61–70 of 108 posts
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IOTA is centralised
It is not production ready so yes, there is still a part that is centralized and it is being worked on. It is not a secret, they are very transparent about it. You can read the white paper. https://files.iota.org/papers/20200120_Coordicide_WP.pdf
The Bitcoin Genesis block references The Times article on 03/Jan/2009, "Chancellor on brink of second bailout for banks". It's p2p digital cash, but at the same time, you can't ignore the reason why it's created. It's meant to be a decentralized, uncontrollable currency. When it comes to currency/store of value, you could argue that security and trustworthiness is more important than speed and fees. If you want faste…
But why are people so concerned about this whole currency depreciation thing? Only idiots keep their money under the mattress. Anyone with sense has their money invested in assets. I honestly don't get the big deal.
Economists may be wrong, of course (a lot of times it seems that their math models are pretty crude), but no theory seems to support that keeping your wealth locked away is good for the society. (I deliberately didn't say economy, because optimizing for economic growth alone can indeed hurt the society if we don't channel all the important aspects in somehow. Think global warming.)
-speed of transacion and low fee are really far behind in the priorities list of a store of value item. (most important are security, adaptability for example, that why I think decred will be world changing)
-it is really hard for me to approve the original distribution of coins, pos problem, for me the best would be pow really hard to mine, so futures generations are not that much handicap.
> Nano only uses PoW as a means to discourage spammers similar to how it's used in emails. Email does not use any such scheme. Although people have invented a couple of things along these lines (most notably, Hashcash was an email thing a decade before it was used in Bitcoin), none is widely deployed or likely to be any time soon. Yes, there is some cryptography preventing counterfeiting emails (DKIM, ARC), but that’…
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Just no. Monero has privacy for all transactions while hiding sender, receiver and transaction amount. Bitcoin with schnorr won't get close to that level of privacy. And Lightning Network doesn't scale well because decentralized route finding in an adverserial environment doesn't exist. (So LN will become centralized.)
So how does Monero solve the scaling problem? >So LN will become centralized. Route finding in adverserial environments lead to a more hierarchical as opposed to a mesh-like network structure, true. But it is still decentralized because if all else fails you can create your own route.
Bitcoin's big invention is that miners are economically incentivized to work in the best interest of the network. Nano throws that away and says people will invest to protect the network just because. Genius? Nah, it's just dumb.
"Nano has a unique consensus mechanism called Open Representative Voting (ORV). Every account can freely choose a Representative at any time to vote on their behalf, even when the delegating account itself is offline. These Representative accounts are configured on nodes that remain online and vote on the validity of transactions they see on the network. Their voting weight is the sum of balances for accounts delegat…
While better than most DPoS chains there is still a higher risk of centralisation than with PoW. [2]
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"Nano has a unique consensus mechanism called Open Representative Voting (ORV). Every account can freely choose a Representative at any time to vote on their behalf, even when the delegating account itself is offline. These Representative accounts are configured on nodes that remain online and vote on the validity of transactions they see on the network. Their voting weight is the sum of balances for accounts delegat…
Open Representative Voting is just a proprietary term for Delegated Proof-of-Stake (DPoS) consensus [1]. Basically transaction validator nodes are elected by votes weighted by the sum of the amount of tokens in the voters' wallet. Apparently Nano wanted to highlight the fact that anyone can become a validator instead of a preselected list by coining a new term. While better than most DPoS chains there is still a high…
Earlier quoted context omitted.
It is not production ready so yes, there is still a part that is centralized and it is being worked on. It is not a secret, they are very transparent about it. You can read the white paper. https://files.iota.org/papers/20200120_Coordicide_WP.pdf
Decentralization is not jet mentioned on the roadmap https://roadmap.iota.org/