Genesis London Conference: Study Shows Ethereum is More Decentralized Than Bitcoin
In February, a blockchain conference was held at the Genesis London by Binary District, Cornell professor, proficient of cryptocurrency and computer scientist Emin Gun Sirer, in an interview told that an analysis made by a most respected university Cornell displayed that the Ethereum blockchain network is at present more decentralized than bitcoin.
From the time of the unveiling of Ethereum in 2015, untrue data was spread all over the cryptocurrency communities regarding the technology and the foundation of the Ethereum blockchain network. This made few investors, users, and developers to consider that as regards to security and decentralization, Ethereum network is low-grade as compared to other chief blockchains.
It has been displayed by an analysis made by Cornell professor Sirer and researchers that less Ethereum nodes are connected to institutions or organizations than Bitcoin. This means that more nodes are operated by individuals than companies on the Ethereum network.
Sirer told that the information expresses that the Ethereum nodes are greatly spread in the latency space as well as geographically throughout the globe. These Ethereum nodes come from all types of places as smaller networks and domestic units. As against this Bitcoin, nodes are situated in data centers. And he also said that their analysis says that large amount of Bitcoin nodes i.e. 56% are located in data centers.
As Ethereum’s network is optimized to manage decentralized applications i.e. (dapps), it is structurally and fundamentally different from Bitcoin. Earlier it has been observed by Fred Ehrsam, Coinbase co-founder that the Ethereum network can process thousands of transactions per second in the long-term in order to help dapps in the size of Facebook or Twitter.
Vitalik Buterin, Ethereum founder, in an interview with South Korea’s largest media outlet JoongAng, stressed that it may take 3 to 5 years for Ethereum to become full scalable, and this depends on the execution of advanced scaling solutions such as Plasma and Sharding.
The procedure of mining is enhanced by Sharding through the proof-of-work (PoW) consensus algorithm by removing competition among the miners. Miners can work together to find solutions to mathematical problems, in place of losing computing power to win individual blocks.
At present Plasma is an expected solution which is established by the open-source community of Ethereum creators. This enables several blockchains inside the Ethereum to manage various jobs so as to lessen the load on the main Ethereum blockchain.
He even observed at the conference that hardware-based technologies like Intel SGX are able to support public blockchains such as Bitcoin and Ethereum in order to solve thousands of transactions in a second. On all Intel devices like laptops, SGX is present and using this, users are able to send zero-confirmation transactions in a peer-to-peer method, without damaging the main blockchain.
Further, he clarified that SGX is a stimulating technology and there are many other computing technologies that are trustworthy and they give analogous guarantees. You are able to identify what protocol is being followed by others and this is an ultimate rise.
Sirer told that in the long run, a large number of institutions, retailers, companies, corporations may move towards the blockchain withdrawing from centralized databases. Sirer said that blockchains are surrounded with many technical problems, so it may take a long period to develop and also may need important means to commercialize blockchain technology.
Sirer further said that in reality, blockchains give numerous chances to reconsider the way we create backend systems. In place of creating things in the way that is no more used, using centralized databases which talk to each other, which require being resigned and synchronized, we can at present make distributed databases that are more effective which can share data in a continuous way.
