Nick Szabo Claims Ethereum Is Becoming A ‘’Centralized Cult’’

Nick Szabo claims that Ethereum’s leadership is showing clear signs of becoming a force to be reckoned with but it is also becoming a centralized cult as we are about to find out more in the ethereum news below.

Ethereum is known to be inherently democratic but there is also an inherent need to perform a series of hard forks and upgrades. Ethereum has unrolled to drive to move on to the ETH 2.0 which is the proof-of-stake version of the network and while the early hard forks happened without the support of the miners, there is a disparity between the interests of the miners and developers. The conflict was very clear in a simulated environment as the Ropsten testnet split into two and the question was raised whether the miners could dispute the decision of the developers.

The developers put up insurance against the mining which will make the process impossible at a protocol level and the miners may still have a huge influence. They also have the power to sway multiple decisions and this had led to the accusations of Nick Szabo who sees the network becoming cult-like. The protocol is trying to reinvent itself but the network is still running. Some smaller projects have also managed to re-launch on new blockchains but in the case of ETH, there is a big risk. The Ethereum coins are very important in the crypto ecosystem and the most recent DeFi concentrates significant ETH funds in smart contracts.

Currently, Vitalik Buterin expressed beliefs that the users will not feel any change between ETH1 and ETH2 but the series of upgrades and decisions raise the specter of centralization each time when the team decides to steer the network. By all means, Ethereum was expected to start the proof-of-stake stage much earlier but so far the phasing out of mining is very slow and limited and ready to roll back into the crypto ‘’ice age’’ while still decreasing the block reward.
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  ETH is now trading at $184,62 as a most liquid altcoin with a registered volume above $7.24 billion in less than 24 hours as we can read in the latest cryptocurrency news.