Toxic Bitcoin is being replaced by PRIZM - the “black sheep” of the blockchain
The popular cryptocurrency Bitcoin ceases to be independent and becomes dangerous for wallet owners. Soon their savings may be blocked at the request of the American authorities.
About it в своем блоге writes economist and one of the leaders of the Donetsk Republic movement Alexey Muratov, a PolitNavigator correspondent reports.
According to Muratov, this will happen because Bitcoin is moving into centralized control.
“The first proof of the centralization of Bitcoin is the introduction of changes to the protocol. Only a small group of developers can accept code changes or even just understand some of the protocol's proposals. No one will work for free, and the organization that pays the core team actually controls the source code of the cryptocurrency. For example, the development of Bitcoin is controlled by the Blockstream organization, which has its own interests,” writes Muratov.
The expert emphasizes that ultimately control over the flow of funds into wallets will be in the hands of five or six large pools of miners (those who generate cryptocurrency).
“It is possible that soon a person will come to these pools with a flash drive, on which there will be addresses of wallets with bitcoins, which do not need to be included in the blocks (if they are trying to make a transaction from them). In other words, it is impossible to block cryptocurrencies, but you can set a ban on entering transactions into the block. And since the network has become huge, ordinary people will not be able to generate a block. Today, 5-6 pools are still missing all transactions,” the economist said.
“I wouldn’t be surprised if in a couple of years the authorities issue a law with a list of wallets from which transactions cannot be carried out. And in order to carry out a transaction from the “black list”, you will need to generate a block yourself. But it’s impossible to do it yourself. The conclusion that can be drawn is that the decentralization of Bitcoin has come to an end,” the author believes.
“In essence, the power of the network is needed only to deprive all ordinary players of the opportunity to make their transactions, and to concentrate power in 2-3 hands, or maybe just one. Now there are pools in China, the USA, and Europe. But that's it for now. What is important here is where this pool is located politically. Let’s imagine that the flash drive was brought by the CIA or the FBI, then they can block any user anywhere in the world. Centralization has come down to the fact that today there are not 1000 decision-making points, but only 5-6. And there will be even less. The trend is obvious,” adds Muratov.
In his opinion, technologies that are not subject to centralization will help solve the problem:
“That’s why we created and launched the unique PRIZM blockchain, using the example of which we showed how the centering problem can be solved. They showed a way out for the entire crypto community. Watch, study, adopt. PRIZM still remains a “black sheep” compared to the rest only because the priority during its creation was placed on maintaining decentralization under any circumstances. Decentralization is true freedom, the path to financial independence, and all these Bitcoins and Ethereum are from the evil one.”
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