The Evolution Of Centralisation on Cryptocurrency Platforms

Carlo Campajola, Raffaele Cristodaro, Francesco Maria De Collibus, Tao Yan, Nicolo' Vallarano and Claudio J. Tessone

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Abstract: More than ten years ago the blockchain was acclaimed as the solution to overcome centralised trusted third parties for online payments. Through the years the crypto-movement changed and evolved, although decentralisation remained the core ideology and the necessary feature every new crypto-project should provide. In this paper we study the concept of centralisation in cryptocurrencies using a wide array of methodologies from the complex systems literature, on a comparative collection of blockchains, in order to define the many different levels a blockchain system may display (de-)centralisation and to question whether the present state of cryptocurrencies is, in a technological and economical sense, actually decentralised.

Date: 2022-06, Revised 2023-05
New Economics Papers: this item is included in nep-dem and nep-pay
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