Most of us follow the “Always keep a spare key” rule as a safety backup to any uncalled-for situation.  

We live in a data-oriented world. So we want our data to be secure and safe or at least have a solid backup for the data. A vast variety of technologies and products are available in the market to secure your data. One of the simplest ways is to back up the data by making its copies on multiple devices. USBs, laptops, and hard drives are usually used for this purpose. The idea behind this approach is to save your data in case any of your devices crash or the data corrupts due to some undesirable reason or you erase the data by mistake. 

In any case, a backup copy somewhere else can truly save you from losing your precious data. Online drives and storage clouds are also developed with the same end goal. You can use The online storage clouds to save loads of data with the additional advantage of editing and accessing your data from anywhere.

You might think that the term “Decentralize” comes from the same root. It may seem to you that the technology uses the same concept as a storage backup cloud. But actually, it’s much more advanced in nature.

What Is Decentralization?

Decentralization means “no center point” or “distributed network”. A network without any third-party center control unit. The decentralized network is a network of directly connected computers. In this network, the devices can communicate and share information with each other without the involvement of any third party. These devices are known as “Nodes” in a decentralized network. 

Decentralized networks are based on independent network architecture. The network is not controlled by a centralized authority. The independence and privacy of nodes are maintained by some common rules. This method maintains a safe network operation. A single piece of information is distributed to every node in the network. All recorded data is kept up to date in the nodes. The distribution of data to nodes helps validate private information without involving a third party. 

The data on nodes is validated with a consensus mechanism. A consensus mechanism allows nodes to agree about the validity of data before it is entered into a blockchain. Once the data is included in a blockchain, they are distributed among the nodes, making it nearly impossible to modify the data within the network. on a decentralized network, the information has to be validated by the nodes to allow any changes.  If there is fraudulent information or some of the nodes are corrupted, the rest of the nodes will respond and reject the information updates.

Centralized Vs Decentralized Networks 

All the platforms we use are typically based on a centralized mechanism. A most common example of centralization in our daily lives is “the internet”. All the users are connected to a single server. Data is sent and received through that single server. Any issue in the central server can collapse the whole network. That’s the reason why the concept of decentralization is becoming popular now. The threat of information leaks and copyright issues is very low in a decentralized system. Let’s explore both of these networks in detail.

As the name suggests, the centralized network is a  network in which a  central unit is involved. All the nodes in a centralized network are connected to a single unit. The network is easier to maintain as there is only one control center. But the ease comes with a catch.  Any failure in the main unit can cause major issues in the network.

In centralized networks, the central authority is solely responsible for the coordination and connection of acting nodes. There are some consequences for this approach, such as the network’s vulnerability to failure or the central node’s abusive behavior. Network transactions are routed through a single server. The node that is in control of the transaction server has significant power to monitor, manipulate, or shut down traffic, as well as control, censor, tax, limit, or boost economic transactions, specific social interactions, and information exchange among network participants. Moreover, the terms of network interactions are set unilaterally.

Whereas, Decentralized networks are independent of any central authority. These networks are more resistant to failure because of the independence and authority of nodes. Decentralized networks are more secure than centralized networks as nodes in the network have all the information about any changes in the network data. Moreover, the node has a very strong coordination mechanism for information sharing. The robustness of distributed networks is higher than the centralized system. It’s also almost impossible that any central acting node seizes control of the network or exercises unilateral power over it. Decentralized network topologies are thus employed to achieve privacy, censorship resistance, availability, and data integrity. 

Decentralization In Blockchain?

We know that blockchain is a database in which different blocks are chained together with encrypted data. Every block has relative information about the other blocks.  

Blockchain technology uses decentralization to transfer decision-making and the power of control from a centralized entity, that could be a person, organization, or group of individuals, to a distributed network. This approach ensures higher security value. Highly distributed networks are resistant to the failure of individual nodes and the loss of data due to unforeseen circumstances.

As each node has its own copy of the blockchain. The chain is updated and confirmed by the network algorithmically after each newly mined block is validated. As blockchain technology is transparent that every action is recorded on all nodes. This Transparency allows for easy review and examination of every transaction in the database. Each participant is assigned an alphanumeric identification number that is used to keep track of their transactions. By combining these techniques on a platform, it’s very difficult for anybody to hack, alter, or contaminate the data. 

