Are blockchain systems decentralized or is there something we should know?

path, blockchain, technology, decentralized

Decentralized systems vs. centralized. Two words that often appear in the vocabulary of the crypto-community when cryptocurrency advocates tout the virtues of blockchain technology. But is this really the case? After all, isn’t there a possibility that blockchain doesn’t possess the decentralization that crypto advocates assume it has? Let’s take a look at whether blockchain really is decentralized.

The advantage of decentralized system

Blockchain and cryptocurrencies in general have proven one amazing thing. No one can dispute who owns what Bitcoin because it’s traceable and transparent. You can’t quite say that about fiat currency. This idea of decentralization is what blockchain is trying to develop even further. To allow people to agree who had what property at what time, or to allow many other things – like buying that property. In some places, even history is stored on the blockchain, which then becomes indelible. The beauty of it is that you have a source of information that is verified by everyone in the system. So you see what decentralized systems can offer.

 

Access to the algorithm

But the question arises – who controls and publishes these decentralized systems? Every blockchain is designed by a developer or a group of developers, and while the issuance is controlled by the algorithm, the truth is that these developers can intervene at any time. This doesn’t quite fit with the idea that everyone has an equal opportunity to contribute to the blockchain. This knowledge can then grow into further thoughts about whether developers can be corrupted, whether the blockchain will still be as it was presented at the beginning.

PlatonCoin

This is why PlatonCoin is presented as a semi-decentralized currency that runs on the blockchain. Blockchain offers the possibility to transfer funds in a short time, cheaply and without a third party. At the same time, you should also think about the fact that the responsibility for your money shifts from the bank to you altogether. PlatonCoin offers the best of both worlds. It combines the benefits of a blockchain-based digital currency with the security of having someone to turn to in case of a mistake, having an insured digital wallet, and more.

Source: medium.com

Залишити відповідь

Ваша e-mail адреса не оприлюднюватиметься. Обов’язкові поля позначені *