I know some people don't particularly care about decentralization with some of their crypto assets, but I do. To me, decentralization is what makes crypto special. Recently as I've been learning more about DAI and how it works, I've been thinking.. what classifies decentralized?My very informal definition: if there is one specific entity or foundation where, if they disappeared off the face of the Earth, would development on the coin survive? If US regulators threatened to shut down the MakerDAO foundation, what would happen? Would MKR/DAI survive?A lot of alts have foundations or outright companies driving almost the entirety of the coin's existence. If they were shut down, would your coin survive? Would development continue? If not, it's not decentralized.Decentralization is a spectrum, yes. But a lot more of crypto is completely and totally centralized than I think many people realize.Bitcoin is decentralized. ETH would continue to grow and survive without it's foundation. But would (for example..) IOTA? Maybe not...
Submitted November 28, 2019 at 07:10AM
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