Advantages of Decentralization 

A decentralized network has a lot of advantages over a centralized one. Some of them are discussed below. 

No Centralized Entity

The biggest upside of a decentralized network is that there is no central control unit. Every node has complete authority. The data is distributed to all the nodes and updated in every single node whenever a change is suggested. So no central authority is responsible for the flow of data.

Fewer Chances of Failure

There is little to no chance of failure because of the distributed nodes. The data is stored in all the nodes and any change made to the data must be validated by all the nodes. So no data losses can occur. Moreover, the data copies are available on all the nodes. So, in case of a single node failure, the data is still safe on the other nodes. 

Good Control and Decision Making 

Decentralization provides good control and decision-making power over the data. every level of the network is fully aware of each and every activity in the block. Any error, change, or update is recorded in every node.  The independence and authority of nodes provide better control over the data. 

BuzzShow – A Decentralization Platform

BuzzShow Network is one of the best examples of a blockchain-based decentralized video sharing platform. It’s a user-centric platform that aims to create fair revenue distribution among all the users of the platform. 

Furthermore, it values user privacy and wants to provide a more secure platform for user’s content. The integration of IPFS and decentralization concepts in BuzzShow Network keep the users’ content safe and secure. Users also get rewards in the form of Goldies, a native platform token, for activities like watching, creating, sharing, and curating videos on the platform. Besides this you can also buy and stake the GLDY.

The platform also benefits its users by providing security of the content, confidentiality, and liberty to share their talent. BuzzShow Networks has defined policies for copyright and content violation. Preventing copyright violations will encourage the users to create more original content on the network. The reward-based system combined with the decentralized approach makes BuzzShow a superior video streaming network. 

How exciting it would be to have complete control over your money! 

Imagine if our hard-earned money is not bound with any bank. You don’t need any bank’s permission to transact, move or send your money at any time of the day. You are not concerned about the changing government economic policies and you don’t have to follow any restrictions while using your money. Over and above, you don’t have to pay bank fees. Sounds like a wonderland, right?

Well, we are not talking about a fantasy world. It is actually possible and happening right now in the world that you live in. Blockchain technology through cryptocurrency provides complete freedom of use. It’s like putting your money in an online wallet that is not linked with any bank. You can call it a mini-bank of your own. Where you are free to use and save your money according to your rulebook. 

Blockchain technology is among the most widely discussed developments of the twenty-first century. Owing to their limited knowledge, many people still find it mysterious and intimidating. So we are here to make it understandable for the masses. We will discuss the ins and outs of blockchain technology today. Let’s start with some groundwork. 

What Is Blockchain Technology?

Blockchain technology is a type of distributed digital ledger technology (DLT) that stores many types of data in a system. It is nearly hard to alter, hack, or corrupt data in this system. This technology is basically used to store information about cryptocurrencies, crypto transactions, NFT ownerships, and smart contracts.  

There are two categories of blockchain networks.

1. Permissionless – This blockchain is open to anyone around the world. 
2. Permissioned – This category is further divided into private and community networks. Anyone who wants to join this category must be authenticated by the person or managing group respectively. 

Any standard web-based database can easily store this information, but the unique thing about blockchain is that it is completely decentralized. This means instead of being set up and maintained on a single dedicated server, the blockchain database is spread all across its network. Multiple identical copies of the blockchain database are created and dispersed throughout the network. This means that it is very little to zero probability of data being lost, changed, or corrupted. The different servers are usually referred to as “Nodes”. Every time a change is made in one of the nodes or a transaction is done, the details are duplicated and distributed across the whole network, eventually updating the database. Every transaction detail is recorded with an unchangeable cryptographic signature, known as “hash”.

Blockchain technology was actually developed to support the bitcoin cryptocurrency. But the technology has advanced big time now. It is considered the powerhouse of thousands of cryptocurrencies now. It drives different cryptocurrency systems and the developers are working on integrating this technology into global businesses, economics, arts, medicine, and many other fields. 

How Does Blockchain Work?

The main difference between blockchain technology and any other online database is that it allows the data to be recorded and distributed but denies any attempt of alteration in the data. Moreover, it is now widely recognized as a WEB3 technology. With WEB3.js, you can interact with an Ethereum node, local or remote via HTTP, IPC, or WebSocket.

