Decentralization, in blockchain, refers to the transfer of control and decision-making power from a centralized entity (individual or institution) to a distributed network.
The essence of decentralization is to markedly minimize the extent of trust that must exist among the users and significantly reduce the level of control or authority they have over themselves in ways that harms the functionality of the network.
Bitcoin as a decentralized system
Bitcoin is a decentralized digital currency that records transactions in a distributed ledger known as a Blockchain. Bitcoin is the most successful out of several attempts to produce virtual money through cryptography. Bitcoin has inspired the advent of other forms of cryptocurrencies. It remains, for the entirety of the past decade, the largest cryptocurrency by market capitalization. Now, how does Bitcoin decentralization work?
How does decentralization work on Bitcoin?
The decentralization of Bitcoin is dependent on some of the features in the … Read more