With frozen accounts and collapsing platforms undermining trust in centralized structures, the shift towards Web3 isn't mere buzz—it's the evolution of internet infrastructure.
I see decentralization as distributing power across the network to minimize single points of control. It's about empowering communities with transparent protocols rather than simply swapping one central authority for another.
Bitcoin and Ethereum stand out, thanks to their open protocols and community governance. Other networks like Polkadot also show promising decentralized traits, though each comes with its own trade-offs in execution and scalability
Hive is community-driven, emphasizing communication and content sharing. While it boasts decentralization in governance, discussions remain about its consensus and node spread. It's an interesting project with its own focus and trade-offs
With frozen accounts and collapsing platforms undermining trust in centralized structures, the shift towards Web3 isn't mere buzz—it's the evolution of internet infrastructure.
Vitalik commented about this in a speech. "decentralization" cannot be a buzzword. Instead, it has to be the core focus of developers.
If not, we are simply recreating the existing financial system with rent seekers (intermediaries) in the middle of everything.
How do you define decentralization?
I see decentralization as distributing power across the network to minimize single points of control. It's about empowering communities with transparent protocols rather than simply swapping one central authority for another.
What blockchains would you say qualify as decentralized?
Bitcoin and Ethereum stand out, thanks to their open protocols and community governance. Other networks like Polkadot also show promising decentralized traits, though each comes with its own trade-offs in execution and scalability
What about the Hive blockchain? Do you have any information on that?
Hive is community-driven, emphasizing communication and content sharing. While it boasts decentralization in governance, discussions remain about its consensus and node spread. It's an interesting project with its own focus and trade-offs
What are some of the trade offs?