A Unified Framework for Analyzing Blockchain Decentralization

Table of Links Abstract and 1. Introduction 2 Methodology 3 Hardware 4 Software 5 Network 6 Consensus 7 Cryptocurrency Economics 8 Client API 9 Governance 10 Geography 11 Case Studies 12 Discussion and References A. Decentralization and Policymaking B. Software Testing C. Brief Evaluations per Layer D. Measuring decentralization E. Fault Tolerance and Decentralization 12 Discussion Our main contribution is the systematization of the rather fragmented body of literature related to decentralization into a unified framework, under which the decentralization of any distributed ledger can be analyzed. Table 1 summarizes our methodology, i.e., the layers that comprise a ledger and the relevant resources and parties that guarantee its core properties. Removing single points of failure via a diverse distribution of resources across independent parties is critical in guaranteeing security, privacy, and stability and can also have legal implications (cf. Appendix A). Our work also opens various research threads. First, even though we do not treat off-chain “Layer 2” protocols [95] as a distinct stratum, our methodology can be readily applied to a combination of Layer 1 (main chain) and Layer 2 protocols. For example, one could apply our layering methodology on a combination of Bitcoin and the Lightning Network [145] and assess the decentralization of the combined system as a payment network. Similarly, our methodology can assess blockchain-based “decentralized applications” (DApps), e.g., DeFi systems.[23] Investigating the decentralization of Layer 2 protools or DApps via our methodology is thus a promising research thread. Second, exploring the relationship between decentralization and fault tolerance, as well as the settings where decentralization is beneficial and those where it is not, is another interesting topic of future research.[24] Third, we offer a framework for analyzing blockchain decentralization, but not specific quantitative metrics. A compelling direction for future work is systematically identifying the right metrics for each layer to capture all relevant aspects of blockchain decentralization.[25] Building on this, a natural end-goal of all questions posed above is producing a quantitative blockchain decentralization index. Historically, it has been observed that increasing decentralization on one axis coincides with, or even results in, centralization on another [158]. 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IEEE (2019) Authors: (1) Christina Ovezik, University of Edinburgh (c.ovezik@ed.ac.uk); (2) Dimitris Karakostas, University of Edinburgh (dkarakos@ed.ac.uk); (3) Aggelos Kiayias, University of Edinburgh and IOG (akiayias@ed.ac.uk). This paper is available on arxiv under CC BY 4.0 DEED license. [23] In such cases, smart contract development would naturally fall in the software layer. [24] Appendix E expands on the relationship between fault tolerant systems and decentralization. [25] Appendix D offers an overview of metrics that have been used so far in this setting. Table of Links Abstract and 1. Introduction Abstract and 1. Introduction 2 Methodology 2 Methodology 3 Hardware 3 Hardware 4 Software 4 Software 5 Network 5 Network 6 Consensus 6 Consensus 7 Cryptocurrency Economics 7 Cryptocurrency Economics 8 Client API 8 Client API 9 Governance 9 Governance 10 Geography 10 Geography 11 Case Studies 11 Case Studies 12 Discussion and References 12 Discussion and References A. Decentralization and Policymaking A. Decentralization and Policymaking B. Software Testing B. Software Testing C. Brief Evaluations per Layer C. Brief Evaluations per Layer D. Measuring decentralization D. Measuring decentralization E. Fault Tolerance and Decentralization E. Fault Tolerance and Decentralization 12 Discussion Our main contribution is the systematization of the rather fragmented body of literature related to decentralization into a unified framework, under which the decentralization of any distributed ledger can be analyzed. Table 1 summarizes our methodology, i.e., the layers that comprise a ledger and the relevant resources and parties that guarantee its core properties. Removing single points of failure via a diverse distribution of resources across independent parties is critical in guaranteeing security, privacy, and stability and can also have legal implications (cf. Appendix A). Our work also opens various research threads. First, even though we do not treat off-chain “Layer 2” protocols [95] as a distinct stratum, our methodology can be readily applied to a combination of Layer 1 (main chain) and Layer 2 protocols. For example, one could apply our layering methodology on a combination of Bitcoin and the Lightning Network [145] and assess the decentralization of the combined system as a payment network. Similarly, our methodology can assess blockchain-based “decentralized applications” (DApps), e.g., DeFi systems.[23] Investigating the decentralization of Layer 2 protools or DApps via our methodology is thus a promising research thread. Second, exploring the relationship between decentralization and fault tolerance, as well as the settings where decentralization is beneficial and those where it is not, is another interesting topic of future research.[24] Third, we offer a framework for analyzing blockchain decentralization, but not specific quantitative metrics. 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IEEE (2019) Authors: (1) Christina Ovezik, University of Edinburgh (c.ovezik@ed.ac.uk); (2) Dimitris Karakostas, University of Edinburgh (dkarakos@ed.ac.uk); (3) Aggelos Kiayias, University of Edinburgh and IOG (akiayias@ed.ac.uk). Authors: Authors: (1) Christina Ovezik, University of Edinburgh (c.ovezik@ed.ac.uk); (2) Dimitris Karakostas, University of Edinburgh (dkarakos@ed.ac.uk); (3) Aggelos Kiayias, University of Edinburgh and IOG (akiayias@ed.ac.uk). This paper is available on arxiv under CC BY 4.0 DEED license. This paper is available on arxiv under CC BY 4.0 DEED license. available on arxiv available on arxiv [23] In such cases, smart contract development would naturally fall in the software layer. [24] Appendix E expands on the relationship between fault tolerant systems and decentralization. [25] Appendix D offers an overview of metrics that have been used so far in this setting.