Input Output Global (IOG), the company that built the Cardano network, and the University of Edinburgh have joined forces to develop a blockchain decentralization index, according to IOG’s blog.
The new service will employ a research-based methodology created by the university and is the first of its kind. The Edinburgh Decentralization Index (EDI), when it is launched, will offer real-time asset tracking supported by a continuously calculated and reviewed methodology.
Although it was unveiled in Edinburgh on November 18 after months of preparation, the EDI is not yet operational, according to IOG:
“By working together as an industry on these standards, we can ensure we can protect consumers without stifling some of the exciting innovation that makes our industry stand out.
This is why tools like the EDI will be so important – it’s an example of the exact kind of work we should be doing to help progress our industry in the right direction, while preserving the founding ethos of blockchain.”
With no single industry standard, most initiatives introduced in the cryptocurrency space throughout the years have been advertised as decentralized. IOG claimed that, in this instance, the EDI might set the stage for categorizing Bitcoin ventures.
The EDI promotes decentralization’s advantages of transparency, censorship, resilience, and integrity to uphold the fundamental tenants of blockchain technology.
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