The Most Decentralized Cryptocurrency
The world has been thrown into another age with the creation of cryptocurrency. It is a digital asset created to be an alternative to the commonly used means of value exchange: fiat currencies. The records of the personal ownership of this money are carefully stored and secured in an e-database ledger which protects trade records plus regulates the supply plus trading of the coin. Crypto cash offers its users many advantages over using fiat currencies as a means of value exchange, it is much more portable, divisible, and the financial freedom it offers its users is second to none.
Decentralization is one of the major positive factors that draw people’s attention to cryptocoin. Most coins are not issued by any central authority. That is, their supply is not under the control of any governing body. It theoretically means that the cryptosystem is immune to government manipulation and interference. This makes the cryptosystem more trustworthy than any other financial system that exists. In the past, before the creation of the first cryptocoin, every financial asset used in our world was centralized, mostly by a governed region’s central bank. Cryptocoin initiated a more autonomous financial system; a decentralized network, which made sure this asset would not be regulated by one main authority.
Each cryptocoin falls on a spectrum with the peaks being good or poor decentralization. This means that this factor in a particular cryptosystem can be ranked plus rated. Blockchains with absolutely terrible decentralization are found at the lowest point of the spectrum. Their system is so poor that some users refer to them as a centralized network. They are usually permissioned and non-trustless, with a few numbers of nodes as low as 10 or even lesser. Some cryptocoins with the worst decentralized systems include NEO, Icon, and even the popular cryptocoin Tron.
Tron started well with about 100 entities holding about half of their power. But in their quest to rack up more scalability, they sacrificed most of their decentralization. Other popular cryptocoins such as Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, and Stellar have a partially good decentralized system but not the worst plus by far not the best. It is mainly because about half of their hashing power is just controlled by two entities. But even with this, they are still permissionless and trustees who account for a bit of the factor experienced. Coins with the best system that almost knocked out the possibility of a central authority are surprisingly not as popular as the coins earlier mentioned.
Some of these coins include Tezos, IOTA, Holochain, Elastos, and Zilliqa. These coins are built to be controlled by at least a million nodes and are always permissionless as well as trustworthy.