Stellar Development Foundation CEO Denelle Dixon warns that blockchain risks repeating history by becoming controlled by corporate monopolies rather than remaining open infrastructure. She argues for permissionless networks like Stellar over closed private blockchains that concentrate power and extract value.
Denelle Dixon, CEO of the Stellar Development Foundation, published an essay comparing today's trend toward private corporate blockchains to historical railroad monopolies. She warns that as major payment processors and banks launch closed or integrated blockchains, the industry risks repeating mistakes where a few powerful entities control access, pricing, and commerce flow. Dixon argues that open networks like Stellar, which operate as public goods with permissionless access and minimal transaction costs, represent the solution. She emphasizes that when single companies control every layer of financial infrastructure, they can dictate rules, censor projects, and extract value rather than enable innovation. Stellar's decentralized validator network and neutral architecture offer an alternative that keeps financial infrastructure free and inclusive.