Bitcoin is a Highly Centralized Network, Says Harvard Researcher

Primavera De Filippi, a Hacker and Blockchain researcher at Harvard, together with Benjamin Loveluck, Associate professor at Télécom ParisTech and research associate at CERSA, argue in a new paper that bitcoin has evolved into a highly centralized network under the technocratic governance of a small number of individuals.

After providing a brief history, the researchers analyze bitcoin’s governance in a first paper of its kind, stating that the aim of “Satoshi Nakamoto and the early Bitcoin developers was to create a decentralised payment system that is both self-sufficient and self-contained.” However, they argue that they, perhaps naively, “thought it was possible to create a new technological infrastructure that would be able to govern itself – through its own protocols and rules – and that would not require any third-party intervention in order to sustain itself. And yet, in spite of the mathematical elegance of the overall system, once introduced in a particular socio-economic context, technological systems often evolve in unforeseen ways and may fall prey to unexpected power relations.”

After analyzing the overall open source ecosystem, the researchers state that open source projects largely fall into two types of governance, “democratic-organic” or “autocratic-mechanistic”. As the name implies, the former is a

Read more ... source: TheBitcoinNews

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