Topic: The most decentralized consensus algorithm? (Read 124 times)

PoW may be somewhat decentralized, but it's not equally fair. We've seen how Bitmain dominates most of Bitcoin's hashrate on the network. This could be extremely risky for the longevity of the cryptocurrency in general. On the other hand, this prevents small miners from supporting the Blockchain (as big miners reap the rewards). A solution for this would be the distribution of the mining hashrate among different miners worldwide.

As for staking consensus which requires voters to choose some representatives or delegates, I don't find it quite decentralized at all. It's rather centralized where only a select number of people are able to dictate the rules of the network. EOS and Steem rely only on 21 delegates for consensus which have their centralization risks. If we were to compare different DPoS cryptocurrencies, then Lisk seems to be the most decentralized as it relies on 101 delegates for consensus.

Still though, nothing is perfect and based on the facts, one could say that 100% decentralization is impossible to achieve. Every consensus algorithm has their respective advantages/disadvantages. But, I believe that PoW will always be in the lead since it's being actively used by the world's most popular cryptocurrency (Bitcoin).

Nonetheless, I look forward for Ethereum's implementation of ProgPoW which seems to be far more decentralized than the current PoW consensus algorithm used by Bitcoin and other altcoins. Just my opinion

Simple answer: Bitcoin and its PoW consensus (without Bitmain as a monopol) 
For me all staking consensus are centraized= you vote some representatives, but there are only few representatives in most cases.

Among the available consensus algorithms which serve the purpose of securing the Blockchain, which do you think it's the most decentralized?

We've got PoW, PoS, DPoS, PoC (Proof of Capacity) and several other algorithms each with their advantages/disadvantages. While PoW is the most popular and widely implemented consensus algorithm, PoS seems to be on the rise. Some crypto projects state that they're decentralized one from the other based on the algorithm they're using.

One good example of this is EOS, which states that DPoS is decentralized when some critics have said otherwise. Which is why, I want to know with certainty which consensus algorithm is the one that's truly decentralized.

Nonetheless, decentralized or not, new algorithms come up on a daily basis, in order to help improve the Blockchain industry. My top consensus algorithm of choice is PoS because it's much more accessible than other algorithms. Some say that the rich get richer, but we all know that nothing is perfect.