The apparent centralization in both proof-of-work and proof-of-stake protocols is “tragic because it’s antithetical to the cypherpunk ideals” that birthed the the bitcoin and blockchain movement, Tomer Afek, the CEO at the crypto platform Spacemesh, has argued. To back this assertion, Afek told Bitcoin.com News that only two Bitcoin mining pools control more than 50% of the network’s hashrate while the top five pools control more than 75%.
‘Centralization and Consolidation of Mining Resources’
For Afek, the concentration of the Bitcoin network’s mining power among a few players should worry decentralization proponents because it means such “centralized actors” are accountable to no one. According to the Spacemesh CEO, the situation is even worse with protocols that use the proof-of-stake consensus mechanism.
To Illustrate, Afek claims that in the vast majority of chains using this mechanism, it is “a tiny coterie of inside investors and early team members [who] cont
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