This paper provides an explicit definition of decentralisation and shows you that decentralisation is almost impossible for the current stage and the Bitcoin system is the first truly noncentralised currency in the currency history.

The authors propose a new framework of noncentralised cryptocurrency system with an assumption of the existence of a weak adversary for a bank alliance. It abandons the mining process and blockchain, and removes history transactions from data synchronisation. The researchers also propose a consensus algorithm named converged consensus for a noncentralised cryptocurrency system.

They agree that maintaining a trustable financial system is very expensive. Satoshi’s original idea was to trade expensive electricity and computing resources for dencentralisation. If the strategy does work then it worth the cost. Unfortunately, their research shows that the Bitcoin system is actually running as a noncentralised system and has obvious trend to evolve to a centralised system. So it’s unnecessary to waste that much electricity and computing resources to do meaningless hashing.

The Bitcoin system has obviously failed in terms of decentralisation. For decentralisation, the blockchain mechanism doesn’t work and for noncentralisation the blockchain mechanism is unnecessary. The blockchain mechanism has been proven by the reality to be a trivial and wasteful design. We assert the blockchain mechanism will be a flash in the pan. The most valuable information we get from the failed Bitcoin experiment
is that Bitcoin has shown us that a noncentralised cryptocurrency system is possible