2021: Creating a Lexicon of Future

D is for Decentralized

Decentralization is the process of shifting control from one main group to several smaller ones. ~ Vocabulary.com

Benefits of Decentralization

When technology is centralized, it typically means that it is controlled and run by a single company, government, or individual. Decentralized technology on the other hand, is run by a network of participants that no one actor can control or shut down. (source: The Benefits of Decentralization)

1. Users don’t have to put trust in a central authority
2. There is less likely to be a single point of failure
3. There is less censorship
4. Decentralized networks are more likely to be open development platforms
5. The people who contribute value to a decentralized network receive ownership or economic stake in the network, that becomes more valuable as the network grows
6. Decentralized networks can be more meritocratic