November 2018
Beginner to intermediate
88 pages
1h 46m
English
Content preview from Understanding Cryptocurrencies
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What Makes Bitcoin So Popular?
What Is a Decentralized System?
Decentralization eliminates the third-party intermediaries and connects two users directly. That is why a decentralized system is also known as user-to-user or peer-to-peer system. Currently, Internet is centralized. The two terms centralization and decentralization are antonyms of each other in terms of a controlling authority. In a decentralized system, no single authority exists to control, and there are multiple points to perform the work as per the prescribed protocol regarding verification, solving of the computation problems, and consensus method.
Facebook and Google are examples of centralized platforms, whereas BitTorrent and Napster offer peer-to-peer file sharing ...
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