The Bitcoin network is the first system in the world to provide the best solution to the Byzantine generals problem, thanks to its trustless and decentralized blockchain technology.
Since the launch of Bitcoin in 2009, more than 5,000 cryptocurrencies have been created, with some claiming to be better than Bitcoin, while others try to solve other problems like Ethereum.
Perhaps what makes cryptocurrencies better than fiats is their decentralized nature. However, not every crypto built on blockchain is decentralized. As a matter of fact, projects like Ripple (XRP) and IOTA have been widely criticized for their centralization, although IOTA is currently planning to eliminate the centralized entity from its network to become fully decentralized.
XRP More Decentralized Than Bitcoin
While most people, especially Bitcoin maximalists, in the crypto space believe that Bitcoin is the most decentralized network to exist to date, the result of a new poll provides shocking results.
A recent poll initiated by Altcoin Daily had crypto Twitter discussing the decentralized nature of two major cryptocurrencies. The survey asked participants to choose the most decentralized coin between Bitcoin and Ripple XRP.
It is believed that many would ordinarily choose Bitcoin as the most decentralized network when compared to XRP, which has been argued time and again to be a centralized coin for many reasons. However, the majority of the poll voted XRP as a more decentralized coin over Bitcoin.
The poll ends in less than 19 hours. From a total of 5,281 votes so far, only a mere 39.4% selected Bitcoin, while 48.2% chose XRP. The remaining 12.3% selected “show result” while voting for none of the cryptocurrencies.
What makes the poll even more exciting is the arguments on the comments section between Bitcoin maximalists and XRP Army.
One of XRP’s fans, @XRP_Dresden, argued that BTC is centralized and controlled by at least four mining pools in China. “That’s a fact. Don’t trust! Verify,” he said.
Another user from the XRP bandwagon shares the same thoughts, saying
XRP of cause! Rational people know that the bitcoin PoW network have a strong tendency, over time, to centralize around big miners in areas with cheap electricity. This will in time lead to mining cartel formation an anchorpoint for governments to exert pressure and gain control.
From the Bitcoin side, a user claimed that XRP is centralized because the coins are pre-mined. “If you cannot mine it, it means someone is creating the coin and then selling it,” @Nasab argued.
Another interesting point made by Bitcoiners is that Ripple, the company behind the XRP token, holds the largest amount of XRP. However, a counter-argument was that Satoshi Nakamoto, the anonymous creator of Bitcoin, also owns the largest amount of Bitcoin, estimated to be about 1 million BTC.