A decentralized app store might lead crypto toward more centralization
On the inevitable journey into the mainstream, crypto might replace one gatekeeper with another. Are we ready for this sacrifice? The estimated windfall Apple got from its App Store in 2020 is $67 billion. That’s up from $50 billion in 2019, a 28% increase. Even as the company has lowered its commissions for smaller developers, the App Store remains a major component of Apple’s bottom-line profits. And it’s not just Apple taking a cut of developer revenue: On Android, the world’s most popular mobile operating system, the Google Play Store netted $38.6 billion in 2020.That’s over $105....
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Bitcoin is now becoming a household name as, once again, the price of each coin is nearing 200 USD and more companies are selecting to accept payment in this convenient, yet new payment option. With the recent closure of Silk Road and the US government's temporary shutdown, Bitcoin has proven to be a force to be reckoned with. What makes Bitcoin unique? It is a digital, decentralized, cryptocurrency and a gateway to send money anywhere around the world with just the click of a mouse or the scan of a QR code to anyone with internet access. Proponents of Bitcoin pride themselves in....
Kadan Stadelmann, the Chief Technology Officer (CTO) of Komodo, an open-source technology workshop, has raised concerns about the increasing centralization of the world’s largest cryptocurrency, Bitcoin. Stadelmann asserts that the rising centralization poses a threat to the fundamental principle of BTC as a decentralized digital currency. Centralization Poses Existential Threat To Bitcoin According to Stadelmann, a […]
Bitcoin mining centralization - the concentration of mining power in the hands of a small number of corporate entities - is considered by many people to be the single biggest problem facing the cryptocurrency today. One of the biggest selling points of Bitcoin is, after all, the fact that it is a decentralized network that does not need to rely on users trusting large corporations, such as the 'too big to fail' banks which many would like to see replaced by cryptocurrency. Bitcoin's mining centralization not only contradicts this decentralized ethos, but also potentially puts the network....
The crux of the problem with Bitcoin Unlimited is that the economic majority is making the decisions, including the decision of who gets to be a part of the economic majority (by increasing the cost of participation). Ever since Bitcoin Unlimited gained traction, there has been substantial debate regarding this solution. If all network nodes would be able to select their block size, an interesting future is created. However, this idea poses a set of new problems that need to be addressed in the future. Some people even speculate Bitcoin Unlimited would eventually lead to centralization.....
XRP has always been subject to claims of centralization by Ripple. The payment company, however, has always rejected this claim, citing the open-source and decentralized nature of the XRP Ledger. Recent court documents have provided clarity on the confusion to clear doubts about XRP’s centralization. Who Owns The XRP Ledger? A federal judge in the […]