What does decentralization really mean in crypto? 🤔👇
Decentralization refers to the distribution of power, control, or decision-making authority among various individuals or groups, rather than being controlled by a single central authority.
In the context of technology and systems, decentralization often involves:
- Distributed networks: Where data, processing power, or decision-making is spread across multiple nodes or devices.
- Peer-to-peer (P2P) transactions: Direct interactions between individuals or entities without intermediaries.
- Autonomy: Independent decision-making and self-governance.
- Redundancy: Duplicate systems or data to ensure resilience and availability.
Decentralization aims to promote:
- Security
- Transparency
- Fault tolerance
- Censorship resistance
- Community involvement
- Equal access
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