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True decentralization is not achieved by one feature e.g. running a node.
It’s comprised of a variety of factors which interplay to help achieve varying degrees of decentralization.
#Bitcoin
in my opinion is a significantly decentralized protocol
A mini thread...
https://twitter.com/hodl0815/status/1387128578752622595
It’s comprised of a variety of factors which interplay to help achieve varying degrees of decentralization.
#Bitcoin
in my opinion is a significantly decentralized protocolA mini thread...
https://twitter.com/hodl0815/status/1387128578752622595
1/ Founder
Satoshi’s disappearance, so early in the protocol development is unmatchable. Bitcoin survived and then thrived without having a founder to guide the community or influence its direction in any form. No founder chokepoint.
Founder Decentralization.
Satoshi’s disappearance, so early in the protocol development is unmatchable. Bitcoin survived and then thrived without having a founder to guide the community or influence its direction in any form. No founder chokepoint.
Founder Decentralization.
2/ Distribution of coins
Distribution of coins via PoW mining is the fairest form of distribution you can hope for. Get in early, learn the game, reap the reward. No backroom dealings, no pre-mine, no VC interest to protect. No bullshit!
Miner Decentralization.
Distribution of coins via PoW mining is the fairest form of distribution you can hope for. Get in early, learn the game, reap the reward. No backroom dealings, no pre-mine, no VC interest to protect. No bullshit!
Miner Decentralization.
3/ Protocol Development
For a protocol aiming to be decentralized, the development work cannot be with a centralized entity or group of people. It should be disseminated and diffused across the globe. Simplicity of the protocol ensures that.
Developer Decentralization.
For a protocol aiming to be decentralized, the development work cannot be with a centralized entity or group of people. It should be disseminated and diffused across the globe. Simplicity of the protocol ensures that.
Developer Decentralization.
4/ The Ledger
A protocol aiming to be decentralized should be light enough, so that it can be run on simple h/w devices. This ensures the ledger decentralization. The more distributed the ledger is, the more immutable it becomes.
Node Decentralization
A protocol aiming to be decentralized should be light enough, so that it can be run on simple h/w devices. This ensures the ledger decentralization. The more distributed the ledger is, the more immutable it becomes.
Node Decentralization
5/
The paradigm shift here is decentralization.
If your protocol fails to achieve that, then you just end up with the same old system which exists today, but on "Blockchain".
end/
The paradigm shift here is decentralization.
If your protocol fails to achieve that, then you just end up with the same old system which exists today, but on "Blockchain".
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