There is value in doing something to help improve digital hygiene, Nilekani says. The book, as the authors say, is not anti-tech but pro-you.

In an interview with Moneycontrol, Nilekani and Bhojwani spoke about how they keep calm in the digital world, how they use devices and social media, why Web3 is not as decentralised as people imagine, and why digital public goods such as Aadhaar and Unified Payments Interface (UPI) are good policy solutions. Edited excerpts: