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Author Topic: Ethereum relies on Infura to communicate with it's tokens. Infura is CENTRALIZED  (Read 400 times)
Flux0z
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June 17, 2020, 05:44:26 PM
 #1

With all the buzz about decentralization - I thought I'd bring this topic to everyones attention. I'm sure most people are unaware that for Ethereum to interact with it's native tokens it uses a centralized data provider - Infura.

As we all know, centralization is what we're trying to fight against. Blocknet is developing their own decentralized version, which will likely be integrated with metamask giving users the option to choose a decentralized data provider.

If Blocknet pulls this off, they are looking at pulling in MASSIVE amounts of transaction fees, which is then distributed to their node owners.

There are 4 different income streams which will benefit Blocknet masternode owners.

1) Decentralized Infura fees
2) DEX Trading Fees
3) Decentralized Oracle Network Fees
4) Staking

Blocknet is really under the radar for now, but mind you, they'll likely do partnerships similar to Chainlink real soon.
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June 17, 2020, 08:14:35 PM
 #2

The issue with Infura is that people now understand the cost of running a decentralised server, Infura is into business and it is not in their fault that people rely on they to run their nodes. I know this is not good for the Ethereum long term and the team need to  look for solution but this is some thing that could happen to any network

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June 17, 2020, 08:27:43 PM
 #3

Ok Blocknet. We have seen that project for so many threads. The chart shows that it has a flat curve from last year. Are those things that will make the project cope up?
(https://coinmarketcap.com/currencies/blocknet/)


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June 18, 2020, 05:30:03 PM
 #4

The issue with Infura is that people now understand the cost of running a decentralised server, Infura is into business and it is not in their fault that people rely on they to run their nodes. I know this is not good for the Ethereum long term and the team need to  look for solution but this is some thing that could happen to any network

Blocknet's Decentralized Infura solution will run on masternodes already in the profits, (from block rewards, DEX fees, and Oracle Fees). This data provider will just be another layer of extra income for node owners to tap into. Any user of this service does not need to setup their own servers, they can use Blocknets. Simple.

Ok Blocknet. We have seen that project for so many threads. The chart shows that it has a flat curve from last year. Are those things that will make the project cope up?
(https://coinmarketcap.com/currencies/blocknet/)

Blocknet has almost doubled so far in value this year measured in satoshi value. The majority of people here fail to see the bigger picture with this project.
Once they do the same kind of partnerships as Chainlink does (and they will soon), you'll see this one sky rocket.
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June 19, 2020, 12:22:23 PM
 #5

So this basically gives any metamask user the option to use either a centralized or DEcentralized service.

If Blocknet ever partners up with Metamask, the amount of usage will explode, which I guess could put Blocknet in the top 50 on Coinmarketcap. Just pure speculation though.
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June 22, 2020, 05:54:26 PM
 #6

So this basically gives any metamask user the option to use either a centralized or DEcentralized service.

If Blocknet ever partners up with Metamask, the amount of usage will explode, which I guess could put Blocknet in the top 50 on Coinmarketcap. Just pure speculation though.

It would be crazy if Blocknet gets wide spread adoption like that, it would basically jump straight into top 100 on Coinmarketcap due to the massive amount of exposure they'll get.

Might be a good project to hold for the long term.
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November 12, 2020, 01:39:02 PM
 #7

Infura had an outage yesterday, everyone panicked when they saw their holdings shown as 0

Pretty good timing for Blocknet to finish up their own decentralized infura solution!
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November 16, 2020, 11:30:49 AM
 #8

On the other hand, Blocknet has considerably low volume and it is not listed on good exchange. I think development is slow here and it would take sometime to compete.

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November 16, 2020, 08:16:19 PM
 #9

Blocknet shills have been working extra time lately and you can see a ton of blocknet related topics just on this section, let alone in other places Cheesy. I am not against blocknet, they are basically telling the truth in almost all of them, blocknet is definitely better than most other tokens/coins that are in the market today, and they are very competitive about marketing as well as we can see, so I do see a good future with it.

Only problem so far is that, bitcoin doesn't even provide things ethereum provides and bitcoin worths so much more than any other coin, hell it worths more than all other coins combined, which shows you that technology is not the only thing people look at. Blocknet could be better than ETH in some aspects but many may not care about it.
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November 16, 2020, 11:13:55 PM
 #10

Discrediting one project just to promote another doesn't sound good to me. Can't you just shill Blocknet without talking bad about Ethereum? I don't know how true it is that ethereum uses infura or whether infura itself is centralized but I fo know that ethereum is open source and resistant to censorship and centralization. Soon crypto projects would move to decentralized hosting and other services from centralized ones at that point, these shills would become obsolete.

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November 18, 2020, 01:39:58 PM
 #11

Discrediting one project just to promote another doesn't sound good to me. Can't you just shill Blocknet without talking bad about Ethereum? I don't know how true it is that ethereum uses infura or whether infura itself is centralized but I fo know that ethereum is open source and resistant to censorship and centralization. Soon crypto projects would move to decentralized hosting and other services from centralized ones at that point, these shills would become obsolete.

The whole Ethereum network crashed the other day, because Infura didn't run. It IS a real problem, tons of people panicked when they logged into Metamask to see their balance at 0.00. You need to look at the bigger picture here.
If Blocknet's network got integrated into Metamask, giving people a decentralized data source, we wouldn't experience down times - At all.
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