decentralization a good thing?


लेखक : लेखापढी      ११ बैशाख २०७९, आईतवार २३:४८ मा प्रकाशित     
decentralization a good thing?

These days, everyone is talking about decentralization, Decentralized social media platforms, Cryptocurrencies, 3D printing, NFTs, and much more.

Decentralized media platforms:

Decentralized social network allows users more control. Unlike centralized social networking platforms, federated networks foster independence without a central authority. Benefits include censorship resistance, ownership over personal data, and improved control over user-generated content. In other words, users do not accept censorship and insist on having the final say on their content. It allows people to own the data which means no one can delete the data which can be anything. This means no one else, whether a corporation or site administrator, can make modifications to content created by users. No one can remove content generated by users, either. It means that they (and other users) can post anything they want without worrying about having their posts taken down. A downside of this structure is that hate groups also have the freedom to launch their own social media sites. While individuals can block these groups, they cannot prevent them from engaging in the network.

Decentralized social networks have provided another answer to data privacy and security. On federated social networks, users can create accounts without having to link to real-world identities, like email addresses or phone numbers. Furthermore, these networks often rely on public-key cryptography for account security, rather than relying on a single organization to protect user data.

While this can create advantages from a data security perspective, it also presents challenges. For example, bootstrapped federated social networks may shut down because of a lack of funds, causing users to lose their data and connections. In this case, users have no way to reconnect with others because federated networks do not keep records of personal data on servers. In terms of privacy, these platforms do not necessarily encrypt data, which means that private messages may be visible to administrators.

Why decentralization matters

Decentralization is not a new concept. When building a technology solution, three primary network architectures are typically considered: centralized, distributed, and decentralized. While blockchain technologies often make use of decentralized networks, a blockchain application itself cannot be categorized simply as being decentralized or not. Rather, decentralization is a sliding scale and should be applied to all aspects of a blockchain application. By decentralizing the management of and access to resources in an application, greater and fairer service can be achieved. Decentralization typically has some tradeoffs such as lower transaction throughput, but ideally, the tradeoffs are worth the improved stability and service levels they produce.

Cryptocurrencies:

Decentralized cryptocurrencies can enable bank-free financial transactions. But if the world lives on Bitcoin, we may not be able to sanction nation-states like Russia when they invade sovereign nations.

Decentralized 3D printing:

Decentralized 3D printing can allow us to fabricate anything we want, I say it again “anything”. If 3D printing is decentralized, anyone can print their own weapons at home. Decentralization takes on new meaning when we’re talking about decentralizing the capacity for catastrophic destruction.

NFTs:

what if it is used as a method of payment (like Monero on the dark web) on the decentralized web for illegal activities. However, it’s difficult to map the exact shape of how any specific NFT or crypto project can be misused or an outright scam, due to the highly specific details of how each project and blockchain works. technology as it truly is, right now, is riddled with fundamental security and privacy issues baked into the design of the most major systems, a confusing and misleading feature set, and lofty promises that range from moonshots to actively impossible.
READ MORE: https://lekhapadhi.com/2022/04/14/opinion-crypto/ 


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