One of the laziest and most frustrating criticisms of digital currencies — particularly (BTC) — is when pundits liken it to a pyramid scheme dependent on the “greater fool” joining to make a quick buck. While some people do indeed purchase digital assets purely for speculative purposes, it’s unfair to ignore many of the great services and achievements that are being made by developers in areas such as remittances, logistics, financial inclusion and intellectual property.
A fairer criticism of blockchains is that, for all proponents say about decentralization, blockchains are still dependent on miners or other powerful players that control their networks. Whether it be factories filled with servers for proof-of-work (PoW), pools of PoW miners, large pools of tokens for proof-of-stake (PoS), or the fact that at times, more than 50% of transactions that run on the network run through the Infura API, there’s no ignoring these massive centralized points of failure.
Anton Churyumov is the founder and lead developer of Obyte, a distributed ledger based on directed acyclic graph. He previously co-founded companies that include Teddy ID, SMS Traffic and Platron. He graduated from the Moscow Engineering Physics Institute before obtaining a graduate degree in math and theoretical physics.
This story originally appeared on Investing
