$3.74 -1.43%
EOS · 18w

Practicality of decentralized networks

There has been no doubt from most people in the crypto-currency space that decentralized networks will solve many issues that hinder a centralized-style network from the view point of end users and creating a fairer world for all people. That being said the technology is definitely still within its infancy and may solve many issues, but also presents many issues and when the good and the bad are weighed up, the majority of people will still pick the centralized option due to speed or lack of help/insurance policies inside of current decentralized networks.

The 3 networks I will be using as examples to demonstrate my point will be Bitcoin(BTC), Ethereum(ETH) and EOS(EOS). These 3 networks have very different means of decentralization as well as very different levels of decentralization.

Bitcoin is the oldest crypto network operating at this particular time and some would argue that compared to the newer style networks such as Ethereum and EOS it is more decentralized as it operates with a Proof-of-Work consensus protocol although there are many, many points to the contrary.

Bitcoin has around 3-4 mining pools who mine the absolute majority of blocks, this would be akin to a Proof-of-Stake network only having 3-4 people validating blocks which is considered to be incredibly unsafe and centralized. Bitcoin has a times in its life had one miner(mining pool) own over 51% of the hash power on the network meaning that they could have committed a 51% attack on the network which would have had devastating consequences although they obviously had far to much interest in the coins of the network that it was certainly not in their best interest to commit the attack but in my opinion scary at the very least. Bitcoin is also not ASIC(application specific integrated circuit) resistant which means that the protocol now differs from Satoshi Nakamoto’s original vision of absolute decentralization by having the ability for everyone to run their own node with t...

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