exactly what Satoshi originally designed to prevent), but if it became a global force, we'd see the same effect of today of psychopaths manipulating their way to the top, and it will become the IMF 2.0.People are corruptible. Right now steemit is small and cozy (though you already see the cronyism at work https://steemit.com/steem/@transparency/don-t-vote-for-witnesses-your-vote-does-not-matter which is
I see your point. However i find that the design of a blockchain with 20 even powered witnesses is better than one where we have 3 miners that can control the chain, such as in bitcoin. To me the design of witnesses seems more decentralized than how bitcoin works.
What is however not decentralized at this time is the fact that steemit itself has a majority of SP, but this should resolve itself due to the dilution happening.
It would be interesting to analyze what is an ideal decentralized architecture.
Mining will re-decentralize again as eventually miners will have to find a way to make use of the waste heat in order to stay competitive, and this will not be applicable to large-scale farming. Maybe long-term it will be even so that end-users will be mining again with devices like toasters, and not for profit, but just to get some crypto-coins back again for their energy bill.
exactly what Satoshi originally designed to prevent), but if it became a global force, we'd see the same effect of today of psychopaths manipulating their way to the top, and it will become the IMF 2.0.People are corruptible. Right now steemit is small and cozy (though you already see the cronyism at work https://steemit.com/steem/@transparency/don-t-vote-for-witnesses-your-vote-does-not-matter which is
I see your point. However i find that the design of a blockchain with 20 even powered witnesses is better than one where we have 3 miners that can control the chain, such as in bitcoin. To me the design of witnesses seems more decentralized than how bitcoin works.
What is however not decentralized at this time is the fact that steemit itself has a majority of SP, but this should resolve itself due to the dilution happening.
It would be interesting to analyze what is an ideal decentralized architecture.
Mining will re-decentralize again as eventually miners will have to find a way to make use of the waste heat in order to stay competitive, and this will not be applicable to large-scale farming. Maybe long-term it will be even so that end-users will be mining again with devices like toasters, and not for profit, but just to get some crypto-coins back again for their energy bill.