ADA Developer Develops New Blockchain DeFi Method
Cardano (ADA) creator Input Output Global (IOG) is collaborating with the University of Edinburgh to develop a new method for determining whether a blockchain is truly decentralised.
According to IOG, the majority of blockchains claim to be decentralised, however these claims are subjective due to the absence of a consistent framework for measuring decentralisation.
According to the technology company, the Edinburgh Decentralization Index (EDI) is designed to address this issue.
“The EDI will create a unified framework capable of evaluating degrees of decentralisation, and is applicable to data extracted from Bitcoin, Ethereum, Cardano, and other chains.”
According to IOG, the index will evaluate the extent of decentralisation of a blockchain based on several layers, including API, consensus method, hardware, software, network, tokenomics, governance, and the geographic location of validators.
Launching a research study that will define and quantify decentralisation is the initial phase of the programme.
“The EDI will be a live tracker underpinned by a continuously calculated and reviewed methodology, with calculations being carried out by a team at the University of Edinburgh.”
According to the company, the EDI would give the blockchain industry with a standard for measurable decentralisation and will have multiple use cases.
“It could be adopted by governments as part of a wider crypto regulatory framework, allowing users and organisations to determine a chain’s decentralisation with more certainty.”
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