What cryptocurrencies can't be trusted? A list of the most centralized coin
Source:
Decentralization was one of the most important reasons for which you should use blockchain. However, even the most well-known projects in the industry of crypto currency is centralized. So says the Creator of Dogecoin Jackson Palmer, who recently started work on their new service.
Users can look at the degree of decentralization of individual coins in the industry. As it turned out, among the thousands of cryptocurrencies a few can be considered truly independent and decentralized.
theWhen will full decentralization?
To answer this question, Palmer decided to evaluate five indicators of each project:
the-
the
- a number of organizations, which together control more than 50 percent Hasrat; the
- percentage of the total number of coins at the largest hundred wallets; the
- the number of clients that work with cryptocurrency Protocol; the
- the number of public node. the
- incentives for miners or the owners of the node.
The Founder of Dogecoin demonstrated why investing in the well-known projects are not always safe. For example , Stellar (XLM), IOTA, NEM and Nano are very centralized startups. According to Palmer, they are unlikely to survive in the long term, as the government can easily destroy them (if really needed).
Source: arewedecentralizedyet
The Irony is that the Dogecoin can be much more sustainable than Stellar. At this point in cryptocurrency network nodes 122 operate on four types of clients (Shibetoshi, Block.io Node and BitcoinJ). With the Cardano case is very bad — the project has only one public node.
The "yet Are we decentralized?" spreadsheet is coming together nicely with the help of some great community members… I'll talk about it more in a video very soon!
— Jackson Palmer (@ummjackson)
But worst of all on the issue of decentralization proved to NEO. Only one organization decides the fate of the blockchain, and 70 percent of all tokens placed among the top 100 wallets.
All of this leads to some reflections. Such projects should of already existing initiatives in the traditional financial system? She is also fully centralized. In any case, the industry is at an early stage of development, so in the future we will find a lot of interesting changes.
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