Introduction:

Today I read a post by @forexbrokr which spoke of the inevitable rise in the price of BNB token to 1k or 1000.
In it he commented that despite ethical issues cryptocurrency supporters have about Binance Smart Chain being centralized, the price is right, as in transaction costs, so Cubfinance was built there, and other projects like PAnCakeSwap thrive there because transactions are fast and cheap.

Newbie Observations

As a newbie, who finds things like block explorers exciting, this comment interested me because I wanted to understand why I am suppose to feel that BSC is centralizede and therefore not as pure, or trustworthy as other POS chains.

So I ask these questions:

• Why us delegated proof of authority bad? And delegated proof os stake good?
  And I mean this not in a Hive versus Binance Smart Chain sort of way, I mean in a pure technical and factual sense, how is one form of representative democracy more democratic then the next flavor of representative democracy? And what are the objective measurements of this?

Once again I am a newb, so perhaps suttle points are lost on me, or perhaps the distinctions are big enough to drive a truck through, and I am just oblivious to them. So please enlighten me.

Binance Smart Chain appears to be a POS chain, which uses a form of delegated proof of stake called delegated proof of authority, but it is dependent on stake, and lots of it. In fact it is an interesting system where people pool their stake to become staked enough to become node operators. This is different from the elected nature of node operators on Hive who are elected by people with stake, and the more stake you have, the more votes you have. These systems seem to be different sides of the same coin. POS requires Stake, and the amount of STake you have gives you influence in distributing rewards from the reward pool and in choosing node operators.

I ask these things because I don't know if we should be feeling collectively guilty about our associating with BSC when EThereum is moving to POS, and one of the requirements to run a node will be Stake, 32 Ethereum to be exact. So with POS being a compromise in consensus to achieve scaleability and speed, should we still be characterizing BSC as less decentralized? These distinctions seem convoluted and may miss the most important point Hive proved when the community left Steem. Ethics is more powerful then code when you can fork code and leave when ever the code accidentally leads you into a path in contrast with your ethics. You don't mess with the code or the history, you blaze a new path away from the old path, leaving it immutable, and as a historical testament to the values of the community that left.

So perhaps the community may be the most important determination of decentralization and integrity.

More ramblings of a newb for sure.

@defigeek

Posted Using LeoFinance ^Beta