CJ - Cryptocurrency Enthusiast
Input Output Global and the Scottish university will offer continuous tracking of crypto assets using an as-yet-undetermined approach, marking an industry first.
According to IOG's blog, the University of Edinburgh and Input Output Global (IOG), the organisation that created the Cardano network, have teamed up to create a blockchain decentralisation index. The university-developed "research-based" methodology, the first of its kind, will be used by the new service.
Although it was unveiled in Edinburgh on November 18 after months of preparation, the Edinburgh Decentralization Index (EDI) is not yet operational, according to IOG:
"As the initial stage for the tracker, researchers at the University of Edinburgh created research papers explaining decentralization indicators and a meticulous process for merging them into an index. It will thereafter operate similarly to other industry indices at that point. The EDI will provide real-time asset tracking when it is implemented, supported by a continuously computed and evaluated methodology."
“There are currently no standards for the decentralization of digital assets. We are now lacking widely accepted industry standards that define the level of project decentralization. The EDI will enable us to ensure that consumers have total transparency around what they are engaged in," IOG CEO Charles Hoskinson wrote in the blog post. Hoskinson was alluding to the fact that people now lack the tools necessary to assess how decentralized digital assets are.
Although decentralization by itself is not a guarantee of quality, the recent underperformance of centralized crypto asset platforms has rekindled concerns about it. “The establishment wants regulated cryptocurrency”, according to Balaji Srivasan, a former executive at Coinbase and Andreesen Horowitz.” “If they had won, the cryptocurrency exchange FTX would have had centralized control. After FTX was discontinued, they turned to regulation to regain control. Customer protection was never the goal.”
At least in the US, where the issue is vital for the future expansion of regulation, decentralization is essential in assessing whether a cryptocurrency asset qualifies as a security. This new model could potentially bring a lot of positive aspects when it comes to decentralization and regulation, and Cardano (ADA) is playing a big part in it.
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