Among the darlings of this sub is up-and-coming chain Algorand. The founder claims to have "solved" the Blockchain Trilemma using their revolutionary consensus algorithm. From their marketing page:
Algorand uses cryptographic sortition to select users to propose blocks for a given round. When a block is proposed to the blockchain, a committee of voters is selected to vote on the block proposal. If a super majority of the votes are from honest participants, the block can be certified.
What they fail to mention is the backroom selection of the validator nodes that actually run the network. Let's suppose the user proposing the block is truly random. How do they propose a block? Specifically, how does the user that owns the selected Algo token have any influence over how the block is proposed? So far as I can tell, the user has no real agency; in contrast, other delegating PoS chains like Tezos or Cardano let the user directly delegate their block proposal responsibility to a baker or stake pool, respectively. By choosing the baker/pool to whom I delegate, I do my part in ensuring the decentralization of the network. In turn, bakers/pools are incentivized to act in the best interest if the network in order to attract and retain delegators.
The responsibility to select validators is a critical element in decentralization. The fact is, as an Algo holder I have no influence over the network. Instead, the network is run by a secret list of validators, owned and operated by "early backers." What guarantees do we have that those validators hold (and will continue to hold) the health of the network as highest priority? For all we know, Algorand could be a long con with a charismatic (and qualifed) figurehead.
This critical flaw calls into serious question the long term value of the Algorand project. I choose not to use BSC for the same reason (centralization). At least BSC doesn't lie about being decentralized - their solution to the Trilemma is to sacrifice all decentralization in favor of speed (and presumably security). Algorand claims to be decentralized, but so far as I can tell it's all smoke and mirrors.
This sub has a lot of Algo supporters. To you I say: change my mind.
Disclaimer: I hold some Algo, but I'm much more interested and invested in decentralized chains: Ethereum, Tezos, and Cardano (and learning about more as my time permits).
Submitted August 29, 2021 at 09:56PM by cdmayer https://ift.tt/2UWkSi7 https://ift.tt/2Z7cX2s
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