Why We Need a Decentralisation Rating System for Blockchains
As the combined Bitcoin and altcoin circulating market cap sets new price records and solidifies its position as a major asset class, we must address an important issue affecting this space.
A standardised, universally-recognised rating system must be established to determine how decentralised a blockchain is.
We need this because people are duped into believing a network is (adequately) decentralised when it isn’t. Moreover, it does a disservice to truly decentralised networks such as Bitcoin, Ethereum, Polkadot, and Cardano, to name a few.
Extending this to everyday life, when you spend a lot on top-end steaks, there’s usually a rating system that specifies minimum standards for such products.
Organic food, hotels, oil, seafood, eggs, etc. Certifications exist for a reason, and people have the right to know what they’re buying.
The same should go for coin and token holders of various L1s. Everyone — from beginners to experts — should understand how decentralised a blockchain is, having easy-to-understand information readily available.
With increasing sums on the line and reputations at stake, this matter will only become more important.
There’s no use in telling some porkies like Pinocchio to deceive prospective investors. Many people with a solid grasp of blockchain metrics, tokenomics, and related data can independently verify the information…
