Definition of "Decentralization"
- Decentralization takes power away from one central authority and redistributes it. We currently put our trust in the government to mint and circulate funds and maintain the economy through careful monitoring. However, some have seen the need to create a system that doesn’t permit third-party tampering to decrease fraud and increase trust in financial transactions.
The blockchain is a decentralized application and aims to redistribute functions, power, and currencies away from a central third party.
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