Talking about decentralization and what it means to me, I will have to say, freedom to express oneself… Before we proceed, let’s quickly look at the dictionary meaning of the word decentralization… “The transfer of power or authority from central to diverse locations or points. Looking at this, you can clearly see that it is actually no different from the blockchain meaning of the word decentralization…
For me, I got to know about blockchain, in general, few years back and obviously the get to know about blockchain means that I also got to fully understand the term decentralization, which is why blockchain and bitcoin was created for in the first place…
This was an exciting moment for me, because I got to more curious and was able to learn and dig deeper into the world of crypto. All thanks to steem which also really helped push me further into learning more and fully understanding how blockchain technology works and its core fundamentals… Talking about the core fundamentals of blockchain and its technology, let’s quickly look at what they are;
- Smart Contracts
- Decentralized distributed public ledger
- Consensus mechanism
- Crypto
Looking at these core fundamentals, you can clearly see that they are somewhat self-explanatory at least for individuals who understands what blockchain technology and decentralization really means…
Decentralization and blockchain technology go hand in hand, and for me, it is one of the main reason why many got really interested in blockchain in the first place aside the financial aspect of it and other benefits it provides…
For me, Decentralization is the beauty of blockchain technology… which for me is the exact opposite of what many are facing in the hands of centralized bodies… the awesome feeling, knowing that no one central entity or body controls have total control of activities or actions, and for me, that’s what makes the whole decentralization thing really awesome.
As we already know, ever since blockchain technology was created, there have been enormous growth and improvement since then. Even though blockchain technology is not there yet, it has shown over the past few years and till date that it offers a lot of benefits in almost every aspect. And for me, it is what makes it so amazing.