it is difficult for blockchain developers to achieve true decentralization


Gnosis is committed to building a truly decentralized web, although it is difficult and requires trade-offs. About it in an interview Decrypt said co-founder of the project Friederike Ernst.

Since its launch, the Ethereum sidechain has managed to attract over 115,000 validators.

“This is 20% of what Ethereum has,” Ernst emphasized.

In her opinion, it is the “focus on true decentralization” that distinguishes Gnosis Chain from other blockchain scaling solutions.

“If you go to platforms like Solana, Polygon, Avalanche, etc., then you will have very few validators. I think it’s very easy to forget the benefits of decentralization until you need them. And then it will be too late, ”said Ernst.

To achieve such a wide range of participants in the Gnosis network was largely due to the low entry threshold, the operating director of the startup believes. To become a validator, you need to block one GNO token (~$110 at the current exchange rate). For comparison, in Ethereum, for this you need to deposit 32 ETH (~$56,500).

However, Ernst pointed out that for developers, the process of creating applications with a truly decentralized infrastructure becomes much more difficult. Many projects choose centralized platforms for this reason.

Recall that in 2020, the cryptocurrency hedge fund Arca rated the results of Gnosis as unsatisfactory and offered the team to return the money to investors.

In 2017, at that time, the decentralized prediction platform project raised $12.5 million during the ICO.

Subscribe to CryptoNewsHerald on social networks

Found a mistake in the text? Select it and press CTRL+ENTER

CryptoNewsHerald Newsletters: Keep your finger on the pulse of the bitcoin industry!

Comments (No)

Leave a Reply