There is no single answer to the debate of which blockchain is the most decentralized. Today, there are numerous projects in the space of blockchain and many of them have successfully integrated different levels of decentralization. However, when it comes to the most decentralized blockchain, experts from the industry articulate various opinions.
In this article, we analyze various opinions from blockchain experts and industry professionals and use their opinions to decide which blockchain is the most decentralized.
Understanding Decentralization
Before proceeding ahead to the list of experts, let us first understand the concept of decentralization in the blockchain environment.
Decentralization is the process of distributing decisions and control away from the central authority to individuals and institutions within the network. It is the very basis of blockchain, as the technology is intended to allow more autonomy and transparency than traditional systems.
It enables an open, transparent and trustless environment where participants transact without the need of intermediaries. As the blockchain is available to everyone, it helps to increase the security of the data and also prevents most of the malicious activities like data manipulation, fraudulence, and other activities that are common in the centralized environment.
Now that we understand the concept of decentralization, it is time to look at which experts pick which blockchain as the most decentralized.
Satoshi Nakamoto & Zooko Wilcox: Bitcoin (BTC)
Satoshi Nakamoto, the anonymous creator of Bitcoin, introduced the system with the intention of creating a decentralized financial system. Similarly, Zooko Wilcox, the founder of Electric Coin Company, advocates for Bitcoin being the most decentralized blockchain due to its hardened network rules. According to Zooko, these rules provide an efficient form of decentralization, which makes Bitcoin visible and able to broadcast its blocks without any central point of failure.
Vitalik Buterin & Nigel Drego: Ethereum (ETH)
One of the most influential figures in the blockchain technology, Vitalik Buterin believes Ethereum is the most decentralized blockchain in the industry. He states that Ethereum has strong fundamentals with four layers of protection – on-chain protocols, consumer dAPP users, node operators and miners, helping it to resist many of the threats faced by Bitcoin.
Similarly, Nigel Drego, the Chief Executive of blockchain data company Bloq, also believes Ethereum is the most decentralized blockchain due to its open source development and contributions from developers globally.
Vlad Zamfir & Loi Luu: Casper Protocol
Vlad Zamfir and Loi Luu, two well-known developers in blockchain technology, both agree that Casper Protocol is the most decentralized blockchain. Casper is a blockchain consensus protocol designed to correct the incentivization structures of public blockchains. Unlike Bitcoin that uses a Proof of Work consensus mechanism, Casper has a system of rewards to incentivize proper digital behavior. Zamfir believes this system of rewards and punishments would help to increase the decentralization and robustness of the system.
Joseph Poon & Murray Rothbard: Lightning Network
Joseph Poon and Murray Rothbard, entrepreneurs in the blockchain space, both believe that the Lightning Network is the most decentralized blockchain. The Lightning Network is a second-layer protocol running atop the Bitcoin network. It helps to create payment channels between two participants without requiring reaching consensus on the Bitcoin network. It adds an additional layer of security to the network and makes it more secure and rewarding for the participants.
When it comes to the most decentralized blockchain, the answer largely depends on an individual’s perspective. Although Bitcoin has its system of hardened rules, Ethereum provides a strong consensus among the developers. Casper, on the other hand, has a system of rewards and punishments, and Lightning Network provides an additional layer of security to the network. Ultimately, it is up to the user to decide the most decentralized blockchain for his/her needs.
