"Ethereum (ETH) is arguably centralized"
On January 14, Preston Byrne, a Bryne & Storm lawyer who fell in love with blockchain technology, brought Twitter to mention his views on Ethereum (ETH), probably in the context of the impending gallows of Constantinople, which was recently postponed due to security problems. Byrne joked that the popular blockchain is more centralized than "the nucleus of a neutron storehouse that falls into the horizon of a black hole's events," accentuating its true thoughts on Ethereum.
The English lawyer, who founded "the first open source authorized blockchain client", Monax, was not made though, adding that the "black hole" above was located "in the middle of the ultra-dense galaxy m85- HCC1, "Managed by Ripple Labs.
Although Bryne has used the creative license to write his tweet, his point is that the world-famous blockchain, dubbed the "decentralized computer world", has been made clear. Bryne interrupted her reasoning behind this comment via a post on her personal blog.
Bryne first noticed that while he can not conclusively conclude that Ethereum is centralized, there are a number of red flags pointing towards an immense centralization within the ecosystem. The British has presented four points, which he believes indicate that "Eth is centralized". First, he brought attention to Ether, emphasizing that the founding premier / ICO "seems suspect as hell", calling attention to the centralization of ecosystem wealth. Bryne also noted that the mass of "IODLers" of the ICO, many of whom have continued to refrain from liquidating their positions, have the ability to "destroy the currency".
Therefore, the lawyer noted that the Ethereum nodes accentuate centralization, emphasizing as "the centralized service providers, in particular the Infura supported by ConsenSys scalable infrastructure blockchain), exert an extensive influence on the node infrastructure. "More specifically, the lack of downsizing solutions through Infura and similar projects has held back the node sub-sector.
Then, Bryne noted that there is a lack of Ethereum customers, since Geth and Parity currently dominate the ecosystem. Finally, in reference to the debacle of Constantinople, Bryne said that the fact that the main developers of Ethereum had the authority to make important changes at a time when it was notified is questionable.
Bryne's Post Sparks Twitter Discussion
As Bryne mentioned in his post, his joke of centralization has aroused a lot of criticism from a series of cryptic commentators, analysts and insiders from around the world. The technology entrepreneur Mike Dudas, managing director and founder of The Block, has revealed that while he is fond of Byrne, the centralized decision has not convinced.
Byrne responded by noting that the broader blockchain ecosystem "should not support the incentives of the Ethereum ecosystem" according to their words, "given the three or four red flags [of centralization]".
Yet, there were still others who responded to Byrne's principle of centralizing Ethereum with cynicism and hatred. Michael Sullivan, a "marginal technical pragmatist" pro-blockchain, noted that decentralized technology "never guarantees" a pure and unbridled decentralization, but an act of balance / dichotomy between the two states of central control and consensus distributed.
Taarush, an eighteen-year-old programmer Solidity who is a fan of cryptoeconomics, noted that the nodes are not, in fact, difficult to run, touching Geth's improvements in recent years. Coldacid noted that most cryptocurrencies are centralized on some levels, including Bitcoin. It seems that Jehan is Althea's upstart blockchain, a project that promotes faster, cheaper and decentralized internet, noted that the execution of complete nodes "is not difficult", but noted that the premise seems questionable.
In any case, the bottom line is that Byrne's opening post has gathered criticism and support, and could become a point of discussion on Ethereum in the following months.
Title Image Courtesy of Descryptive.com Via Flickr