What Does Decentralized Mean In Blockchain?
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.