Decentralized refers to a system or network that is not controlled by a single central authority. In a decentralized system, power is distributed among the members of the network rather than being concentrated in a single entity.
Decentralization is an important characteristic of many blockchain networks, as it allows for the creation of a secure and transparent system without the need for a central authority. In a decentralized blockchain network, transactions are validated and recorded on a distributed ledger that is maintained by a network of computers rather than a central server. This enables the network to operate without the need for a central point of control, which makes it more resistant to censorship and tampering.
Decentralization has the potential to disrupt traditional systems and models by enabling the creation of new, decentralized alternatives. It is often cited as a key advantage of blockchain technology and is seen as a way to create more secure, transparent, and efficient systems.
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