In a bid to help newbies in crypto and web3 generally, WarriorGame started something we call the beginner's guide. This guide answers basic questions, educates, and explains terms in web3. Today’s episode will be explaining everything one should know about Decentralization.
A decentralized technology is a type of technology that is operated by a network of participants, and no one person has absolute control over it. Unlike the centralized technology that is operated by a single individual, an organization, or a government.
This is likely the main benefit a decentralized technology has over a centralized technology, other benefits of decentralization include;
It provides a trustless platform: This is one of the concepts that is considered when building a decentralized blockchain technology, Here a trusted third party is not required.
In a centralized network, users have to involve a trusted third party when making transactions with one another, the trusted third party also has access to users’ information. This makes the users dependent on the trusted third party.
The decentralized network makes it possible to eliminate the trust that is required to put into a third party. Trust is not required among each other as every user has a distributed ledger that contains an exact copy of data.
The decentralized System provides an open development platform: A decentralized technology gives room for open development, where anyone can build and create tools, products, and services that will generate revenue for both the companies and users.
It is censorship-free: The government or legal organization does not have the power to censor a decentralized network. For instance, it will be difficult for the government to shut down a peer-to-peer network, but a social media platform like Facebook or Twitter can be censored.
• It has improved security: A decentralized technology has a decentralized data store, which helps solve the problem of data loss or wrong data input. Every member of the decentralized network has access to the data that is been shared on the network, this however improves security.
The above points are the main benefits of decentralization.
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