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Are Bitcoin, Ethereum, Litecoin still centralized?

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Are Bitcoin, Ethereum, Litecoin still centralized?

According To Researchers Prime Blockchains Are Still Centralised

It is said all your worries fade away, when you spend a day at a beach.

But it was certainly not the case for analysts who spent almost an entire week at the Financial Digital Currency 2018 conference at the Caribbean island of Curacao having a dialogue regarding decentralization of the two biggest digital currencies, bitcoin and ethereum and why are the cryptocurrencies falling behind when it comes to decentralization.

The paper, titled “Populist Society or Benevolent Dictatorship: The State of Cryptocurrency Governance” introduced earlier this March by the researchers of University College London, dove deep down into the subject by estimating what number of developers are adding to and remarking on digital currency codebases.

The analysts took a gander at commits, number of changes a developer makes in the codebase. As per the paper, 7% of the considerable number of data in the Bitcoin Core programming were written by one developer, while around 20% to ethereum were jotted down by a solitary coder.

Sarah Azouvi, a UCL student of computer science PhD and co-author of the paper stated, all things considered, this clears out that ethereum is slightly more decentralised than bitcoin.

It’s fascinating as it identifies with the intense debate taking place in the ethereum community at this moment, as two sides go hand in hand on an ethereum enhancement proposition (EIP) 867.

EIP 867 seeks to set up an easy procedure for recuperating the lost funds by means of improving the software, a disputed matter that connects back to The DAO hack in 2016, when developers of ethereum chose to reverse payments so as to refund the ones affected by the hack.

However, despite the fact that numerous comparable dialogues frequently occur on GitHub, the general pool of clients participating were more constrained than Azouvi and numerous others anticipated.

Sarah Azouvi revealed:

“It’s still not a lot of people. Most of them are making just a couple comments here and there. A few people are doing most of the discussion.”

However, ethereum’s verbal confrontation over lost funds was not  the only explanation for participants in Curacao to interrogate the system. Another reason featured by the paper was regulation, as the greater part of the code changes are written by Vitalik Buterin himself, who is the founder of ethereum.

The discoveries are not precisely astonishing, as this has been a state of conflict for quite a while, whereby numerous think that Buterin has an excessive control over the system for it to genuinely be known as a decentralised blockchain platform.

Jason Teutsch, the developer who made ethereum scaling protocol TrueBit, jokingly said that Buterin can be relied on to deal with everything when questioned about regulation. However, on a more genuine note, he contended the current discussions just exhibit how difficult governance can be, saying there’s no real way to make everybody feel satisfied.

Teutsch added:

“It’s a hard problem. It happens in every governance system. Every time something changes, someone is unhappy.”

Although governance appears to be more centralised than individuals may anticipate from ventures that appreciate decentralisation, the UCL specialists noted that this isn’t so bizarre.

Like development of ethereum and have identical levels of investment as compared to other open source ventures, for example, programming languages Clojure and Rust.

She illustrated, “it’s not that different, though, even though the community is focused on decentralization. They all behave quite similarly.”

In addition, the paper yields that estimating levels of centralization by taking a gander at the code or by taking a gander at particular sources is characteristically constrained.

Thus, specialists from IC3 contended amid the conference that there are likewise specialised way to gauge how decentralised a digital currency venture is.

Specifically, they took a gander at how long it takes for blocks to proliferate over the system and how are nodes geologically distributed, confirming that ethereum beats bitcoin on both the fronts.

One individual from the audience also included an important point, taking note of that decentralisation of the digital currency’s economy is additionally a critical factor that was not presented in the paper at the meeting.

However, analysts and developers at the gathering were to a great extent impartial on issues confronting ethereum and bitcoin, saying they needed to avoid the legislative issues encompassing the decision making on the conventions.

Teutsch mentioned in regards to ethereum’s recent debates specifically “I don’t want to take a political position. I’m interested in technical solutions, but I’m not going to take sides,” he then referred to better voting system as a conceivable method to manage hostile verbal confrontations.

Azouvi stated, “We don’t propose a new system. We count how many people are doing what.”

She added: “Ethereum could benefit from having a more formal governance model. It’s difficult because even if you want to have a more formal way of decision-making, it’s hard to decide who writes it. Then there’s the question of who gets to vote.”

Azouvi also recommended that they could try to ensure everyone who’s able to can have their vote.

According to her, voting is a difficult issue, it’s insignificant.

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Best Tools to track Cryptocurrency Markets: CryptoCompare, CoinMarketApp, CoinGecko

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There are different websites and mobile applications designed to keep the track of cryptocurrency market, we cover the Top 3 of these.

The cryptocurrency market includes the prices and market capitalizations of different Cryptocurrencies like Bitcoin, Ethereum, Stellar and many others. Currently, there are thousands of cryptocurrencies, markets are 16084 and market capitalization is about $124,123,711,224.

 

There are different websites and mobile applications designed to keep the track of cryptocurrency market, we cover the Top 3 of these:

 

CryptoCompare.com

Known for its high-end API and real-time tick data, CryptoCompare has been serving the cryptocurrency space from 2014.

