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Decentralization is the process of distributing and dispersing power away from a central authority. Most financial and governmental systems, which are currently in existence, are centralized, meaning that there is a single highest authority in charge of managing them, such as a central bank or state apparatus. There are several crucial disadvantages to this approach, stemming from the fact that any central authority also plays the role of a single point of failure in the system: any malfunction at the top of the hierarchy, whether unintentional or deliberate, inevitably has a negative effect on the entire system. Bitcoin was designed as a decentralized alternative to government money and therefore doesn't have any single point of failure, making it more resilient, efficient and democratic. Its underlying technology, the Blockchain, is what allows for this decentralization, as it offers every single user an opportunity to become one of the network's many payment processors. Since Bitcoin's appearance, many other cryptocurrencies, or altcoins, have appeared, and most of the times they also use the Blockchain in order to achieve some degree of decentralization.
“The distributed ledger and the homomorphic encryption are sort of critical technologies for realizing the vision of a DAO of AIs”: AI visionary Ben Goertzel.
The continuous growth of cryptocurrencies comprise technical difficulties as well as problems exterior to cryptocurrencies themselves, including a lack of clear...
Venezuela continues to turn to Bitcoin and other digital currencies because of hyperinflation of the national currency.
Ethereum has made possible the creation of DApps - decentralized applications that operate entirely on a Blockchain. These apps can offer some great advantages,...
Decentralized cryptocurrency exchange is an answer to many current problems such as fraud, hacking, etc.
Ben Bernanke, the former Chairman of the Federal Reserve, made his views against Bitcoin clear at a conference organized by Ripple in Toronto.
Today’s job market is highly centralized. Blockchain might radically change this, free workers from massive corporations.
Blockchain technology is making inroads into video content, threatens to uproot centralized systems
Jamie Dimon is finding it difficult to ignore Bitcoin. A day after stating that he would not talk about Bitcoin anymore, he breaks his silence.
Bitcoin is getting too big to ignore, prompting banks to react, and react badly - indicating fear
Blockchain technology opens new doors of opportunity to make the online content economy transparent and equally beneficial to everyone involved.
Managing the live music ecosystem, Viberate aims to create a Blockchain Marketplace
Food for Thought
As the US-led the Internet revolution, Europe will lead the Blockchain revolution.
A decentralized platform allows users to rent out their bandwidth, which can then be pooled to allow for substantially greater amounts of data processing, great...
Blockchain tech can offer great advantages if implemented in loyalty programs: security, tamper resistance, tokenization.
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