Ethereum's Decentralization Challenged: New Study Proposes Block Proposal System
1min read Ethereum, the second-largest cryptocurrency by market capitalization, has been facing criticism for its perceived centralization. However, a recent research paper has challenged this notion by proposing a decentralized block proposal system.
The paper, titled "Ethereum 2.0: A New Era of Decentralization," argues that the current Ethereum network is not as centralized as commonly believed. The authors suggest that the network's consensus mechanism, Proof of Work (PoW), is more decentralized than previously thought.
The research paper also proposes a new block proposal system that would further decentralize the Ethereum network. The system, called "Proof of Stake with Sharding" (PoS+Sharding), would allow multiple parties to propose blocks simultaneously, reducing the influence of any single miner.
The authors of the paper believe that this new system would make Ethereum more resistant to attacks and censorship. They also argue that it would improve the network's scalability and efficiency, allowing it to process more transactions per second.
This research paper comes at a time when Ethereum is facing increasing competition from other cryptocurrencies. Some of these cryptocurrencies, such as Cardano and EOS, have been marketed as more decentralized and scalable than Ethereum.
However, Ethereum's developers have been working on improving the network's scalability and decentralization. The Ethereum 2.0 upgrade, which is expected to be completed in the next few years, will introduce the PoS+Sharding system and other improvements.
The Ethereum community has welcomed the research paper, seeing it as a validation of their efforts to decentralize the network. They believe that the PoS+Sharding system will help Ethereum maintain its position as a leading cryptocurrency.
