Brian Armstrong, the CEO and Co-founder of Coinbase, one of the leading cryptocurrency exchange platforms headquartered in San Francisco recently posted a link on Twitter which says ‘Are we decentralized yet?’
The link redirects to a page which has enlisted all the top coins and shows the status of which ones are decentralized and which ones are centralized.
According to the link, 6 coins out of the 15 coins are centralized. The centralized coins are:
- Ripple – 97% of the circulating supply of XRP is held by the top 100 accounts
- Cardano – 33% centralized of the circulating supply of ADA is held by top 100 accounts
- Stellar – 95% centralized of the circulating supply of XLM is held by top 100 accounts
- IOTA – 62% centralized of the circulating supply of MIOTA is held by top 100 accounts
- NEO – 70% centralized of the circulating supply of NEO is held by top 100 accounts
- Nano – 63% centralized of the circulating supply of NANO is held by top 100 accounts
On the website, under the miners/ voters incentivized, Y represents decentralized and N represents centralized.
Are we decentralized yet? The chart shows the coins which are decentralized and coins which aren’t
The claims made by the website has stirred a lot of controversy in the market. With Ripple enthusiasts saying that the data is wrong and is an attack on the coin and other crypto-enthusiasts saying that according to the data represented Bitcoin [BTC] is more centralized than all the coins.
BFL Vigilante, a Twitterati says:
“For the deluded Ripple [XRP] zealots and other brainwashed, this ranking should help put to rest their confusion and “decentralized” nonsense.”
To which Andrew French adds:
“Rubbish article XRP is decentralised and anyone who says it isn’t either can’t read, doesn’t want to learn the truth, or is just out to talk rubbish about something they know nothing about Ripple”
F.U Money, another Twitterati says:
“97% of XRP is not owed by the top 100 accounts and under the %voting/mining power you linked to the Bitmex blog on Ripple which Joel Katz debunked and made BitMexResearch look like fools. This is a completely biased table of information meant to spread your agenda.”
Ryan Hurley, a Bitcoin enthusiast says:
“Does the 19% shown for the Top 100 in BTC account for Satoshi’s holdings? If I’m not mistaken Satoshi is thought to have over 1mm in holdings. So at 17mm BTC, you have 3.23mm (19%) in top 100 but only 2.23mm w/o Satoshi or 13%.”
To which Jackson Palmer says:
“It includes *all* possible addresses.”
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