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Ethereum co-founder Gavin Wood says Bitcoin [BTC], Ethereum [ETH] are not decentralized

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Ethereum co-founder: Bitcoin and Ethereum is not decentralised; the crypto-space is riffled with toxicity
Source: Pixabay

The cryptocurrency space is known for being many things, the beacon of financial freedom, the innovation hub for the dichotomy of finance and technology, and the developer’s paradise, but due to the polarising natures of camps, toxicity between and within networks is rampant. Gavin Wood, the co-founder and former CTO of Ethereum stated the same.

In a recent report by Longhash, Wood lamented that the aforementioned ideals of the cryptocurrency community have not been lived up to, in certain cases. Given the extreme and maximalist nature of various cryptocurrencies and ecosystems, the space, according to Wood, has become increasingly “toxic”.

He stated:

“It’s very nationalistic, maximalistic, whatever you want to call it. There are tribes, and there are people who can no longer look at the technical aspects, and they just put their flag in the sand and it’s now it’s almost turned into a religion.”

During the early days of the Ethereum project, his team was dismissed as a “waste of time and effort”, by the Bitcoin adherents, and now “Ethereum maximalists” are exhibiting the same opposition with other upcoming camps.

In light of this, the former Ethereum executive stated:

“There are people who are now refusing to accept that there are may be good, solid technical reasons why you may want chains beyond Ethereum”

Venturing out of Ethereum and starting Polkadot, a blockchain communicator of sorts, Wood describes his new project as a “NATO for blockchains”.

Despite the overarching goal of any decentralized currency project being decentralization, Wood concedes that this principle is a myth. Even the top cryptocurrency, Bitcoin [BTC], in his opinion is controlled by a small group of people. He stated:

“Anyone with what they call push access, basically the ability to change the Bitcoin core repository, is in charge of Bitcoin.”

The top altcoin and his former project aren’t free from centralization either. Ethereum is under the control of the Ethereum Foundation, holding the Ethereum trademark, and hence the foundation can wield this power against the community during upgrade oppositions, he opined. The sole reason for calling the Ethereum network “decentralized” is because Vitalik Buterin, another co-creator, “isn’t a dictator”.



Decentralization, in addition to being mythical in the cryptocurrency space, is overrated, stated Wood. He added:

“There’s no such thing as true decentralization without some degree of staleness or inertia.”

Interestingly, Wood is not the only ex-CTO of one of the largest “decentralized” networks to hit back at his previous ecosystem questioning the centrality of control and launch his own project. On May 10, Lucien Chen, the ex-CTO of TRON departed from the network launching his own project “Volume Network” and bluntly stating “TRON is no longer decentralized”.





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Analysis

Ethereum [ETH] and Tron [TRX] Price Analysis: TRX tries to join ETH on the bull wagon

Arijit Sarkar

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Ethereum [ETH] and Tron [TRX] Price Analysis: ETH enjoys the bullish trend while TRX tries to join the bull wagon
Credit: Pixabay

The cryptocurrency market continued to consolidate after days of bullish movements. Tron [TRX] was back in the 12th position on CoinMarketCap and continued its sideways trend. Ethereum [ETH] maintained its market position as the market’s best performing altcoin.

Ethereum [ETH] 1-Day

Source: TradingView

The 1-day reading for Ethereum [ETH] showed that the altcoin enjoyed a strong bull market throughout the year, with no visible resistance to break. The cryptocurrency’s bull run was the strongest over the last week, enabling investors to enjoy a 38% growth in ETH value. Following the spike, ETH settled at $257.51, and held a market cap of $27.3 billion. It had a 24-hour trading volume of $11.8 billion, at press time.

Bollinger Bands: The upper and lower bands have been diverging over the month, suggesting high volatility and a bullish trend

Awesome Oscillator: On the other hand, the red histogram projections in the AO displayed a rising selling pressure for the ETH market

Relative Strength Index: The token continued to be traced across the overbought zone.

Tron [TRX] 1-Day

Source: TradingView

Resistance 1: $0.0308

Contrary to Justin Sun’s promise of TRX’s bullish future, Tron [TRX] witnessed a drop in its position owing to BSV’s brief pump, before the status quo was restored again. During the 24 hour reading, the coin grew by 1.58% and traded at $0.0286, with its resistance at $0.0308, at press time. It held a market cap of $1.9 billion and a 24-hour trading volume of $737 million.

MACD: The MACD line over the the reading line and suggested a bullish market for TRX

Chaikin Money Flow: The CMF plot hovered very close to the zero line, suggesting an equilibrium in the capital flowing in and out of the TRX market

Parabolic SAR: The alignment of the dotted markers below the candlesticks suggested a bullish phase for the market



Conclusion

Ethereum [ETH] continued to consolidate its position in the market, while Tron [TRX] was making progress in breaking from its perpetual sideways movement.





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