โ What Is Decentralization? โ
In a nutshell, it is the transfer of control and decision making from a centralized entity (an individual, organization, government or company) to a distributed network. One of the most famous examples of that is BTC. The problem with centralization is that banks like HSBC can just decide to ban crypto transactions – not very fair given that itโs your money. IF that banking network was decentralized, all that would be impossible.
๐ How Centralized Is The Internet? ๐
Hereโs the truth; every website you see online is actually hosted on a server. The bad news is that this creates a single point of failure and you have to ask yourself who owns those servers. That would be tech giants like Amazon and Alibaba. In the past, internet outages were entirely due to problems at the likes of Amazon. I go into more of these centralization problems in the vid!
๐ด๏ธ Data Barrons Are Putting Lives At Risk ๐ด๏ธ
The truth is that data barons are collecting and processing a ton of our data. That can be seen in FBโs โPeople You May knowโ feature. This has exposed the real identities of people like night time workers and that leads to very real security concerns.
๐ก How Can Decentralization Help? ๐ก
By making it immensely difficult for any single entity to gain control. Decentralized systems allow users to immediately verify and trust them. That means that one person or company cannot play god. I get into the nitty gritty about this topic in the video!
๐ฐ Decentralization & Money ๐ฐ
The likes of Visa and Mastercard actually deny service to certain businesses. Watch to learn about that problem!
๐ฅ๏ธ Decentralization In Supply Chains & ID ๐ฅ๏ธ
These are super interesting topics. Recommend you watch to get the full lowdown!
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
๐ Disclaimer ๐
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
