Study finds that only 64 people possess most of the Bitcoin. That's an issue.
But when the researchers looked at the blockchain data from the early days of Bitcoin, they found that when it first started, it was less of a truly decentralized network and more of a system supported by a small minority."Mining", in case you are unaware, is the process of performing a series of complex computations to"unlock" new coins as a reward for the"work".
In contrast to the myth that Bitcoin"democratizes" finance, the study found that most of the early Bitcoin mining was done by only 64 owners. These 64"agents" mined a total of 2,676,800 Bitcoin, which is worth aboutThe study reveals that even though Bitcoin was meant to be a decentralized network from the start, it was actually kept up by a small elite that controlled most of the"computational resources" that kept the community going.
The study gives Bitcoin a slightly different look, chipping away at the idea that digital currency is the free-flowing form of money that its fans say it is.Another problem is the supposed anonymity of crypto like Bitcoin. However, the new study shows that there are many ways to look at data that can now be used to almost completely figure out who is trading the currency.
In particular, researchers used"address-linking" techniques, which look at networks of crypto addresses and try to connect them to the people who use them. The study says that these kinds of analyses"may help deanonymization."
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