A study conducted in February 2018 by Professor Emin Gün Sirer demonstrated that Ethereum is much more distributed than Bitcoin with nodes better spread out around the world.
Cointelegraph offers you either to confirm or disprove this and five more myths about Ethereum decentralization.
Myth 1: Decentralization means distributionTo better understand what decentralization means in the Ethereum blockchain environment let's refer to the concept as described by the network's founder Vitalik Buterin.
Myth 3: The Ethereum network is protected against attacksWhat makes the network decentralized? These are three essential components that constitute the foundation of this unique characteristic.
Myth 4: The Ethereum network is resistant to attacksAttack resistance works much better in systems based on the Proof of Stake algorithm, rather than Proof of Work, which the entire Ethereum blockchain operates on.
Ethereum has a full-fledged version of smart contracts.
Myth 7: Manipulating network settings is impossibleIn late 2017, the CryptoKitties online game took more than 13 percent of all Ethereum traffic, having received the title of "Ethereum's Killer App".
It is still unknown how this will end, but if the number of breeding-type applications will grow, the decentralization of Ethereum may come under serious attack.
The numerous flaws resurfacing as the Ethereum blockchain continues to be used in different conditions, confirm that the network is not 100 percent decentralized.
"The decentralisation unicorn, does it really exist? 90 % of the mining power is owned by 16 miners in Bitcoin and 11 in Ethereum.
6 Myths About Ethereum Decentralization
Publicado en May 29, 2018
by Cointele | Publicado en Coinage
Coinage
Mencionado en este artículo
Noticias recientes
Ver todo
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.