Topic: Is ETH decentralized? - page 2. (Read 628 times)
Well am still new in this space but with the little understand have gathered I would support the motion that eth is decentralized since every single transaction carried out on the chain is encrypted
Due to DAO hack Ethereum lost many fans, because one of the biggest blockchain values is the irreversibility of the transaction, which has been refuted. I know, that community agreed on, but, it was a mistake and you can´t change the paradigm of the blockchain, right?
I have to agree with bitgolden here. Vitalik succeded to convince the majority to switch to Ethereum and abandon ETC but it doesn't he has an eltimate control over the network. I believe eth community is matture enough and will not follow him if he makes with a bad decision.
What if Roger Ver succeeded to convince the community to switch to BCH? Would we accuse bitcoin of being centralised!?
What if Roger Ver succeeded to convince the community to switch to BCH? Would we accuse bitcoin of being centralised!?
yes! eth is decentralized and best asset after btc and eth blockchain is pretty strong and secure.eth price dropped but if you see the overall market you will see whole market falls.
ETH is purely decentralised and a precious asset in crypto market, and no one believed that suddenly vitalik will sell ETH. And this caused a big fall in the crypto market..
Not only ETH most of the coins alts dropped suddenly and that's why most of them switch to BTC to save their holdings, however just forget about the past and move forward to see a positive trend.
Not only ETH most of the coins alts dropped suddenly and that's why most of them switch to BTC to save their holdings, however just forget about the past and move forward to see a positive trend.
ETH is the 2nd largest crypto as per the market capital. Till now, I did not know that once upon a time in 2016, Vitalik Buterin has forked ETH to rollback transactions from DAO hack. I knew from here- https://bitcointalksearch.org/topic/m.54262172
So, if the creator of the ETH can fork the blockchain to reverse or in other words to manipulate the chain, how can it be decentralized?
Share your opinion.
Having control over something and having influence over something two very different things. Vitalik has influence over ETH and if he says something clever, for example like the PoS ethereum 2.0, people do listen, what he has to do to change all of ethereum is just get people to listen to him and follow him, we are all like that, if I want to change something in ETH and people do listen to me and follow me we can change it as well. This is not control, this is basically politics, and I am sorry to say but politics are very important during forks because people decide on which fork to follow depending on whoever is a better politician, every single transaction on the forks are basically votes and whichever fork is voted more will get a lot more attention.So, if the creator of the ETH can fork the blockchain to reverse or in other words to manipulate the chain, how can it be decentralized?
Share your opinion.
Vitalik is the president of ethereum lets say, but every single move he makes he has to be voted for it, and if he gets the votes he does whatever he wants but that doesn't mean it is centralized at all, people are still deciding it.
The fact that Vitalik decided to roll back means he controls ETH and can manipulate ETH which means he is the central authority to this platform. Its been one of the topics being debated long time ago, it's been used to fud ETH as well. But none of it matters if they trust Vitalik with his decision. Whether its centralize or not, the smart contract makes money.
This is a good discussion why we should believe ethereum is not decentralized.
ethereum isn't decentralized and other myths
ethereum isn't decentralized and other myths
Thanks for sharing the article. After reading it, I am a bit convinced that I might be wrong in believing that Ethereum is decentralized. And yeah a switch towards PoS would worsen it further as it can easily be manipulated when compared to PoW.
Is ETH decentralized?
Biggest ETH problem is not decentralisation but security. Why reversing block chain need to happen in first place. And there was many incidents later on. ETH is an experiment. Not a place where you want to keep your wealth.
Agreed with this. Security is more of an issue, when compared to decentralization. Recently, there have been a number of incidents, which laid bare the security vulnerabilities of Ethereum. And I expect the situation to get worse after the implementation of Ethereum 2.0. From what I heard, the developers are ignoring a number of issues, so that they can roll out ETH 2.0 sometime soon.
Ethereum is an open software platform based on blockchain technology that enables developers to build and deploy decentralized applications.
Probably not well decentralized but it looks like the stakeholders and developers are really working hard to properly decentralize it. Just hope they do it the right way.
Every community member will need to be part of keeping Ethereum safe and decentralized in the future. Things like having +100,000 Ethereum members to easily run full nodes to fully monitor the network, check and balance things in a Blockchain-friendly manner will matter alot.
The roll back of transaction is actually important. It should be done via consensus though. If there is undeniable proof that a user/address stole from people, the user should lose his/her censorship resistant right and the money recovered.
Every community member will need to be part of keeping Ethereum safe and decentralized in the future. Things like having +100,000 Ethereum members to easily run full nodes to fully monitor the network, check and balance things in a Blockchain-friendly manner will matter alot.
The roll back of transaction is actually important. It should be done via consensus though. If there is undeniable proof that a user/address stole from people, the user should lose his/her censorship resistant right and the money recovered.
Is ETH decentralized?
