'How to Achieve Decentralized Scale: ETH vs BTC vs ALGO' decentralization blockchaintechnology
Blockchains can nowadays have many forms from private and permissioned to public and permissionless or anywhere in between. In Bitcoin, miners are incentivized and rewarded to secure the network by transaction fees and newly minted coin for their POW work. The number of resources needed to mine under Bitcoin POW has resulted in barely profitable and unfamous centralized mining operations while the requirement of running a full node is affecting participation in the network.
In fact, it is very likely that even if a centrally designed public blockchain was to achieve scale most of the technology´s intended purpose and benefits to the public would fade over time or disappear instantly. We agree with Professor Silvio Micali that a lot of the scaling and centralization problems of Bitcoin are inherent to the incentive scheme embedded in its protocol. In Bitcoin, miners are incentivized and rewarded to secure the network by transaction fees and newly minted coin for their POW work.
According to Wikipedia, 0.5% of Bitcoin wallets owned 87% of all Bitcoin in March 2018. This concentration of mining and ownership could be the inadvertent result of a combination of Bitcoin deflationary fixed monetary supply and incentive mechanism, but the fact is that it has resulted in very few innovations apart from Segwit and Lightning Networks which in the latter case only offer an off-chain centralized solution scalability problem.
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