Topic: "Study" Shows Ethereum is More Decentralized Than Bitcoin - page 2. (Read 283 times)
I think ETH and Bitcoin are great cryptocurrencies in the world. We should not think that any coin will be better. I am an investor, and I would choose to invest in both of these coins. Possibly in the future ETH and Bitcoin will always exist in the crypto market
I think this is just a rumor that is not true because some anti-Bitcoin members fabricated this news. Although ETH is very good and can replace Bitcoin in the future, but no one dares to confirm this will become true.
The purpose of creating ETH is to replace the defects of Bitcoin. I think that ETH can replace Bitcoin in the future because everyone knows that ETH has more positive features than Bitcoin and most prominently is that ETH's transaction speed is much faster than Bitcoin.
I think this is just a rumor that is not true because some anti-Bitcoin members fabricated this news. Although ETH is very good and can replace Bitcoin in the future, but no one dares to confirm this will become true.
This is just some bullshit propaganda, Ethereum has huge centralization problems and instead of fixing them they are just spreading lies. There's a lot of people running Bitcoin full nodes on this forum, but nearly all ETH users are using lightweight clients like MyEtherWallet and Metamask, because even with pruning it takes a lot of time to sync ETH blockchain, and it eats through CPU and RAM like crazy.
If anyone wants to dive into details, I've found a link to this study: https://arxiv.org/abs/1801.03998
If anyone wants to dive into details, I've found a link to this study: https://arxiv.org/abs/1801.03998
- it is the mining effect. people are mining ETH with their GPUs so they tend to spend more money on running a heavy node.
- i can not believe that people run ETH full node with more than 1 TB blockchain and not run bitcoin node with a tiny (in comparison) 140 GB blockchain. they may be running other stripped off versions of it which would be like counting people using Electrum towards number of bitcoin nodes.
- there are more bitcoin nodes "linked to to institutions or organizations" because there are all kinds of groups involved with bitcoin while only users (speculators and home GPU miners) are involved with ethereum
- nodes being on data centers (aka being on cloud services like Amazon for instance) does not mean they are not run by individuals. many people like doing this. it is faster, easier and it doesn't need you to keep your PC running and you will be contributing to the network 24/7 this way.
- finally ETH is premined and all the decision making is centralized to Vitalik and his group. they proved it with their roll back which also broke Ether's immutability.
- i can not believe that people run ETH full node with more than 1 TB blockchain and not run bitcoin node with a tiny (in comparison) 140 GB blockchain. they may be running other stripped off versions of it which would be like counting people using Electrum towards number of bitcoin nodes.
- there are more bitcoin nodes "linked to to institutions or organizations" because there are all kinds of groups involved with bitcoin while only users (speculators and home GPU miners) are involved with ethereum
- nodes being on data centers (aka being on cloud services like Amazon for instance) does not mean they are not run by individuals. many people like doing this. it is faster, easier and it doesn't need you to keep your PC running and you will be contributing to the network 24/7 this way.
- finally ETH is premined and all the decision making is centralized to Vitalik and his group. they proved it with their roll back which also broke Ether's immutability.
I don't care about this comparison and to all of you, don't just go with the hype. I mean, Bitcoin will always be better than Ethereum in all aspects. And personally, I knew and encountered some problems about Ethereum in the past months so I guess they have to work on that because they might lose their credibility as the next Altcoin to Bitcoin in terms of market cap.
When ethereum gain as much recognition as bitcoin it may lose some form of decentralization. Rich people who can afford to buy as much as they want would buy more and they will be able to manipulate prices since they may hold a lot of ETH.
beanr once, i strongly agree.the rich will buy as much Ethereum as they can, and one man can manipulate the entire market.
It can be true, it is really a hard decentralized coin and has a lot of features that works a lot better than bitcoin in total and I do believe ethereum will get a lot bigger than this and even rival bitcoin in the future if this keeps going with the ICO deals and all. However Bitcoin has been around a lot longer and have you seen any 51% attack that killed bitcoin ?
Have you seen any centralized issues that caused bitcoin to collapse ? Even the crooked miners tried to take over bitcoin but failed and created their own worthless bitcoin forks. As Mr. Satoshi is being anonymous, I am understanding all the decisions and regulations within bitcoin environment is being executed through consensus not by a single person's opinion. As long as those consensus are happening transparent and as per majority's will then we never worry on this issue by comparing bitcoin with ethereum.
Have you seen any centralized issues that caused bitcoin to collapse ? Even the crooked miners tried to take over bitcoin but failed and created their own worthless bitcoin forks. As Mr. Satoshi is being anonymous, I am understanding all the decisions and regulations within bitcoin environment is being executed through consensus not by a single person's opinion. As long as those consensus are happening transparent and as per majority's will then we never worry on this issue by comparing bitcoin with ethereum.
When ethereum gain as much recognition as bitcoin it may lose some form of decentralization. Rich people who can afford to buy as much as they want would buy more and they will be able to manipulate prices since they may hold a lot of ETH.
