While I understand that development takes time, it is becoming much more apparent to me that our window is shrinking fast on becoming a decentralized network. I believe above all else, this should be our first priority. I encourage everyone to think of solutions that would not benefit themselves personally but benefit the network as a whole. (Looking at you large staking pools) At the end of the day, by building a flourishing network, the price will rise and benefit everyone anyway. Look at networks like Ethereum and Tezos. They are incredibly decentralized and have a thriving economy with huge plans for growth and big partnerships. It’s not only because they have the technology backing them, it’s the network that surrounds them. Nodes are spaced worldwide, securing and keeping their blockchains safe from bad actors.
Look at this picture. Within thirty minutes of posting this tweet almost a thousand people resoundingly responded. It’s clear how important decentralization is to this community and I believe that is why this project is being overshadowed by others.
The technology is here on Harmony and the team should be very proud of their accomplishment but it’s time to harness this technology and move forward. In my opinion, this project is incredibly undervalued. The problem is my opinion doesn’t matter. The teams opinion doesn’t matter. It’s the markets sentiment that matters. Partnerships can’t begin without market sentiment. JPMorgan didn’t allow ACH transfers to cryptocurrency exchanges until there was enough backlash. That’s a perfect example of market sentiment swaying an outcome.
The market is conclusively against centralization.
My proposal is the same it was this week during our teleconference.
Not only should we increase the number of seats available on the committee but we should also put a cap on BLS keys per node. I think that number should be 4. It will allow smaller nodes a fighting chance of being selected by delegates. Larger validator operations will have to create more nodes and thus their costs will rise. They can either choose to build more nodes or delegate some of their stake to smaller operations. Either way, they’ll still be making their passive income.
Again, I want to re-emphasize that by creating a decentralized network, more people will join the network and the price will rise.
Just waiting to see what happens is not a solution at all and will only cause the network to become more centralized by the epoch.
Thank you for reading my post and please leave your thoughts below,