Centralization

Artificial Intelligence (AI) is currently one of the fastest-growing sectors within the emerging tech industry. According to estimates by Bloomberg Intelligence, the generative AI market could burgeon into a $1.3 trillion ecosystem by 2032, marking a decade of supercharged growth given that it was valued at only $40 billion in 2022. To provide some context, ChatGPT recorded an average of 60 million daily visits in March 2024, one of the many milestones since this Large Language Model (LLM) made history…

San Francisco, US, California, June 12th, 2024, Chainwire DeFi Protocol, Asymmetry Finance, Announces Partnership with Ampleforth and Unveils afUSD, Redefining the Stablecoin Market Asymmetry Finance, a leading liquid staking tokens (LST) protocol, is set to launch its afUSD product in partnership with Ampleforth, marking a significant milestone in the DeFi landscape. Designed as a fully on-chain synthetic dollar, afUSD aims to offer competitive potential yields, scalability, and resilience to market fluctuations while remaining fully on-chain. afUSD, built on the innovative…

The post Cardano Criticized for Centralization Claims appeared first on Coinpedia Fintech News A well-known crypto analyst, Justin Bon, has recently sparked controversy by claiming that Cardano (ADA) is ‘extremely centralized’ and urgently needs reform. He argued that the control mechanisms within Cardano’s protocol grant IOG (Input Output Global) excessive power. According to Bon, the ‘genesis keys,’ where IOG controls five out of seven keys in Cardano, allow it to single-handedly alter protocol rules without requiring a hard fork. However,…

Concerns about Bitcoin mining centralization have resurfaced following a notable event involving AntPool, the second-largest BTC mining pool On May 17, AntPool mined seven consecutive blocks between block heights 843,893 and 843,904 in one hour and thirty-eight minutes. AntPool Mines 7 Consecutive Blocks During this period, the mining pool confirmed over 20,000 transactions and earned 23 BTC—21.875 BTC in mining rewards and 1.283 BTC in fees. AntPool 7 Consecutive Mined Blocks. Source: Mempool.space This impressive streak caught the crypto community’s…

Polkadot is driving Trustlessness onchain with new innovative solutions. The protocol employs BEEFY, Snowbridge, and Hyperbridge to achieve its interoperability goals. Polkadot (DOT), a protocol that connects blockchains, requires secure bridges with external networks to thrive across the Web3 space. To achieve this core mandate of interoperability, Polkadot is keen to onboard a trustless bridge on its platform with Parity engineers working to unleash decentralized bridging options. Polkadot’s Decentralized Bridge Initiative Centralized bridges pose inherent risks, as they rely on…

[PRESS RELEASE – Berlin, Germany, April 11th, 2024] Nektar Network – the multilayered Re-staking network is designed to optimize Ethereum’s security model while scaling distributed solutions, paving the way for more decentralized infrastructure. The team behind Diva Staking unveils the Nektar Network, a pioneering restaking ecosystem poised to redefine the Ethereum trust model and extend its utility across distributed systems. The Nektar Network launches with a vision to democratize Ethereum’s validation process while addressing the challenges of centralization and resilience.…

The popular decentralized exchange, Uniswap, is having one of its latest governance proposals stonewalled by the crypto venture capital giant Andreesen Horowitz (a16z).  The ongoing proposal vote, which ends on February 10, is currently 38% weighed against the change – almost entirely due to the software investor. So Much for Decentralization The proposal, tabled by 0xPlasma Labs on February 2, would have Uniswap v3 deployed to BNB chain. To enable the deployment, the proposal chose to use Wormhole – an…

Twitter’s co-founder and former CEO, Jack Dorsey, called out Ethereum for being insufficiently decentralized on Monday. Under one of Vitalik Buterin’s Twitter posts, he alleged the protocol has “one, if not many, single points of failure.” Decentralization and Social Media Vitalik’s initial tweet did not relate to Ethereum at all. Rather, the network’s founder offered his thoughts on Elon Musk’s recent $43 billion offer to completely take over Twitter. While he doesn’t oppose Elon running the show, he stood against…

Humanity hangs in the balance as the deadly Coronavirus affects various sectors, including healthcare, manufacturing, finance, and many more. Since the beginning of the outbreak, governments and citizens have had to adopt a new lifestyle that involves quarantine and social distancing practices.  To offset the current pandemic, global stakeholders at the World Economic Forum came up with a radical solution known as the Great Reset, which aims to change the global economy. The meeting, which took place in June 2020,…