Ethereum Might Not Be as Decentralized as You Think

Date : 11/08/2018 @ 12:44PM
Source :InvestorsHub NewsWire
Stock : Ethereum (ETHGBP)
Quote : 139.96000000  -17.24000000 (-10.97%) @ 3:43PM

Ethereum Might Not Be as Decentralized as You Think


Bitcoin Global News (BGN)

November 08, 2018 -- ADVFN Crypto NewsWire -- In the face of the notorious data breaches such as Facebook’s earlier this year and Equifax’s last year that affected millions of average citizens, we have been promised time and time again that the Blockchain is a safer place to store our sensitive data, or, that which might cause our identities to be stolen. Just look at the rhetoric of Satoshi’s original white paper if you want what is most likely the best possible example of this.

Certain news that has come out of Prague’s recent Devcon4 conference, which amounted to a massive meeting on all thing’s Ethereum, seems to provide a contrast in this respect. More specifically, Coindesk released an article today that cites the opinion of the well known Ethereum core developer, Péter Szilágyi, in reminding us that the Ethereum network may be far less secure than we think.

His major conclusion on the subject that most directly affects the average Ethereum investor, according to Coindesk, seems to be that nothing is as secure as running a full Ethereum node. If you are not running the network client on your machine and you are instead, using something like Metamask or another third party wallet, then you are risking your personal information being outed one day. Keep in mind that this is not a fact but it is a key Ethereum developer’s opinion based on data that he apparently cited in an interview around the time of the conference.

Included in this data was his finding in conducting research on an Ethereum sidechain project, that metadata leaks do happen when users engage with anything mentioned above, including Dapps. Therefore, with this in mind, it is easy to think: okay, but how will Ethereum scale if we avoid all Dapps and sidechains?

Szilágyi says that to solve this, Ethereum users need to full nodes, developers need to work harder on “anonymizing” the entire network using the examples of Tor and I2P and developers need to not drive users away by blaming them for privacy leaks on the network.

Over time, we will see if the development community puts any of this into action.

 

 

By: BGN Editorial Staff

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