Advantages of decentralized systems from "summary" of The Basics of Bitcoins and Blockchains by Antony Lewis
Decentralized systems offer several advantages over centralized systems. One of the key benefits is the simplicity they bring to the table. In a decentralized system, there is no need for a central authority to control the entire network. This eliminates the need for complex hierarchies and decision-making processes that are common in centralized systems. Instead, decisions are made collectively by the participants in the network, making it easier to reach a consensus and move forward with the system's operations. Another advantage of decentralized systems is the clarity they provide. Because decision-making is distributed among all participants, there is greater transparency in how the system operates. Everyone in the network can see how decisions are made and what factors are taken into account. This transparency helps to build trust among participants and ensures that everyone is on the same page when it comes to the system's rules and operations. Decentralized systems also offer greater coherence compared to centralized systems. In a decentralized system, all participants are working towards a common goal, which helps to align incentives and drive collaboration. This coherence is essential for the smooth functioning of the system and ensures that everyone is working towards the same objectives. By fostering a sense of unity and purpose, decentralized systems can achieve more than centralized systems, where individual interests ...
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