There are several instances when we’ve come across the failure of the existing system. And the news about data breaches keeps hitting the headlines over and over again.
Well, this all isn’t happening all of a sudden, out of nowhere. This has been the case for many years.
Today, we are aware of it, thanks to the digitization.
We’re all aware of the 2008 recession and that’s what actually triggered the invention of digital currency and decentralization.
The aim was to have a trustless system where nobody has to trust any single authority and has the power in their own hands.
The Govt. Restrictions On Our Own Funds
This is just one more reason that cements our belief that we need no one to trust.
You have put your hard-earned money in your beloved banks. And to get that money, you have to go through a lot of formalities to finally get your hands on your own money.
We agree the formalities are required to make a reliable transaction. What if we have a solution that doesn’t really require the formalities and still is solid as rock to back your transaction?
Yes, that’s what decentralization has offered to us.
We need no one to put restrictions to withdraw and hold our funds.
Decentralization has become a buzzword of thIs decade. It is a bottom-up approach to running the network at its root where authority is spread among many participants.
These participants feel empowered to contribute to the system.
Born out of the need, decentralization has become a growing trend since the Great Recession of 2008 and the emergence of Bitcoin.
We’ve just begun to comprehend what it exactly means in a particular sense. But what we do know is that adoption is increasing at a good pace throughout the world.
Why Is Everyone So Excited About Decentralization?
These are the 3 major advantages of a decentralized system –
1. Users Participate in a Trustless System
Facebook, Google, and many other corporate giants have played their parts in creating national headlines related to data breach controversies.
Today, people are no more interested in putting their personal property, money, and sensitive data at stake in the hands of a central authority.
And, decentralization solves this problem by empowering multiple participants to manage a network and make it stronger. Here, people don’t have to trust any central authority. The protocol is designed in such a manner that it prevents bad behaviour too.
2. Lower Risk of Failure
This is perhaps the prime reason why digital exchange platforms are spreading worldwide.
In technology, a single point of failure can influence the entire network, such as a website or ATM.
But in a decentralized system, the application or work remains up and running constantly.
3. Open Culture
A decentralized network tends to be an open-source project, meaning that anyone can build products, applications or services on top of it.
Unlike closed systems, where developers are limited to what a central entity orders to build, an open-culture that comes with decentralization expands network growth opportunities.
We have come to know that decentralization is the need of the hour and solves countless concerns of today’s common people.
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