Cryptocurrencies Could Be Much More Centralized – Report

According to the majority of its proponents, blockchain and cryptocurrency One of the biggest advantages of technology is that it is not controlled by a particular company, central bank or government. However, the situation may not be as expected. Researchers working on a report by the Defense Advanced Research Projects Agency (DARPA) found that there may be “undesirable centralities” in these so-called decentralized systems. As we reported, Dan Guido, CEO of the software security company Trail of Bits, which worked on the report, shared the statement, “Blockchain is considered to have an immutable and decentralized structure because the community believes and tells it so.” He also pointed out that the power of cryptocurrencies is concentrated among the people or organizations that own a large part of the pie.

Trail of Bits defined “undesirable centralities” as conditions in which an entity prevails over a decentralized system that could give them the opportunity to control their ownership records. The report also states that all three ISPs bitcoin It is also stated that it manages 60 percent of its traffic. A blockchain network can be disrupted if a communications regulator, a hacker, or someone else with surveillance from one of these ISPs slows or stops Bitcoin traffic.

Despite its many claims, it has been stated that the Bitcoin network also has weaknesses. The report stated that at least 21% of the nodes are running an old and vulnerable version of the ‘core Bitcoin client’. While such systems are theoretically vulnerable to attack by hackers, it seems unlikely given the overall size of the entire network. Although the deficiencies in this report have been discussed theoretically, there is the fact that such deficiencies and deficiencies exist.

This week, the Solana blockchain-based lending platform solendThere was news in the press that it was trying to take control of its largest single account, as it stated that the operator could have a significant impact on market movements. Although the said move was tried to be carried out, the opposition votes were much more effective and the move was cancelled.

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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.

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