Genesis London Conference: studies show that Ethereum is more decentralized than bitcoin
At the Genesis London blockchain conference in February, the professor at Cornell University, the expert on crypto currency and programmer Emin Gün Sierer said in an interview that a study conducted by his university showed that the Ethereum network is currently more decentralized than bitcoins.
Since the debut of ETH in 2015, false information about the technology and development of Blockchain Ethereum has spread among the crypto-exchange community. Some investors, users and developers believed that the network is inferior to other competitive blockchain in terms of security and decentralization, given its flexibility and ability to handle large-scale applications.
A study conducted by Professor Sirer and the Institute’s staff showed that Ethereum has fewer knots associated with institutions or organizations than Bitcoin, which means that most of them are operated by individuals.
“The data shows that the network nodes are in a latent space, and also geographically more distributed around the world. They usually come from different places, small networks and objects, unlike the bitcoin nodes that are located in data centers, and about 56% of them , “he said.
Discussion of the Ethereum Network at the London Conference in Geneva
Ethereum is structurally and fundamentally different from bitcoin, because its network is optimized for processing decentralized applications (dapps). It should be able to process thousands of transactions per second, like Facebook or Twitter, to support dapps. This was reported by co-founder Coinbase Fred Ersham.
In an interview with South America’s largest media publication JoongAng, Vitalik Buterin stressed that the full scalability of the network can take from 3 to 5 years, depending on the process of implementing innovative solutions, such as Plasma and Sharding.
Solutions for Ethereum Network
Sharding significantly optimizes the production process using the consensus work confirmation algorithm (PoW), eliminating competition among the miners. Instead of spending the processing power on separate blocks, the miners can cooperate to solve mathematical problems so that the computing power is not lost.
Plasma is a long-awaited solution, which is currently in development, open source. It allows a different blockchain to handle tasks in order to reduce the load on the main.
At the conference, Sirer also noted that hardware technologies, such as Intel SGX, can help a public blockchain, such as Bitcoin and Ethereum, handle thousands of transactions per second. SGX exists on all Intel devices, such as laptops, etc. Together with them, users can send transactions in a peer-to-peer way, without creating a load on the main blockchain. He explained:
“SGX is a very interesting technology. In addition, there are other reliable solutions, and other suppliers that provide similar guarantees. However, what SGX gives you is the ability to know which protocol someone else is executing. This is a fundamental breakthrough. “
Sirer believes that a large number of institutions, retailers and companies as a whole will move towards Blockchain. However, the problems associated with technology are of a technical nature. He said that it may take many years and considerable resources for the proper commercialization of the blockchain technology.
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