Russian version of this topic placed here.
Dear Waves community! We have already published the Manifesto of the node, in which we shared our concern about the threat that is entailed by centralization of the network. We made a statement and proposed the steps that, in our opinion, can make a difference. However, today we do not want to be the guys who say a lot of smart words and do little. Today we will once again focus on the problems that increasing centralization of the network entails and outline the further action plan.
The idea of blockchain as a distributed system of storing records was first implemented by bitcoin inventors (whoever they were). Millions of people around the world were inspired by this concept. The number of blockchain projects keep growing every day. However, every day it becomes more obvious that all the benefits of a distributed system are offset by a high level of network centralization. This disease has struck the Waves blockchain too. More than 60% of the network is controlled by three nodes, which means that:
- These nodes can block any network activations, which obstruct the dynamic and comprehensive network development. Will they be able to block smart contracts activation? Without a problem. This can inevitably lead to creating a fork of the network.
- These nodes can organize the attack of double spending (aka 51% attack), which will also lead to huge financial problems for all who have entrusted their funds to the Waves network. And this will also lead to the inevitable forking.
Do we want such events to take place? Absolutely not. We do not want to be hypocritical, and that is why we frankly denote our direct commercial interest in this story: our team is interested in maximum decentralization of the network. We do not get any profit from the node, but we have a number of services that we offer to our clients. And those services are related to trading on Waves DEX. The higher the level of decentralization, the lower the risks for us and our partners to lose money. We are developing innovative solutions in order to maintain high competitiveness. If the minority can block the activations, then this can also damage our business.
Will the large projects participate in the network that is controlled by a small group that does not care about the opinion of the majority? Definitely, no. If we do not decentralize the Waves network, then the upcoming smart contracts will remain at the level of interesting but unclaimed technology. We want to avoid this by any possible means.
The higher the level of decentralization, the more people and businesses will be interested in the Waves blockchain and Waves DEX. Ultimately, this will improve the entire system and fill it with liquidity, interesting projects and tokens. This is a small step for us, but a big step for the whole community on the way to Tokenomica.
Our team does not have much resources, but we have a great desire and the opportunity. The opportunity to make a difference and make our own contribution to transforming the Waves blockchain to a mature network that is independent from the minority desires.
The Game of Nodes
Our team consists of gaming fans. We love games and love playing them. We are also huge admirers of George R.R. Martin’s work and literally adore the Game of Thrones. In the sad anticipation of the last season, we decided to write our version of the upcoming events and write it together with you. The Waves blockchain and its community is a whole universe, living by its own laws and rules. In this universe there are lords, heroes and traitors. There are good and evil characters, dead men, dragons and even Gods, who manipulate this fragile world with an invisible hand.
Will we be able to unite and prevent the imminent threat? Do we have enough strength to resist evil? Will the Gods hear our prayers? We’ll find out very soon.
The first chapter of this book will be titled “Call to arms”.
John Snode called on the allies to unite. The Tradisys Node has responded to his call! The Lords of the Node are on the way to Winterfell …