Genesis London Conference: Study Shows Ethereum is More Decentralized Than Bitcoin

In an interview with the Genesis London Blockchain Conference organized by the Binary District in February, Emin GünSirer, a professor of cryptocurrency and computer science at Cornell University, said in an interview that a study by Cornell University, a prestigious university, showed Ethereum Blockchain networks are currently more decentralized than Bitcoin.

Since the debut of Ethereum in 2015, false information about technology and the foundation of the Ethereum blockchain network has spread around the cryptocurrency community, leading some investors, users and developers to believe that Ethereum is inferior to other major blockchains. Security and decentralization because of its flexibility and ability to handle large-scale decentralized applications.

A study conducted by Professor Sirer of Cornell University and researchers of the Institute showed that fewer Ethereum nodes are connected to institutions or organizations than Bitcoin, which means that more nodes on the Ethereum network are Individuals, not companies, operate.

“The data shows that [Ethereum] nodes are all in a deferred space and geographically dispersed around the world. Ethereum nodes often come from various locations, small networks, and local entities, while Bitcoin nodes are often located in data centers. The study found that 56% of Bitcoin nodes are mostly in data centers, "said Sirer.

Sirer at Genesis London Conference

Ethereum is structurally and fundamentally different from Bitcoin because its network is optimized to handle dapps. As Coinbase co-founder Fred Ehrsam previously pointed out, Ethereum Networks should be able to process thousands of transactions over a long period of time to support Facebook or Twitter-sized dapps.

Ethereum founder Vitalik Buterin emphasized in an interview with South Korea's largest mainstream media JoongAng that the full scalability of Ethereum may take 3 to 5 years, depending on the implementation of innovative scaling solutions such as Plasma and Sharding.

Sharding has significantly optimized the mining process through proof of work (PoW) consistency algorithms by eliminating competition among miners. Miners can work together to solve math problems so that they do not lose their computing power, instead of the miners spending their computing power to win individual nuggets.

Plasma is a much-anticipated solution that is currently being developed by Ethereum developers open community, allowing various blockchains in the Ethereum network to handle different tasks to ease the burden on the main Ethereum blockchain.

At the conference, Sirer also pointed out that hardware-based technologies like Intel SGX can help Bitcoin and Ethereum and other public blockchains process thousands of transactions per second. SGX exists on all Intel devices (such as laptops) and allows users to send zero-acknowledgment transactions peer-to-peer without disturbing the main blockchain. Sirer explained:

"SGX is a very exciting technology, there are other trusted computing technologies, not SGX, but other vendors also provide similar guarantees. This gives you the ability to know what agreement others are following. This is A basic leap. "

For a long time, Sirer stated that rapidly growing institutions, corporate groups, retailers and companies will generally switch to blockchain and get rid of the central database. However, since the problem surrounding the blockchain is very technical, Sirer responded to Buterin's point of view. He said that it may take years of development and a lot of resources to correctly commercialize blockchain technology.

"The blockchain actually constitutes a great opportunity to rethink the way we construct the backend system. Instead of building things in an old fashion, we use a centralized database to communicate with each other, need coordination, and need to stay in sync. We can actually now Build more efficient distributed databases and naturally share information in a seamless manner, "Sirer added.