Cardano (ADA) developer Input Output Global (IOG) is working with the University of Edinburgh to create a brand new system that can decide if a blockchain is actually decentralized.
IOG says that almost all blockchains declare to be decentralized however these assertions are subjective as a result of no normal framework for evaluating decentralization exists.
The expertise firm says the Edinburgh Decentralization Index (EDI) goals to handle this downside.
“The EDI will create a unified framework capable of evaluating degrees of decentralization, and is applicable to data extracted from Bitcoin, Ethereum, Cardano, and other chains.”
IOG says the index will assess a blockchain’s degree of decentralization based mostly on a number of layers, together with API, consensus mechanism, {hardware}, software program, community, tokenomics, governance and validators’ geographic distribution.
The first step of the initiative entails the launch of a analysis mission that can outline and measure decentralization.
“The EDI will be a live tracker underpinned by a continuously calculated and reviewed methodology, with calculations being carried out by a team at the University of Edinburgh.”
The agency says that the EDI will present a normal of measurable decentralization for the blockchain trade and may have a number of use circumstances.
“It could be adopted by governments as part of a wider crypto regulatory framework, allowing users and organizations to determine a chain’s decentralization with more certainty.”
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