$1.07 -0.85%
XTZ · 15w

Why Decentralization Matters - Cointelegraph

On May 30, Tezos implemented the amendment Athens A, as the result of a voting process that involved its baker nodes (the Tezos equivalent of “miners”) from Feb. 28 to May 30.

Although the actual relevance of the upgrade was quite small (see below), the Tezos community underlines that the test was a milestone. The smooth shift to Athens A indeed demonstrated the capability of Tezos to evolve without forking, thanks to the features of proposal/selection/voting/test/implementation this blockchain itself encompasses.

On the very same day, another fast-growing young company backed by a cryptocurrency, Iota, announced an important step toward total decentralization, substituting its Coordinator mechanism with the new Coordicide tool.

Coordicide will perform the same functions of its predecessor, ensuring transaction security and preventing double spending. However, the new protocol will allow the peculiar Iota block creation process to work in a fully decentralized and permissionless manner.

The debate over what constitutes the most suitable approach to the exchange business and the declarations of some big companies about decentralized exchanges (DEX) — both for or against it — only add to the fact that the topic of decentralization is still a paramount concern as crypto involves more people and use cases.

The evolution of cryptocurrencies as a business increases the amount of interest it generates. As in any business, this involves issues relating to power distribution. But such questions are difficult to answer in a simplistic way.

Benevolent dictators

Bitcoin (BTC) defines itself as a peer-to-peer (p2p) network, as per the title of its white paper; the new electronic cash would work in a trustless manner — the 2008's foundation document states — thanks to the consensus of the honest nodes that “control a majority of CPU power."

The dream of money created by the people and for the people, freely circ...

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