How does the Harvard paper propose centralizing Bitcoin?

3 answers

• Nov 27, 2021 · 3 years ago
  The Harvard paper proposes a controversial approach to centralizing Bitcoin by introducing a centralized governing body. According to the paper, this governing body would be responsible for making decisions related to the blockchain, including protocol updates and transaction validations. The authors argue that centralization would lead to increased efficiency, scalability, and security, as well as easier regulation and compliance. However, critics argue that centralization goes against the fundamental principles of Bitcoin, such as decentralization and censorship resistance. They believe that a centralized governing body would introduce potential vulnerabilities and risks, such as single points of failure and the potential for abuse of power.
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• Nov 27, 2021 · 3 years ago
  In the Harvard paper, the authors suggest that centralizing Bitcoin could address some of the scalability issues currently faced by the network. They argue that a centralized governing body would have the authority to implement changes to the protocol that could improve transaction throughput and reduce fees. However, opponents of centralization argue that it would undermine the core principles of Bitcoin, such as trustlessness and immutability. They believe that the decentralized nature of Bitcoin is what sets it apart from traditional financial systems and should be preserved.
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• Nov 27, 2021 · 3 years ago
  As an expert in the field, I can say that centralizing Bitcoin, as proposed in the Harvard paper, would be a significant departure from the original vision of Satoshi Nakamoto. Bitcoin was designed to be a decentralized and trustless system, where no single entity has control over the network. Introducing a centralized governing body would introduce a level of centralization and potentially compromise the security and integrity of the network. It is important to carefully consider the implications and trade-offs before pursuing such a proposal.
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