Let’s explore how blockchain technology works. 

The blockchain network sends all the details of a new transaction to a network of the peer-to-peer networks when a new transaction is made. This comprehensive network then validates the authenticity of the transaction. Once the transaction is confirmed, it is then clustered into the database blocks. The new entries in the blocks are then chained together with the previous history details forming a long list of all the transactions. Once the blocks are chained together, the transaction is done and the system information is updated. 

Benefits Of Blockchain Technology

Blockchain technology is an exceptional cloud-based system for data storage. It is considered an underlying network of cryptocurrencies. Blockchain technology is gaining popularity in the crypto world with every passing day and there are some valid reasons behind it. Some of the main benefits of blockchain technology are as follows. 

• Access To The History 

In all the other databases, we do get the updated data. But we cant have access to the history of changes made in the data. Blockchain technology not only provides updated data. But also enables you to get each and every change ever made in the data. 

• Decentralized System 

Decentralization, no doubt, is the biggest benefit of blockchain technology. Instead of using “all the data at the single server” approach, blockchain technology follows a decentralized system. The copies of data are at different servers, thus not leaving a single target structure for data. This approach enhances the security value of the user data. 

• Security And Control

Unlike other database systems, blockchain technology doesn’t support a single control order. The copies of data are present at every node and update instantly with any change from the user side. The absence of central controls maximizes data security.  

• Accuracy

In case of any transaction, the data log is updated automatically. As the system supports very little human interaction. So the chances of errors are very low. The transaction must be authorized from multiple nodes so it’s difficult to manipulate or alter the information in any way or form. 

• Transparency 

The transactions on the blockchain networks are totally transparent. Every node needs to validate the transaction so there is no risk of any mistakes. 

Blockchain Technology – What Does The Future Hold?

Blockchain is an emerging technology. It has the potential to revolutionize online businesses. Many industries have already integrated blockchain technology into their systems and others are working towards it. According to the experts’ predictions, blockchain technology will make a breakthrough in the years to come.

The recent analysis of the trend insight shows that by 2022, at least one of the businesses built on blockchain technology will be worth $10 billion. It would grow to $300 billion by 2026 and the turnover will reach trillions by the 2030s. These figures are quite promising for the future. 

Why Is Blockchain The Future?

The future of blockchain technology is very prospective. But why are businesses interested in this technology? What does blockchain offer? Let’s see why blockchain is considered the future of the crypto world!

• The Opportunity Of Smart Contracts

Blockchain opens the doors of online business through smart contracts. A smart contract is a type of digital contract that has a programmable structure. The contents and details of the smart contracts are stored in the blockchain blocks to keep track of the assets. This smart approach has the potential to enhance business relations and opportunities. 

• Cyber Security 

In comparison to web-based databases, blockchain technology provides a more secure system. Each block in the blockchain network serves as a node and verifies any changes in the data. 

• Cryptocurrency

Crypto is gaining popularity day by day. People are investing their stakes in crypto due to the rise of crypto value. Blockchain technology is the basic network for cryptocurrencies. The future of cryptocurrencies is very dazzling and so is the fate of blockchain technology. 

• Marketing Opportunities

In a close consumer-to-business network, it’s easy to market the services and products. Therefore, blockchain technology has a great future in the digital markets too. 

BuzzShow Network – The Future 

BuzzShow Network is a blockchain-based decentralized video platform.

It’s a watershed moment for the social video media industry. BuzzShow Network is one of its kind and believes in user domination. That’s why the network gives rewards to its users for creating, watching, curating, and even sharing videos. Moreover, The network knows how important is user privacy, so it has implemented IPFS to protect user data. 

The reward for the users is “Goldies”, a platform-native token built using the Ethereum blockchain. The aim of the platform is to distribute rewards proportionally to all users. Users are rewarded adequately based on their role using the proof-of-contribution method. 

BuzzShow Network also provides the option of buying and staking Goldies on the platform. You can earn interest on Goldies. If you stake them for more than 3 months, you automatically accumulate 75% of your balance.

BuzzShow Network is the best platform in today’s social media world. You can enjoy every moment and action on the platform by getting rewards. BuzzShow Network is the ideal implementation of a blockchain-based user-centric social video media platform.