How Centralized Are Proof of Work and Proof of Stake Cryptocurrencies?

One of the core principles driving the cryptocurrency industry is the idea that digital assets do not need centralized authorities in order to thrive. Instead, consensus algorithms like Proof of Work (PoW) and Proof of Stake (PoS) can democratize governance by putting users in charge of maintaining a network’s integrity. However, both governance models face challenges when it comes to staying decentralized.