If you are in crypto just for trading and other than this you hardly do anything then probably you might not like the topic. This is about decentralization and why its important in crypto projects. Decentralization is significant because of this way no single entity gets control of everything. In simple words, in any organization, there is one owner, and we see many such examples around. When there is one owner then he can do whatever he wants. Even if we have a stake in the organization then also we are not in a position to stop the owner because he has the power. A similar approach is applied in crypto projects also.
Decentralization in crypto
When any project is not governed or run by a single entity then its decentralized. For example- Hive is a decentralized platform as we have no power, no CEO and even there is no single entity running the chain. The hive blockchain is run by many witnesses and they can also be changed by the community if they dont work. They need to obtain the community votes to be on top of witnesses. Its because the chain is decentralized ad anyone can come here and buy and decentralized application (dAPP).
One of the primary benefits of cryptocurrencies over conventional currencies is decentralization. By removing intermediaries, cryptocurrencies enable two parties to transact without having to trust a third-party intermediary
Decentralization is future
we are in an era when technology is highly advanced and now people are moving to the next phase of the Internet which is called web 3.0. Similarly with crypto projects also people expect it to be decentralized. It is because there will be no intermediate real third party involved with the project and any changes that are required will be approved by the community first and then only can be implemented. Yes, it is the future because it gives more confidence to the people about any project which is decentralized. Sometimes the founders do manipulation on the project I'm this way it affects the investors or the stakeholders of the project. If any crypto project fails in the market then it is not there just one project he's out but it also affects everyone who is part of the crypto market directly or indirectly.
Now even investment is decentralized in crypto because people do not want banks to own their money while paying them peanuts. If we can get the option to invest on anything without seeking third-party approval then why would we go for something else that is not up to the mark? Risk is involved with everything that we invest so even with crypto we can have the same thought. If we keep our keys safe and follow all the safety and security protocols then it is expected that your coins will be safe. We also have a decentralized crypto wallet like metamask and this way bigger the full control of our money. If any platform is based on social media and also decent lies then the content owner will remain with the creator only.
The change had started and it will take time but that is okay because this is going to build a kind of atmosphere where we will have better control over our income, savings as well as the learning process. I do not want my content to be censored and this is the reason why being a part of the platform which is decentralized and this gives me more confidence. I do understand that the amount of adoption is not so high but I think we can expect a nice growth in the coming years. I see a lot of people talking about cryptocurrencies and even investing their hard-earned money to bag some returns. This is good for the worldwide community because if we get more people part of the crypto world then it will bring more value to the ecosystem.
Thank you
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