A team of Cornell researchers has publicly released a paper recently that challenges the notion that the two most popular cryptocurrencies, Bitcoin and Ethereum, currently provide decentralized financial systems. Their findings are the result of a two-year study of quantitative measures of the behavior of cryptocurrencies and the blockchain technology on which they are built. Leaderboard 1Basu told The Sun that although the technical details are complex, cryptocurrencies and blockchain are based on relatively simple concepts of agreement and trust. “The way to build a currency on top of [blockchain technology] is that everyone can agree how much money everyone else has,” he said. While cryptocurrencies have their own expenses, Basu explained that many see potential in cryptocurrencies like Bitcoin and Ethereum to create more secure, efficient and decentralized financial system.

Source: Daily Sun January 23, 2018 05:26 UTC