Researcher NSC: the blockchain should be more centralized

The denial of absolute decentralization can solve many of the problems faced by the technology of the blockchain, said the head of Department on work with cryptocurrency people’s Bank of China Yao Qian (Yao Qian).

According to local edition Yicai, analyzing the development of the blockchain, Qian noted the key features of this technology – transparency and ability to enter into smart contracts, and identified its «vulnerability» – decentralization.

He said how you can achieve greater scalability, while maintaining the consensus with well-established community management: industry should not be too hard to stick to completely decentralized management, instead advocating a more flexible approach.

«We expect that in future there will be a new area between the two spectra of centralization and decentralization. Each blockchain, and the system will have a different level of centralization to meet the demand for different usage scenarios,» said Qian.

According to him, the main problem related to the decentralized public blockchain is the inability to «suspend or close the system when it is faced with an emergency situation requiring technological updates.»

As an example, the researcher cited the error in the code of smart contracts, DAO, where the project has lost more than $ 60 million – «by identifying such problems, decentralized systems should solve their chaotic hard and softforum».

«The Alliance of chains of blocks, forming a decentralized network, each of which operates as an independent center of control – a viable method of development of this technology in the future which will allow you to control risks and technological change,» said Qian.

With the vision of using the technology of the blockchain is shared by other leaders of the Central Bank of China – PBoC previously expressed opinion that digital currency the Central Bank may be equivalent to cryptocurrency, but it will be managed centrally.

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