It's good that there is a competitor to bitcoin. It would be great if these 2 currencies were left in the end.
it does not affect anything at all. what actually happens is, the whales that have manipulated the price, with the largest holders of btc or eth. so it's not a decentralized bitcoine issue and better than etherum.
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I think a case could be made for bitcoin being more decentralized than eth. Power and decision making for btc are split between developers and miners, while all decision making aspects of ethereum are heavily centralized within a power structure consisting of one man: Vitalik Buterin. Sometimes I get a feeling the media pushes an agenda in terms of it redefining topics in a way which convinces the public bitcoin cash and ethereum are the future, while hating unfairly on bitcoin.
Is ETH more decentralized than BTC? What do people think about this?
I think a case could be made for bitcoin being more decentralized than eth. Power and decision making for btc are split between developers and miners, while all decision making aspects of ethereum are heavily centralized within a power structure consisting of one man: Vitalik Buterin. Sometimes I get a feeling the media pushes an agenda in terms of it redefining topics in a way which convinces the public bitcoin cash and ethereum are the future, while hating unfairly on bitcoin.
Is ETH more decentralized than BTC? What do people think about this?
Well, I feel that there are several aspects of decentralization. ETH mining is more decentralized for sure, but maybe development and decision making is more centralized. I think that Ethereum is developing much faster, if some centralization is a con of fast development, it's fine to me.
I actually don`t care about that "more decentralized vs. less decentralized" type of comparison.
What`s the point?If bitcoin is more decentralized than ethereum,does this make btc better?
40% of all ethereum is in the hands of a few crypto whales.ETH can`t be more centralized,so this article is kinda like fake news.Buretin is wrong about his concept of cooperation,miners have to compete against each other,competition is always a good thing.
Agreed with you not to compare between them because their value is different but they are reliable electronic currency of this market. We are not a technical analyst, our job is simply how to make more money to increase profits. Is that what you need to do? What`s the point?If bitcoin is more decentralized than ethereum,does this make btc better?
40% of all ethereum is in the hands of a few crypto whales.ETH can`t be more centralized,so this article is kinda like fake news.Buretin is wrong about his concept of cooperation,miners have to compete against each other,competition is always a good thing.
I actually don`t care about that "more decentralized vs. less decentralized" type of comparison.
What`s the point?If bitcoin is more decentralized than ethereum,does this make btc better?
40% of all ethereum is in the hands of a few crypto whales.ETH can`t be more centralized,so this article is kinda like fake news.Buretin is wrong about his concept of cooperation,miners have to compete against each other,competition is always a good thing.
What`s the point?If bitcoin is more decentralized than ethereum,does this make btc better?
40% of all ethereum is in the hands of a few crypto whales.ETH can`t be more centralized,so this article is kinda like fake news.Buretin is wrong about his concept of cooperation,miners have to compete against each other,competition is always a good thing.
Quote
At the Genesis London blockchain conference held in February by Binary District, Cornell professor, cryptocurrency expert, and computer scientist Emin Gün Sirer said in an interview that a study done by prestigious university Cornell has shown the Ethereum blockchain network is currently more decentralized than bitcoin.
Ever since the debut of Ethereum in 2015, false information about the technology and the foundation of the Ethereum blockchain network have circulated around cryptocurrency communities, leading some investors, users, and developers to believe the Ethereum network is inferior to other major blockchains in terms of security and decentralization, given its flexibility and ability to handle large-scale decentralized applications.
A study done by Cornell professor Sirer and researchers at the institution has shown that less Ethereum nodes are linked to institutions or organizations than bitcoin, which means that more nodes on the Ethereum network are operated by individuals rather than companies.
“The data shows that the [Ethereum] nodes are both in the latency space, and also geographically more distributed round the world. Ethereum nodes tend to come from all sorts of places, smaller networks, and homegrown entities, as opposed to Bitcoin nodes, which tend to be located in data centres. Our study found that the majority of Bitcoin nodes, 56%, are in data centres,” said Sirer.
Ethereum is structurally and fundamentally different to bitcoin because its network is optimized to handle decentralized applications (dapps). The Ethereum network should be able to process thousands of transactions per second in the long-term to support dapps in the size of Facebook or Twitter, as Coinbase co-founder Fred Ehrsam previously noted.
In an interview with South Korea’s biggest mainstream media outlet JoongAng, Ethereum founder Vitalik Buterin emphasized that full scalability of Ethereum could take 3 to 5 years, depending on the implementation process of innovative scaling solutions like Plasma and Sharding.
Sharding significantly optimizes the process of mining through the proof-of-work (PoW) consensus algorithm by eliminating competition amongst miners. Instead of miners spending computing power to win individual blocks, miners can cooperate to solve mathematical problems so that computing power is not lost.
