A lot has happened recently, nevertheless, this is a good opportunity to discuss about blockchain technology, the brain box behind the concept of decentralization in crypto currencies. Join me as I discuss my perspective.
First I will start by explaining what I understand about blockchain. Yeah, its a common word we do say but not everyone really understands its in-depth meaning, so I will try and make this post as simple as possible.
The blockchain is a combination of two words- 'block' and 'chain'. Literally we could say it is chain of blocks that continues to form as more data are added. The blocks contains the digital information which includes thousands of transactions, its details such as time and date of the transactions, dollar amount of your posts.
It also stores information about the person who is involved in transactions, though this is done in a unique way by using usernames instead of the actual individual name and this is an example of what is called digital signature.
The blocks after been formed are then stored basically in a public database known as the chain. The more blocks are formed, they are added to the chain which continues to grow. One thing about blocks is that, it stores information in such a way that two blocks will have what differentiates them from one another.
It does this by storing a unique code referred to as Hash. This codes makes blocks different from the others. With this codes,it is easier to identify a particular blocks rather than searching randomly. Every block has its own unique identify courtesy of Hash.
So in summary, simply put it this way, a blockchain is series or multiples of blocks that are strung together and they are linearly arranged in a chronological manner. As more transactions (a very important criteria for the formation of blockchain), are performed, the length continues to increase.
It is very important I let you know this; for a blockchain to be formed, there must be a transaction which must be verified and then they are subsequently stored in blocks which are then given the unique identify known as hash. Bear in mind that as more new blocks are formed, they are added to the blockchain and this makes them automatically available for anyone to see the transaction data publicly.
One of the beautiful thing about the blockchain is that it is very difficult to alter the information in each blocks without traces because once a block has been added, it becomes very hard to alter any data in the previous blocks since each blocks have their unique identification code - Hash and in addition to the block preceding them.
Any attempt to tamper or alter the data in each blocks, it automatically changes the hash of the blocks and it continues to other blocks. What this simply means is that, it will be very difficult to cover your tracks while attempting to hack the blockchain. Even if you need to cover your tracks , you will need a great deal of energy for that and you will also need to edit all the blocks - a daunting task that maybe quite impossible.
The above is one of the reasons why blockchain technology is very much difficult to hack into without being detected. Though most of the transactions are always publicly recorded but not their data or probably not in full. That's basically all there is to know about blockchain chain to my best understanding. I will now delve into my understanding of what decentralization means.
The word decentralization is not as complicated as it may sound. Lets break it down, de-centralization. It simply means removing power from a central position of authority in a large setting and spreading it across to others. Decentralization is aimed as removing autocracy or sole power from a central points or a single administrative point to other locations.
Now narrowing it down to the steemit community for example which is made up of administrative members headed by a leader or CEO that form carry out administrative functions and a community of members that are actively engaged in day to day interactions with others community members.
De-centralization here, will simply means removing power from the central administrative unit or the CEO and spreading these power to the community members. With decentralization , power is efficiently dispersed away from a central authority.
De-centralization ensures that, no single person gets to dictate what happens without the approval of the community members. Its more like giving power to the people that make up the community. You can also define it as moving the departments of a very large organization sway from one single administrative center to others locations. It ensure also that power is not concentrated only one focal point or person.
Blockchain is the technology that allows for de-centralization by allowing users or members to play active role in decision making process and also gives them that sense of belonging. Decentralization allows or gives every users the chance or opportunity of being one of the network's numerous payments processors. Just like what the witnesses in steemit perform some data processing.
Just to let you know, steem witnesses are those individuals or members of a network - steemit, that run a steemit witness server the basically produces blocks. You do remember the meaning of blocks, right?. They also send the current price of steem in USD to the members of the community - steemit.
Though their job is not limited to the above,but just bear in mind that, that's basically the primary function of steem witnesses. Hope you now see the reason why it is pertinent you use your witness voting rights wisely to vote in their witnesess that have contributed immensely to the development and growth of steemit. Your vote is your power,use it. Kindly go and vote if you haven't.
Decentralization prevents autocracy and abuse of power. As they would say, power intoxicates. Decentralization is one of the things that has made many crypto currencies resilient, efficient and much more democratic. The power belongs to the people and it also ensures that there is no single point to or ruin that will affect the entire system unlike when the power is centralised, a damage to the central authority will affect the entire system.
It is more of bottom - up technique of managing or running a system or a facility because the authority are spread out and delegated to many members, this makes them feel belonged and as because they feel they have been empowered, they contribute immensely to the development of the platform or system.
De-centralization has been able to effectively lower the risk of system failure. Also remember that a de-centralized system allows users to contribute and air their views without fear or threats. Most times de-centralized projects are basically open source projects. What this means is that, useers or members of the community are at liberty to build or design apps or services on the pre-existing ones on ground.
This obviously allows and expands the growth potential of steemit in particular but if centralised, developers of these apps and services will be limited or restricted to the rule and authority of a central authority - autocracy. They will be the only ones to say or dictate what and what will be produced. Who obviously will want to be tossed around like a puppets when you know you have great potential.
We all are our own masters and as such, deserve to state our mind to anyone without fear.
I have virtually laid some of the points above but to ice it I will still go further to say one or two things under this section.
The blockchain technology is one of the best thing that has happened to mankind. Its existence has made it possible for the common man to be financially independent. It has made it possible for the masses to gain full control over their finance. It has also made it possible for humans to be the sole decider or decision maker as regards their finance and how they which to spend it without being monitored or censored by government authority.
The blockchain technology and its de-centralised pattern has made it possible for humans to be an active key decision maker. They are not subjected to a single authority hat dictates what happens to their finance without or without their consent. It has so far placed the key to financial freedom and privacy in the hand of man. Today, we decide what we want to do with our finances.
The blockchain technology that birthed crypto currencies has also alleviated poverty in some developing nations by acting as a source of means through which the poor could get income free from tax and unnecessary charges.
With blockchain technology and decentralization, trust no longer becomes and issue as it provides us with better transparency. Also, there is reduced cost of transactions as you don't have to pay a lot to vendors. The benefits of a de-centralized blockchain is unlimited as it spreads across the healthcare sectors,real estates etc.
In conclusion, the advent of the blockchain technology is a blessing to this generation and its only a matter of time, the world will fully see the huge benefits they have long been missing out from. A de-centralized blockchain remains unarguably the best.
Thanks @theycallmedan for this initiative.
References
•blockchain technology •Benefits of blockchain technology •How blockchain can be useful to industry •why Blockchain is important •Wikipedia- blockchain •Important advantages of de-centralization
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