Decentralization is the process by which the activities of an organization, particularly those regarding planning and decision making, are distributed or delegated away from a central authoritative location or group.
Web3 decentralization means giving power back to the people and not giving all our data up to a central identity currently dominated by banks, government, and corporations.
Since the Internet was created we’ve viewed sites that are all hosted on a few hosting services, making the Internet today highly centralized. These few hosting companies control the flow of the Internet and basically everything you see or interact with.
How can we fix this centralization issue?
With blockchains! One of the best things about blockchains is that they are not controlled by one identity. Hosting and storage are highly encrypted and distributed among thousands or more individuals referred to as nodes.
Nodes are network stakeholders and their devices are authorized to keep track of the distributed ledger. A node’s primary job is to confirm the legality of each batch of network transactions.
Distributed ledger - a digital system for recording the transaction of assets in which the transactions and their details are recorded in multiple places at the same time.
Blockchains are one type of distributed ledger.
Conclusion
In this blog post we learned about decentralization and what it is.
I hope that this article was helpful! ☺️ If you have any questions or comments please drop them below👇
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