Ethereum Smart Contract Security Research: A Survey and Future Directions

Decentralization is like a diverse group of people working together to reach an agreement. In a decentralized system, no single person or entity has control over the decision-making process. Similarly, in a blockchain network, no single validator or group of validators can dominate the consensus mechanism.
The Nakamoto coefficient measures the degree of decentralization by evaluating the number of validators required to reach agreement. A higher value indicates greater decentralization, with 100% decentralization representing a situation where every validator has an equal say in the decision-making process. The BFT metric, on the other hand, assesses the ability of a system to withstand malicious behavior and crash failures.
Several blockchain systems have been analyzed using these metrics, providing insight into their decentralization levels. For instance, Ethereum has been found to have relatively low decentralization levels compared to other blockchain networks. The article highlights the need for further research on decentralization metrics to better understand the complexities of blockchain technology and identify areas for improvement.
In conclusion, decentralization is a critical aspect of blockchain technology that ensures fairness and security in the decision-making process. By evaluating the decentralization levels of various blockchain systems using metrics such as the Nakamoto coefficient and BFT, we can gain a deeper understanding of their strengths and weaknesses. This knowledge can help improve the design and implementation of blockchain networks to create more secure and efficient systems.