Cryptolohy 101
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Cryptolohy 101

Subtle Forms of Centralization That You Need To Avoid Or Minimize In Your Crypto Project

Centralization is the worst (the majority of time) isn’t it? centralization gave us the soviet union (ughh!) the baphomet layout of Washington D.C., and it also gave us microsoft, whereas decentralization gave us bitcoin, the uniswap airdrop, linux and monero.

Centralization usually is easily abused and rarely used in an altruistic way, sadly.

For these reasons, it is no surprise that cryptoland tries to strive to unwind centralization in institutions and our day to day life, and why if you are creating a crypto prject you might want to make sure that your efforts promote decentralization as much as possible (as long as it is logical)

For this reason I want to point out to you some sneaky forms of centralization that you need to avoid or diminish as much as possible, most of the time.

#1 Name Centralization

Is the name of your coin designed to please you and your cronies? Not cool.

Imagine a coin named Hitler, probably jews and germans (among others) would not like to use or promote that coin (and don’t even get me started with centralized exchanges) and thus, the semantic centralization of the name will hinder your efforts. Stop it.

I think one of the reasons why bitcoin is so succesful is because the name of the coin is so neutral and just purely descriptive.

#2 Philosophical Centralization

Is your coin or crypto project heavily skewed towards the left or the right? then you might be leaving a lot of people out of the equation, you might want to reconsider that, unless your goal is to be a niche-coin.

#3 Coin Holding Centralization

Do you and your cronies hold 70% of all the coins? awful, change that, next.

#4 Mining Centralization

This is rather self explanatory, and even with bitcoin is an issue, but still, keep this in mind and don’t let it get out of control.

#5 Spokesman Centralization

Vitalik Buterin is the undisputed spokesman of ethereum, in 2017 rumor had it that he had died in a car accident and the ethereum price went down as a result, enough said.

A strong spokesman has its advantages, sure, but don’t let get it out of control, remember the already mentioned vitalik fiasco.

#6 Dapp Interface Centralization

If people can only experience your blockchain with one dapp, you will not reach that many people. Fix it, succesful blockchains have dozens of dapps to interact with it.

So now you know, things to avoid or minimize when creating your crypto coin or project, did I forgot anything? let me know in the comments down below!

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Originally published at https://www.publish0x.com.

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Cryptolohy

Cryptolohy

Crypto maximalist. Receive 20 to 40 LBC for free when joining LBRY here: https://lbry.tv/$/invite/@Cryptolohy:d