Plasma is a highly anticipated solution that is currently being developed by the open-source community of Ethereum developers that can allow various blockchains within the Ethereum network to handle different tasks, to reduce the burden on the main Ethereum blockchain.
At the conference, Sirer also noted that hardware-based technologies such as Intel SGX can help public blockchains like bitcoin and Ethereum to settle thousands of transactions per second. SGX is existent on all Intel devices such as laptops, and with it, users can send zero-confirmation transactions in a peer-to-peer manner, without straining the main blockchain. Sirer explained:
“SGX is a very exciting technology, and there are other trusted computing technologies, not SGX, but by other vendors, that provide similar guarantees. What that gives you is the ability to know what protocol somebody else is following. That is a fundamental leap.”
In the long-term Sirer said that a rapidly increasing number of institutions, conglomerates, retailers, and companies in general will shift towards the blockchain, moving away from centralized databases. But, because problems surrounding blockchains are very technical, Sirer echoed the viewpoint of Buterin in saying that it could take many years of development and significant resources to properly commercialize blockchain technology.
“Blockchains actually constitute an enormous opportunity to rethink the way we build backend systems. Instead of building things in the old fashioned way, with centralised databases that talk to each other, that need to be reconciled, that need to be kept in sync, we can actually now build much more efficient distributed databases that share information naturally, in a seamless manner,” Sirer added.
https://www.ccn.com/genesis-london-conference-study-shows-ethereum-is-more-decentralized-than-bitcoin/
Ever since the debut of Ethereum in 2015, false information about the technology and the foundation of the Ethereum blockchain network have circulated around cryptocurrency communities, leading some investors, users, and developers to believe the Ethereum network is inferior to other major blockchains in terms of security and decentralization, given its flexibility and ability to handle large-scale decentralized applications.
A study done by Cornell professor Sirer and researchers at the institution has shown that less Ethereum nodes are linked to institutions or organizations than bitcoin, which means that more nodes on the Ethereum network are operated by individuals rather than companies.
“The data shows that the [Ethereum] nodes are both in the latency space, and also geographically more distributed round the world. Ethereum nodes tend to come from all sorts of places, smaller networks, and homegrown entities, as opposed to Bitcoin nodes, which tend to be located in data centres. Our study found that the majority of Bitcoin nodes, 56%, are in data centres,” said Sirer.
Ethereum is structurally and fundamentally different to bitcoin because its network is optimized to handle decentralized applications (dapps). The Ethereum network should be able to process thousands of transactions per second in the long-term to support dapps in the size of Facebook or Twitter, as Coinbase co-founder Fred Ehrsam previously noted.
In an interview with South Korea’s biggest mainstream media outlet JoongAng, Ethereum founder Vitalik Buterin emphasized that full scalability of Ethereum could take 3 to 5 years, depending on the implementation process of innovative scaling solutions like Plasma and Sharding.
Sharding significantly optimizes the process of mining through the proof-of-work (PoW) consensus algorithm by eliminating competition amongst miners. Instead of miners spending computing power to win individual blocks, miners can cooperate to solve mathematical problems so that computing power is not lost.
Plasma is a highly anticipated solution that is currently being developed by the open-source community of Ethereum developers that can allow various blockchains within the Ethereum network to handle different tasks, to reduce the burden on the main Ethereum blockchain.
At the conference, Sirer also noted that hardware-based technologies such as Intel SGX can help public blockchains like bitcoin and Ethereum to settle thousands of transactions per second. SGX is existent on all Intel devices such as laptops, and with it, users can send zero-confirmation transactions in a peer-to-peer manner, without straining the main blockchain. Sirer explained:
“SGX is a very exciting technology, and there are other trusted computing technologies, not SGX, but by other vendors, that provide similar guarantees. What that gives you is the ability to know what protocol somebody else is following. That is a fundamental leap.”
In the long-term Sirer said that a rapidly increasing number of institutions, conglomerates, retailers, and companies in general will shift towards the blockchain, moving away from centralized databases. But, because problems surrounding blockchains are very technical, Sirer echoed the viewpoint of Buterin in saying that it could take many years of development and significant resources to properly commercialize blockchain technology.
“Blockchains actually constitute an enormous opportunity to rethink the way we build backend systems. Instead of building things in the old fashioned way, with centralised databases that talk to each other, that need to be reconciled, that need to be kept in sync, we can actually now build much more efficient distributed databases that share information naturally, in a seamless manner,” Sirer added.
https://www.ccn.com/genesis-london-conference-study-shows-ethereum-is-more-decentralized-than-bitcoin/
....
I think a case could be made for bitcoin being more decentralized than eth. Power and decision making for btc are split between developers and miners, while all decision making aspects of ethereum are heavily centralized within a power structure consisting of one man: Vitalik Buterin. Sometimes I get a feeling the media pushes an agenda in terms of it redefining topics in a way which convinces the public bitcoin cash and ethereum are the future, while hating unfairly on bitcoin.
Is ETH more decentralized than BTC? What do people think about this?
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