Lynham, Alexander; Goodell, Geoffrey Lewis; (2026) Decentralization: A Qualitative Survey of Node Operators. In: Proceedings of the FCiR25 - Financial Cryptography in Rome 2025. De Cifris Association: Rome, Italy. (In press).

Text 2503.17246v5.pdf - Accepted Version Access restricted to UCL open access staff until 29 December 2025. Download (529kB)

Abstract

Decentralization is understood both by professionals in the blockchain industry and general users as a core design goal of permissionless ledgers. However, its meaning is far from universally agreed, and often it is easier to get opinions on what it is not, rather than what it is. In this paper, we solicit definitions of ‘decentralization’ and ‘decentralization theatre’ from blockchain node operators. Key to a definition is asking about effective decentralization strategies, as well as those that are ineffective. Malicious, deceptive or incompetent strategies are commonly referred to by the term ‘decentralization theatre.’ Finally, we ask what is being decentralized. Via thematic analysis of interview transcripts, we find that most operators conceive of decentralization as existing broadly on a technical and a governance axis. This informs a two-axis model: network topology and governance topology, or the structure of decisionmaking power. Our key finding is that ‘decentralization’ alone does not affect ledger immutability or systemic robustness.

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