Ethereum Is More Decentralised Than Bitcoin, Study Shows

  • The study was carried out by cryptocurrency expert and computer scientist Prof. Emin Gün Sirer
  • Less nodes were tied to businesses or organizations in Ethereum than Bitcoin, according to the study.

A professor from Cornell university revealed at the Genesis London Conference that the university had conducted a study to examine and analyze the decentralization of the top two cryptocurrencies Bitcoin (BTC) and Ethereum (ETH).

The study focused on the location and ownership of nodes to determine its results. Criteria for decentralization included whether a node was owned by a business/organization or an individual, as well as whether a node was in a country or region considered to be an active crypto mining hub.

The study found that Ethereum was more decentralized than Bitcoin with more nodes owned by individuals than Bitcoin, which reportedly has more nodes in the hands of data centers and mining pools.

“The data shows that the [Ethereum] nodes are both in the latency space, and also geographically more distributed round the world. Ethereum nodes tend to come from all sorts of places, smaller networks, and homegrown entities, as opposed to Bitcoin nodes, which tend to be located in data centres. Our study found that the majority of Bitcoin nodes, 56%, are in data centres.”

Prof. Sirer in Genesis London Conference

Both Ethereum and Bitcoin started out using the Proof-of-Work (PoW) system in which "miners" use computer processing power to solve algorithms and uncover new units of currency, but Ethereum is set to switch to a Proof-of-Stake (PoS) system.

The PoW system helps prevent 51 percent attacks on the network by generally making it unviably expensive to do so, but it has its drawbacks - by creating conglomerates of miners called "mining pools," the theoretically decentralized network risks under the control of large groups working together instead of individuals as originally planned. Were mining pools to control over half of a cryptocurrency’s hash rate, a 51 percent attack like the one Verge suffered could occur.

Professor Emin Gün Sirer. a computer scientist and cryptocurrency expert, believes that blockchain technology will play a larger role in business in the future, citing institutions, conglomerates, retailers and companies as suitable candidates for decentralized blockchain systems. However, he felt that it would take a long time to effectively commercialize the space, and that blockchain technology is still in its infancy.

Blockchains actually constitute an enormous opportunity to rethink the way we build backend systems. Instead of building things in the old fashioned way, with centralised databases that talk to each other, that need to be reconciled, that need to be kept in sync, we can actually now build much more efficient distributed databases that share information naturally, in a seamless manner.

Prof. Sirer in Genesis London Conference

 

BSV Surges 80% As Craig Wright Files Copyright Registration for Bitcoin Whitepaper

Craig Steven Wright (“CSW”), the Australian computer scientist and self-proclaimed inventor of the Bitcoin protocol, has claimed that the US Copyright Office recently awarded him a copyright registration for being the original author of the Bitcoin whitepaper.

According to CSW, he has also been granted a copyright registration for writing “most of the original code” used to implement the Bitcoin blockchain network.

Commenting on the matter, DecryptMedia revealed that a spokesperson had sent a press release to the news media outlet, stating:

 

This is the first government agency recognition of Craig Wright as Satoshi Nakamoto, the creator of Bitcoin.

 

Meanwhile, CoinGeek reported that the registrations (allegedly) “issued by the US Copyright Office recognize Wright as the author” of both the initial Bitcoin codebase and the cryptocurrency’s whitepaper, which was published after the code was released.

Wright Has Only Submitted A Claim, Has Not Received Any “Recognition”

As pointed out by DecryptMedia, Wright’s claim that he has been granted “government agency recognition” would appear questionable. It seems that Wright has only registered a claim with the Copyright Office, which any individual or organization can submit.

At this point, the only thing that can be confirmed is that Wright paid a $35 fee in order to file an application which requests that he should be granted US copyright registrations for the authorship of the Bitcoin whitepaper.

Registering A Copyright Only Requires “Filling Out A Form”

As explained by Jerry Brito, Director at Coin Center, registering a copyright only requires filling out a simple form. Moreover, the US Copyright Office does not conduct an investigation, in order to determine the validity of the claim, Brito noted. The Office is only responsible for “registering” all claims submitted.

The Coin Center Director also clarified that copyright registration does not, in any way, mean or imply “recognition of authorship.” In statements shared with DecryptMedia, Brito further explained:

 

[CSW’s copyrights claim and application are] simply recognition by the Copyright Office that someone is claiming authorship. Registering a copyright is a simple as filling out a form with your claim... It would be up to a court to decide if a copyright registration is based on fraud or not.

 

Bitcoin SV Surges Nearly 80%

Soon after CoinGeek reported that CSW had received copyright registrations for being the author of the Bitcoin whitepaper, the price of Bitcoin “Satoshi Vision” (BSV) surged by nearly 80% according to CryptoCompare data.

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