Blockchain allegedly eliminates the need for trust — but how far is this notion actually true, or helpful?
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.
Decentralized ecosystems still need a way to deal with nefarious files.13116
Decentralized music sharing service Audius has raised nearly $10 million so far.7999
The name is a reference to the protagonist in Neal Stephenson’s novel, Snowcrash.5085
True decentralization will take time, U.S. presidential candidate Brock Pierce suggests, citing DeFi as a crucial stepping stone towards this end.3129
Enterprise DeFi use could see a rise in 2021, but only if tokenization standards catch on with the mainstream.6788
DragonEx is shutting down deposits and withdrawals of all cryptos.5449
The Tron Foundation has taken the decision to provide an “internal transfer” option for TRX holders affected by the OKEx withdrawal freeze.5174
It could become the first blockchain maritime cargo platform of its kind in the region.4529
No need to suffer from centralized systems since the world has been offered its greatest weapon against it: cryptocurrency.8996
Germany’s blockchain solution for distributed energy resources puts interoperability to the test.7271
It's not a scarce resource like nuclear power, whose proliferation is more easily suppressed.4136
The Bitcoin ecosystem continues to be dominated by a handful of platforms and companies.10019
Would decentralized governance save social media platforms from polarizing its users with its politics?8983
The U.S. needs to embrace privacy-focused crypto in order to compete with China’s digital RMB.10377