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It doesn't follow that a "single monolithic ledger" means Bitcoin is decentralized. Since all (full) nodes carry a copy of the entire ledger and every participa
by mattnguyen 9y ago
It doesn't follow that a "single monolithic ledger" means Bitcoin is decentralized. Since all (full) nodes carry a copy of the entire ledger and every participant in the network can propose transaction blocks to the blockchain, there isn't one party that controls writing to the ledger.
Risk of centralization comes from mining pools that control 51% of the hashing power. [1]
[1] https://bitcoin.org/en/glossary/51-percent-attack https://bitcoin.org/en/glossary/51-percent-attack
- ucaetano 9y ago> It doesn't follow that a "single monolithic ledger" means Bitcoin is decentralized Oh, I never mentioned that. But the implication of the single, monolithic ledger is that it isn't partition-tolerant, if you don't have access to the ledger, you can't transact. IIRC, the lightning network kinda addresses that by allowing off-central-ledger transactions.