Biggest ETH problem is not decentralisation but security. Why reversing block chain need to happen in first place. And there was many incidents later on. ETH is an experiment. Not a place where you want to keep your wealth.
Recently, ETH has planned to switch on PoS which I think more risky because with more weight or balance, anyone can manipulate. However, I think Vitalik owns such amount of ETH to manipulate the network. That's the different between PoS and PoW. Anyone with a huge fund can manipulate a chain in PoS while with huge fund in PoW, they have no power of manipulation in the chain.
ETH is decentralized. Vitalik Buterin able to forked ETH to rollback transactions from DAO hack because there are many ETH users who stood with his action. Yes, he is a leading figure of ETH but ETH users agree with that course of action so it isn't like Vitalik Buterin could do whatever he wants without the agreement with ETH users at that time.
Again, the fact that majority agreed with him is one major point. Think if the one who made the proposal to rollback the chain was someone else that's not Vitalik, I could guarantee it would get a lot lower attention. Look at the Binance hack as an example, whereas CZ was initially interested in doing a sort of rollback to regain control of the stolen funds. What happened? People crapped on CZ.
Ether is very centralized, as Vitalik holds a good bunch of the premined coins still. Doesn't seem like people care at all, as he did amazingly well with his platform.
I'm not a fan of centralized projects, regardless of how popular they may seem, this includes Ripple and a few others on the list.
Been a fan of Blocknet since the very beginning, since everything is funded through super blocks, meaning everything is voted for. The investors decides how the money is spent, and where. It's pretty cool.
They are all about decentralization, mostly known for their DEX, but also works on their own oracle network, and Infura solution which is actually far more powerful than Ethereums.
I'm not a fan of centralized projects, regardless of how popular they may seem, this includes Ripple and a few others on the list.
Been a fan of Blocknet since the very beginning, since everything is funded through super blocks, meaning everything is voted for. The investors decides how the money is spent, and where. It's pretty cool.
They are all about decentralization, mostly known for their DEX, but also works on their own oracle network, and Infura solution which is actually far more powerful than Ethereums.
You can consider a mid term, not totally decentralized, because Vitalik have a lot of power in ETH of course, and I don't blame him, it's his own coin and at least he try to do his best to improving ETH
And it's a good job, it's the biggest altcoin and have a real use, it works, so there's no problem to ETH
And it's a good job, it's the biggest altcoin and have a real use, it works, so there's no problem to ETH
ETH is decentralized. Vitalik Buterin able to forked ETH to rollback transactions from DAO hack because there are many ETH users who stood with his action. Yes, he is a leading figure of ETH but ETH users agree with that course of action so it isn't like Vitalik Buterin could do whatever he wants without the agreement with ETH users at that time.
Well he has control over it so we could not say it is decentralized right?
That tells it all. Actually, the answer to your question lies in your own statement which had been done before.
The fact that he have authority over it is the answer.
You could always use bitcoin for easier comparison.
Quote
Decentralization or decentralisation is the process by which the activities of an organization, particularly those regarding planning and decision making, are distributed or delegated away from a central, authoritative location or group.
Credits to Wiki. That tells it all. Actually, the answer to your question lies in your own statement which had been done before.
The fact that he have authority over it is the answer.
You could always use bitcoin for easier comparison.
Reading all these comments, I think it would be better to say that Ethereum network is decentralized but the problem is that Vitalik's influence is just too big. And probably every decision that he make will be OK with the community. Because of that influence, I would describe Ethereum as pseudo-decentralized network. Would you agree?
Any decision that has already taken by ethereum developer will put miners as a party that plays a big role. I guess you must need to read the whole story of DAO hack. I just suggest you read this https://medium.com/@ogucluturk/the-dao-hack-explained-unfortunate-take-off-of-smart-contracts-2bd8c8db3562
Just like that the implementation fo the EIP will never happen if the majority of miners say no for that proposal. This is similar as when bitcoin was also doing BIP and the community ( miners) were voting for which proposal that made them all interested.
True, all of the EIPs has to be accepted by the majority of the miners in order to be implemented. No one is saying that Vitalik can implement an EIP by himself. But his opinions are very influential and most miners will accept whatever he says. That's why I'm saying that Ethereum is pseudo-decentralized.
Reading all these comments, I think it would be better to say that Ethereum network is decentralized but the problem is that Vitalik's influence is just too big. And probably every decision that he make will be OK with the community. Because of that influence, I would describe Ethereum as pseudo-decentralized network. Would you agree?
Any decision that has already taken by ethereum developer will put miners as a party that plays a big role. I guess you must need to read the whole story of DAO hack. I just suggest you read this https://medium.com/@ogucluturk/the-dao-hack-explained-unfortunate-take-off-of-smart-contracts-2bd8c8db3562
Just like that the implementation fo the EIP will never happen if the majority of miners say no for that proposal. This is similar as when bitcoin was also doing BIP and the community ( miners) were voting for which proposal that made them all interested.
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