Please, do not decentralize the Internet with (permissionless) blockchains!

The old mantra of decentralizing the Internet is coming again with fanfare, this time around the blockchain technology hype. We have already seen a technology supposed to change the nature of the Internet: peer-to-peer. The reality is that peer-to-peer naming systems failed, peer-to-peer social networks failed, and yes, peer-to-peer storage failed as well. In this paper, we will review the research on distributed systems in the last few years to identify the limits of open peer-to-peer networks. We will address issues like system complexity, security and frailty, instability and performance. We will show how many of the aforementioned problems also apply to the recent breed of permissionless blockchain networks. The applicability of such systems to mature industrial applications is undermined by the same properties that make them so interesting for a libertarian audience: namely, their openness, their pseudo-anonymity and their unregulated cryptocurrencies. As such, we argue that permi...