TikTok Influencer @bonjenn Breaks Down the Essence of Decentralization by Giving Example of US Dollars
TikTok influencer Bon explains the concept of decentralization in detail.
Decentralization is a system built on blockchain technology. It has been the talk of the town for obvious reasons. Let’s dig deeper into it.
In this video, TikTok influencer Bon explains how decentralization works.
He takes the US government issuing US dollars as an example of central power. The Federal Reserve prints it in a central space. No other dollar made by any other person or entity is accepted anywhere.
Decentralized is the opposite. Bitcoins are not coming from one place but multiple places, eliminating total control. It makes transactions more secure as hackers will have to attack different nodes or computers or miners while hackers will have it relatively easier to hack one central authority. Moreover, decentralization puts the product more in the hands of the people rather than creators owning 100% ownership.
We hope it sums up the idea of decentralization for you.
Keep visiting this space for more crypto and blockchain information from industry experts.
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