Internet users have become very interested in breaking free from the restricting control of third-party internet providers and getting whatever service they want without intrusion of privacy. Little wonder why Web 3, Blockchain and Decentralization have gone on to be the biggest global buzzwords of this revolutionized era.
In this article, we will take a quick dive into the uniqueness of Decentralized Blockchain that has gotten the attention of every average internet user, and the advantages and disadvantages associated with it.
What is Decentralization?
Decentralization in blockchain is the transference of decision-making power and overseeing authority from a centralized governing body to a distributed network. It eliminates the control and meddling from any individual, group or government thus restoring fairness and equity to the participants of a network.
When Web 3 was launched, its biggest aim was to give users ownership and control of their data by eliminating the need for large tech companies that act as middle-men.
Regardless of the belief most people have, that there is no public leader or face representing their network, decentralization doesn’t necessarily mean the 100% absence of leadership.
Governance in the Blockchain space is managed in systems called Decentralized Autonomous Organizations (DAOs) where power is shared amongst users in the form of tokens. Though users with more of these tokens, known as Whales, wield more control over the system than those with less, every user still has a say.
Smart contracts, a set of programmable computer codes, carry out specific instructions that have been voted in the DAO. And because they are computers and not humans, the issue of trust– one of the biggest flaws in a centralized system– is addressed.
Advantages of Decentralization in the Blockchain
There are many advantages of decentralization but only a few will be considered in this article.
Disadvantages of Decentralization in Blockchain
One might wonder how such an incredibly helpful system would have disadvantages. Alas, here are some flaws decentralization has;
Decentralized blockchains will not necessarily fix all the present internet issues but they have promised a better approach. If the issue of crime can be looked into and managed properly, decentralization stands a chance for faster adoption.
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