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The Evolution Of Centralisation on Cryptocurrency Platforms
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More than ten years ago the blockchain was acclaimed as the solution to overcome centralised trusted third parties for online payments. Through the years the crypto-movement changed and evolved, although decentralisation remained the core ideology and the necessary feature every new crypto-project should provide. In this paper we study the concept of centralisation in cryptocurrencies using a wide array of methodologies from the complex systems literature, on a comparative collection of blockchains, in order to define the many different levels a blockchain system may display (de-)centralisation and to question whether the present state of cryptocurrencies is, in a technological and economical sense, actually decentralised.
Forward citations
Cited by 2 Pith papers
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SoK: Measuring Blockchain Decentralization
A systematization of blockchain decentralization measurement plus an empirical factor analysis suggesting that in PoW systems participation and decentralization are distinct signals, while in PoS they align.
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Concentration in Governance Control Across Decentralised Finance Protocols
A statistically validated network of shared DeFi governance token holdings reveals persistent, institution-dominated links between protocols.
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