At the Genesis London blockchain conference held in February, Cornell University Professor, cryptocurrency expert, and programmer Emin gun Sirer said in an interview that a study conducted by his University revealed that the Ethereum network is now more decentralized than bitcoin.
Since the debut of the ETH in 2015 about information technology and the development of Blockchain Ethereum spread among the cryptocurrency community. Some investors, users and developers believed the network was inferior to other competitive blockchain in terms of security and decentralization, given its flexibility and ability to handle large-scale applications.
A study conducted by Professor Sirer and the Institute showed that Ethereum has fewer nodes associated with institutions or organizations than bitcoin, which means that most of them are operated by individuals.
“The data shows that the network nodes are in the latent space, as well as geographically distributed around the world. They usually come from different places, small networks and objects, unlike bitcoin nodes, which are located in data centers, and such about 56%,” he said.
Discussion of the Ethereum network at the London conference in Geneva
Ethereum is structurally and fundamentally different from bitcoin because the network is optimized to handle decentralized applications (dapps). It should be able to handle thousands of transactions per second, like Facebook or Twitter, to support dapps. This was announced by the co-founder of Coinbase Fred Ersham.
In an interview with JoongAng, the largest Media outlet in South America, Vitalik Buterin stressed that the full scalability of the network can take from 3 to 5 years, depending on the process of implementing innovative solutions such as Plasma and Sharding.
Ethereum network solutions
Sharding significantly optimizes the production process with the use of a consensus algorithm proof of work (PoW), eliminating competition among the miners. Instead of spending computing power on individual blocks, miners can collaborate to solve math problems so that computing power is not lost.
Plasma is a long-awaited solution that is currently in development, open source. It allows different blockchain to handle tasks in order to reduce the load on the main one.
At the conference, Sirer also noted that hardware technologies like Intel SGX can help public blockchain, such as bitcoin and Ethereum, handle thousands of transactions per second. SGX exists on all Intel devices, such as laptops, etc.Along with them, users can send transactions in a peer-to-peer manner without creating a load on the primary blockchain. He explained:
“SGX is a very interesting technology. In addition, there are other reliable solutions, and other suppliers that provide similar guarantees. However, what SGX gives you is the ability to know which Protocol someone else is executing. This is a fundamental breakthrough.”
Sirer believes that a large number of institutions, retailers and companies in General will move towards Blockchain. However, technology-related problems are of a technical nature. He said it could take years and considerable resources to properly commercialize blockchain technology.