Founders: Charles Hayter & Vlad Cealicu

CryptoCompare shows real-time data for more than 5300 Coins and 240k trading pairs, enough for an entire overview of the market. Users can see live Order books, historical data, reports, social data and reviews on all cryptocurrencies. The website is very easy to use and is free for everyone.

 

CoinGecko.com

We love CoinGecko because it focuses on tracking community growth, events hosted by teams and open-source code development apart from the usual price tracking, market capitalization and volume traded. It was also founded in 2014.

Founders: TM Lee, Bobby Ong & others

CoinGecko’s team is very dynamic and is very active on social media like Twitter, Telegram & Facebook. They cover more than 260 exchanges with live data and have more than 3300 cryptocurrencies. They are free for everyone to use.

 

CoinMarketApp (Mobile Application)

When it comes to easily track the live prices and your portfolio on your mobile, CoinMarketApp is the preferred choice for most. With live alerts on more than 1400 Cryptocurrencies, the app saves your time and alerts you on every move.

Download on Android

Download on iOS

Apart from cryptocurrency prices, the app lets you manage your portfolio, mining pools, new contracts and the latest news from the crypto industry.

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Altcoins

Cryptocurrency Market Updates: Bitcoin May fall further

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The cryptocurrency market is still facing the same bullish trend today, yet again. Bitcoin price recovered a little with trading around $4300 to $4400.

The cryptocurrency market is still facing the same bullish trend today, yet again. Bitcoin price recovered a little with trading around $4300 to $4400. Yesterday the price of bitcoin fell up to $4190. Ethereum is still trading at a year and a half low of $125. Apart from ethereum, most altcoins are showing small corrections. Bitcoin Cash moved 3% upwards while Monero has moved 4% upwards in the last 24 hours. Bitcoin Gold and Bitcoin Diamond have had good gains for the day with 8% and 16% rise. IOTA is trading at around $0.32 which shows a 6% improvement from yesterday’s price. NEO is up by 5%. However, the small gains are nothing in front of the massive downtrend these altcoins went through in the past couple of days.

 

Cryptocurrency Market Capitalization Improved

The total cryptocurrency market cap yesterday came down up to $136 billion which was the lowest of 2018. In the last 24 hours, cryptocurrency market has managed to add $4 billion in the market capitalization adding to $140 billion. Over the last week, the cryptocurrency market had lost over $40 billion and over the last month, around $70 billion have been erased from the cryptocurrency market capitalization which is yet to be recovered.

 

Bearish predictions for bitcoin

While the market cap is trying to recover the price predictions for bitcoin still remain bearish as many cryptocurrency analysts have predicted that the only support after the current significant support of $4000 is at $3000. So if the price drops below $4000, it will definitely reach down to $3000 after which the price is expected to recover.

 

The overall situation of the market is still harsh as there is no major recovery from the massive losses that occurred in the past few days. What do you think about the bitcoin predictions being made by crypto analysts? Tell us in the comments section below.

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Bitcoin Cash Hard fork screwed the whole cryptocurrency market

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Whole cryptocurrency market is suffering because of the continues wars going on between ABC and SV which has created a bad reputation of the crypto space.

The original Bitcoin Cash split into Bitcoin ABC and Bitcoin SV during the hard fork but no one is sure to weather BCHSV or BCHABC will survive in the market as the hash wars still continue. The hard fork has lead to an uncertain future of Bitcoin Cash and also screwed the whole cryptocurrency market. The Price of both the new coins is on a continues decrease where Bitcoin Cash ABC values at around $226 and Bitcoin Cash SV values at around $76.

 

Cryptocurrency Market Crash

The whole cryptocurrency market is suffering because of the continues wars going on between the two teams which have created a bad reputation of the crypto space to the newbies. At this time when more and more institutional investors were entering into the cryptocurrency space, the hard fork has created a feeling of Fear, Uncertainty and Doubt amongst them.

 

BTCUSD yearly chart

BTCUSD yearly chart

 

As the hard fork started, the entire cryptocurrency market faced a downfall where all major cryptos are on a 6 month low with bitcoin trading around $5200 that is a yearly low for the most dominant cryptocurrency. The decline is the price has created fear in the minds of investors who are now talking about capitulation.

 

Should Craig Wright be blamed?

Craig Wright who claims to be the real Satoshi Nakamoto and the founder of the original bitcoin has been funding his side of the war using BTC. Cryptocurrency enthusiasts around the world are criticizing Craig Wright and also calling him a lier.

 

 

The local media’s role

The real reason behind the rise of cryptocurrency and blockchain was the mass adoption by people who heard about it through local media. At that time, the local media described bitcoin and other cryptocurrencies as the future of money explaining the decentralized nature of such currencies, but now due to the wars within the cryptocurrency ecosystem, the local media has started to criticize cryptos and people have started to lose faith in the crypto market.

If the amount of money being used in such hash wars would have instead been used for the development of the crypto ecosystem with advancements such as lightning network, the market could still be flourishing rather than being on the verge of getting sunk.

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